Increasing Demand for Medical Sensors and Use of Sensors in Covid-19 Tracking to Augment Growth of Medical Sensors Market

 


Medical sensors are becoming an integral part of medical facilities throughout the world. They enable facilities to monitor all aspects of patient care, from room temperature to vital signs, from pulse rates to oxygen levels, and more. This is a new frontier in patient care that has the potential to dramatically save money and reduce staff fatigue.

A medical sensor system can include a variety of different instruments in various formats, ranging from a simple temperature probe attached to a belt clip to highly sophisticated electronic devices capable of monitoring dozens of different parameters. The most common type of medical sensor is a small portable electronic device that is affixed to a person's skin or clothes. These are designed for use in a wide variety of patient care settings including hospitals, rehabilitation centers, and home health care agencies. They are often used by cardiologists and nurses to monitor heart rates and pulse rates as well as measurements of blood pressure and respiration.

Market Dynamics

Increasing demand for medical sensors is expected to propel growth of the global medical sensors market. For instance, 2020, OSI Systems, Inc. announced that its Optoelectronics division received an order to provide optical sensors for use in medical devices from a leading healthcare original equipment manufacturer. Moreover, high prevalence of chronic diseases is also expected to aid in growth of the market. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, published in the journal Diabetes Research and Clinical Practice, in September 2019, 463 million people are expected to suffer from diabetes in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045.

Use of sensors in COVID-19 tracking and increasing cases of Covid-19 is expected to offer lucrative growth opportunities for players in the global medical sensors market. For instance, globally, as of 10:20am CET, 24 February 2021, there have been 111,593,583 confirmed cases of COVID-19, including 2,475,020 deaths, as reported to the World Health Organization. Moreover, launch of platforms for managing sensors is also expected to aid in growth of the market. For instance, in February 2021, Medidata, a Dassault Systèmes company, launched Sensor Cloud, a transformative platform for managing a broad range of sensor and digital health technology data during the clinical trial process.

Competitive Analysis

Major players operating in the global medical sensors market include, Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, FreeScale Semiconductors, Omnivision Technologies, Inc., Smiths Medical, Analog Devices, Inc., Honeywell International, Inc., Broadcom Limited, Danaher Corp., LORD Corporation, OSI Systems, Inc., Avago Technologies Limited, Measurement Specialties, Micro-Epsilon Messtechnik, Amphenol Advanced Sensors, and Sensirion AG.

Major players in the global medical sensors market are focused on adopting partnership strategies to expand their product portfolio. For instance, in July 2020, Amphenol Advanced Sensors partnered with Andhra Pradesh MedTech Zone Ltd. to develop medical grade sensors and sub-assemblies and power electronics.


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