PUBLISHER: The Insight Partners | PRODUCT CODE: 1000442
PUBLISHER: The Insight Partners | PRODUCT CODE: 1000442
The global biomedical sensors market is expected to reach US$ 15,338.57 million by 2027 from US$ 8,688.63 million in 2019. The market is estimated to grow at a CAGR of 7.4% from 2020 to 2027. The growth of the market is attributed to factors such as increase in geriatric population, rise in demand for home-based medical care, technological advancements in the medical device industry, rise in adoption of IoT-based medical devices, and increase in healthcare expenditure worldwide.
Sensors are small, tiny, and often intelligent devices that are used to measure physical variables such as temperature, humidity, gas, velocity, flow rate, pressure, light, and electric fields. In medicine and biotechnology, biomedical sensors are used to detect specific biological, chemical, or physical processes, which then transmit or report the monitored data. These sensors can also be components in systems that process clinical samples, such as increasingly common lab-on-a-chip devices. Miniaturized biomedical sensors are used for measuring muscle displacement, blood pressure, core body temperature, blood flow, cerebrospinal fluid pressure, and bone growth velocity. With more and more people adopting home healthcare services, the demand for medical instruments that employ biomedical sensors is growing rapidly.
Biomedical sensors are used in various medical and biotechnology practices to detect biological, chemical, or physical processes and transmit the data. Additionally, these sensors are used in the medical field ranging from temperature sensors, pressure detectors, acoustic sensors, flow sensors, and gas sensors to cameras, image sensors, and magnetic field sensors. Image sensors and cameras used in the medical sector include X-ray, optical, and ultrasonic. Biomedical sensors are also used to monitor the safety of medicines, food, environmental conditions, and other substances.
Biomedical sensors are also used in regular health monitoring. According to the World Health Organization (WHO), nearly 17.9 million people die due to cardiovascular diseases worldwide, which accounts for 31% of all the deaths worldwide. The increasing incidence of cardiac arrest, high blood pressure, and strokes is expected to surge the demand for point-of-care monitoring sensors. Moreover, numerous awareness programs have been organized by governmental organizations to control and prevent diseases. For instance, the National Heart Disease and Stroke Prevention Program and Lipid Standardization Program are conducted by the Centers for Disease Control and prevention to create awareness among the population. These programs include training and campaigns to spread awareness regarding the ill effects of cholesterol; they also provide education to the hospital staffs.
Based on sensor type, the biomedical sensors market is segmented into temperature, pressure, image sensor, biochemical, inertial sensor, motion sensor, electrocardiogram (ECG), and other sensor types. In 2019, the temperature segment accounted for the largest share in the market owing to easy availability of wireless monitoring devices and rise in incidence of lifestyle and chronic diseases. The growing demand for patient monitoring devices in non-hospital settings is also providing attractive growth opportunities for players in the biomedical sensors market. The integration of monitoring technologies in smartphones and wireless devices is a critical trend in patient care, resulting in high growth for patient monitoring applications. This, in turn, is boosting the demand for temperature sensors during the forecast period.
The clinical and product development engine has experienced profound disruption as colleagues adjust to remote work environments and lab capacity is reduced. Clinical trials are also severely affected by disruptions in both new enrollment and in keeping existing patients on therapies. The impact of COVID-19 has placed many biomedical sensor companies under pressure. However, it also has had a positive impact on the medical devices industry, increasing the R&D activities, thereby leading to a rise in medical device assistance for the detection of COVID-19.
The International Society of China Food and Drug Administration (CFDA), the World Health Organization (WHO), European Union (EU), Centers for Disease Control and Prevention (CDC), International Trade Administration (ITA), US Food and Drug Administration (FDA), and Ministry of Health in Argentina (ANMAT) are a few of the prime secondary sources referred to while preparing this report.
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