Medical Sensors Market by Sensor Type, Placement, Application, & Geography

The global medical sensors market was estimated to be worth USD 8.21 billion in 2015 and is expected to reach USD 15.01 billion by 2022, growing at a CAGR of 8.5% between 2016 and 2022. People are increasingly adopting home healthcare services owing to the rising costs of medical treatments in hospitals and medical care clinics. The medical sensors market is projected to grow rapidly due to the increasing incidences of cancer, acute myocardial infarction, and diabetes mellitus as well as the increasing number of postoperative rehabilitation patients across the globe.

'Monitoring devices to exhibit highest growth during the forecast period'
The medical sensors market is segmented on the basis of applications– diagnostics, monitoring, medical therapeutics, imaging, and wellness & fitness. Of these applications, the market for the monitoring applications is expected to grow at the highest rate because of the increasing use of patient monitoring devices in outpatient care departments, ambulatory care centers, and home care settings. Factors such as increasing market penetration rates of the portable medical devices which are used in home healthcare establishments and an increasing trend towards remote patient monitoring are also expected to contribute to the growth of the medical sensors market for patient monitoring applications in the coming years.

"North America held the largest share of the medical sensors market in 2015"
Among all the geographic regions, North America is considered to be the largest market for medical sensors. This market is driven by various factors such as improved healthcare infrastructure and increasing demand for technologically advanced medical devices in the region. In addition, the rising demand for medical sensors in home treatment and the presence of well-structured distribution channels in the region are aiding market growth.

The market in APAC is expected to grow at the highest rate, followed by the Rest of the world. The greater utilization of medical sensors in various clinical diagnoses and therapeutic procedures is expected to drive the adoption of the same among healthcare providers in the APAC region.

The breakup of primaries conducted during the study is depicted in below.

By Company type: Tier1 Companies - 48%, Tier 2 Companies – 36%, and Tier 3 Companies – 16%
By Designation: C-level - 43%, Director Level- 22%, and Others- 35%
By Region: North America- 50%, Europe- 25%, and Asia-Pacific- 25%

The key players in the medical sensors market are Hitachi Medical Systems (U.S.), Philips Healthcare (Netherlands), Siemens Healthcare (Germany), Toshiba Medical Systems (Europe), STMicroelectronics N.V. (Switzerland), Analog Devices (U.S.), Atmel Corporation (U.S.), Avago Technologies (U.S), Broadcom Corporation (U.S), and NXP Semiconductors (Netherlands).

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