Category

Global Biomedical Sensor Market Size, Share, Opportunities And Trends By Type (Physical, Chemical), By End User (Hospitals & Clinics, Research Labs, Diagnostic Labs, Ambulatory Care), By Application (Diagnostic, Medical Imaging, Monitoring), And By Geography - Forecasts From 2019 To 2024

Published: May 2020 | Report Code:  KSI061611423 | Pages:  114

The global biomedical sensor market was valued at US$9.554 billion in 2017 and is projected to expand at a CAGR of 3.75% over the forecast period to reach US$11.912 billion by 2023. Biomedical sensors are capable of in-vivo or in-vitro detection of the physical, chemical and biological processes. They may also be used in the processing of the clinical samples. In addition, they find application in the monitoring of the safety of food, medicines, environmental and other substances encountered by the human body. Rising focus on the lab-on-chip technology will boost the market on the global level. Also, use of nanotechnology for biomedical applications, investments in research and development will drive the growth of the global biomedical sensors market. However, concerns regarding the interference of these sensors with the human body is restraining the growth of the global biomedical sensor market. This will require consistent efforts and deep understanding of the subject along with the in-vivo analysis in order to overcome the problem.

By Type

By type, the global biomedical sensor market has been segmented as physical and chemical. Physical biomedical sensors hold the major share of the market accounting for more than 65% of the market share. Chemical biomedical sensors are also expected to witness a healthy CAGR during the forecast period owing to the rising demand for the chemicals for various diagnostic and monitoring purpose. Quick results with accuracy and precision are also expected to boost the market. Chemical biomedical sensors are being increasingly used for monitoring in the food and beverage industry, emissions from the industries, environmental monitoring, and waste and water monitoring that are several factors that are expected to drive the market for chemical biomedical sensors.

By End User

With respect to end users, the global market  has been segmented as Hospitals & Clinics, Research labs, Diagnostic labs, and Ambulatory care. The hospitals and clinic segment currently dominate the market and  is anticipated to witness strong growth over the forecast period. The increasing usage of sensor-based medical devices in various hospitals and clinics, path labs and diagnostic labs have augmented the growth of medical devices which in turn have augmented the growth of biomedical sensor market. Increasing prevalence of the diseases and need to diagnose the diseases such as diabetes, cancers, and hepatic failure among others, will augment the market growth. Quick diagnostic results with accuracy and precision is expected to boost the market during the forecast period. Better awareness and attention towards the preventive care is also driving the diagnostic labs biomedical sensor market.

By Application

The global biomedical sensor market  has been segmented as Diagnostic, Medical Imaging, and Monitoring. Monitoring holds the major share in the market closely followed by diagnostics. The use of advanced medical devices in diagnostic and  medical imaging to get accurate results are actuating the growth of the biomedical sensor market. Biomedical sensors assist healthcare practitioners for diagnostic, medical imaging and monitoring applications. The demand for medical imaging will primarily be driven by rising number of endoscopic procedures. In addition, the trend towards minimally invasive surgeries will further add to the growing demand for these sensors for medical imaging application. Budding demand for advanced point-of-care system and the cost-effectiveness of these sensors will also augment the demand for biomedical sensors for monitoring applications.

Biomedical Sensor Market, by Type, 2019 and 2025

There is a rising need for state-of-the-art sensors which are robust, inexpensive and have high detectivity meeting specific application requirements. As a result, the investment in the field of research and development in increasing and firms are trying to reduce their lead time to gain the first mover advantage. Lab-on-a-chip is a prime example of such advancement and a rise in research and development expenditure will boost the demand for biomedical sensors.

By Geography

Geographically, the global biomedical sensor market has been segmented as North America, Europe, Middle East & Africa, Asia-Pacific and South America. The market has been further sub segmented by countries that share a notable share in the global biomedical sensor market. North America dominates the market accounting for more than half of the market share. Europe is the second most dominating market but still significantly behind North America. High consumer awareness, increasing number of minimally- invasive surgeries every year and encouraging health care reimbursements are some of the major factors that have resulted in the growth of biomedical sensor market in the North American  region. Asia-Pacific is expected to expand at a significant CAGR over the forecast period owing to the increasing numbers of patients suffering from diabetes, respiratory, and cardiovascular diseases. The rising disposable income across emerging economies of China and India are further fuelling the demand for advanced medical sonsor devices.

The Japanese and Chinese biomedical sensor market are projected to witness impressive growth in the coming years. A rising geriatric population in Japan will drive the demand for medical devices for diagnostic and therapeutic applications, thereby boosting the demand for biomedical sensors while the growth of Chinese biomedical sensor market is highly attributed to the favorable government policies and increasing adoption of advanced medical devices. As per a report published by the United Nations, China achieved universal health insurance coverage. Universal healthcare insurance coverage coupled with penetration of the private insurance industry will boost the healthcare expenditure, driving the demand for biomedical sensors.

Competitive Intelligence

The global biomedical sensor market is highly fragmented and highly competitive. Rising disposable income, increasing awareness about devices with sensors, and a rising customer base across the world have led to vast growth opportunities for players in this market.

Some of the global key players covered in the study inclide Honeywell International, Inc., Stmicroelectronics N.V, First sensor AG, Medtronic, Smiths Group plc., Inc., Analog Devices, Inc., Texas Instruments, NXPSemiconductors., Lumasense Technologies, Inc., and Nonin Medical, Inc.

Segmentation

The global biomedical sensor market has been analyzed through following segments:

By Type

Physical

Chemical

By End User

Hospitals & Clinics

Research Labs

Diagnostic Labs

Ambulatory Care

By Application

Diagnostic

Medical Imaging

Monitoring

By Geography

North America

USA

Canada

Mexico

 

South America

Brazil

Argentina

Others

 

Europe

UK

Germany

France

Others

 

The Middle East and Africa

Saudi Arabia

UAE

Israel

Others

 

Asia Pacific

Japan

China

India

Others


Frequently Asked Questions (FAQs)

Q1. What will be the biomedical sensor market size by 2023?
A1. The global biomedical sensor market is projected to reach a market size of US$11.912 billion by 2023.
 
Q2. What is the size of global biomedical sensor market?
A2. Biomedical Sensor market was valued at US$9.554 billion in 2017.
 
Q3. What are the growth prospects for biomedical sensor market?
A3. The biomedical sensor market is projected to expand at a CAGR of 3.75% over the forecast period.
 
Q4. What factors are anticipated to drive the global biomedical sensor market growth?
A4. The use of nanotechnology for biomedical applications, investments in research and development will drive the growth of the global biomedical sensors market.
 
Q5. Which region holds the maximum market share of the biomedical sensor market?
A5. North America dominates the market accounting for more than half of the market share.

OUR CLIENTS