Medical sensors are devices that provide analysis that is derived from the indications based on various physical stimuli obtained from the individual concerned and is transmitted to the designated point-of-care. Besides they are indispensable in the process of making the medical devices more efficient and user-friendly.
According to the report, the medical sensors market is projected to grow at a CAGR of 12.01% to reach over the forecast period 2019-2025. The rise in the adoption of smartphones and other electronic devices that are inclusive of but not limited to wearable medical devices along with the Internet of Things (IoT) and advanced technologies are a few of the major factors that ate driving the growth of the market. Further, the increase in home-based healthcare services and its associated convenience of not traveling to point of care and administering the needful in the comfort of their home is also another factor that is poised to drive the medical sensor market growth. Also, the integration of such devices has been known to provide flexibility in healthcare management that includes, detection, monitoring, and analysis, among others. Besides the aforementioned, the aspect of the non-invasive and sensing solution has opened new avenues for more enhanced patient health care.
For example, one such leading provider of connected healthcare solutions VivaLNK has created a continuous temperature sensor that is helping to combat the spread of Coronavirus in China. This temperature sensor has been cleared by CFDA, FDA, and CE. It is a part of the organization’s medical wearable platform which includes sensors to monitor a variety of other vitals and biometrics. The sensor is applied directly onto the patient that facilitates continuous, real-time monitoring of changes in body temperature. The data that is collected is then transmitted from the affected patient to the remote observation dashboard at the nursing station.
The healthcare industry is constantly faced with challenges of providing quality healthcare services simultaneously meeting regulatory compliances a swell as ensuring that there won’t be any breach of privacy, this has also led to the increasing investments in research and development to buttress the conventional diagnosis and treatment procedures that are prevalent all over the world. To this extent, it should be noted that engineers at Stanford University, the USA in 2019 have developed a means by which physiological signals given out by skin could be detected with the aid of sensors that stick like band-ads and transmit wireless readings to a receiver which is attached to the clothing. This wearable technology has been christened as BodyNet. On the other hand in 2019, researchers at Worcester Polytechnic Institute (WPI), Massachusetts, USA, have developed a miniaturized wireless oxygen sensor to monitor blood oxygen levels in infants.
The major players covered as part of the report are Honeywell International Inc., NXP Semiconductors, General Electric Company, STMicroelectronics, TE Connectivity, Smiths Medical, Analog Devices, Inc., Medtronic, Valencell. Inc and Koninklijke Philips N.V.
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In this report the medical sensors market has been segmented based on the following: