HOME Research Insight The Demand for Medical Sensors is increasing on the Basis of Applications of Medical Sensors in Various Industries

The Demand for Medical Sensors is increasing on the Basis of Applications of Medical Sensors in Various Industries

The medical sensors market is propelled by the rapidly growing geriatric population, rising incidences of lifestyle diseases, preference for home healthcare services and devices, demand for better and improved healthcare, and rising demand for lab automation. Also, technological advancements in sensor technologies and increasing government support in the form of funding for the development of sensor-based medical devices have propelled the growth of the global medical sensors market. In addition, the increasing prevalence of chronic diseases and the rising demand for medical sensors in home treatment have further fueled the growth of the market.

The demand for medical sensors is increasing on the basis of applications of medical sensors in various industries. To fulfill the demand, companies manufacturing medical sensors are focused on new product launches compared to partnerships & contracts, mergers, and acquisitions in this market. The key players in the medical sensors market are Medtronic Plc. (Ireland), Measurement Specialties Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), STMicroelectronics N.V. (Switzerland), Honeywell International, Inc. (U.S), Smiths Medical (U.K), and First Sensor AG (Germany).

Medtronic Plc. (Ireland) is a leading company in the medical sensor market and held the first rank in 2015. The company has a huge product portfolio, serving the medical industry right from patient monitoring to medical research. The company adopted strategies such as acquiring players and extensive product launches.  It collaborated with few non-profit organizations, focusing on the innovation of new products to gain provide better access to healthcare applications. Medtronic Plc. has been using the strategy of acquisitions to expand and ensure growth in the market. The patient monitoring and recovery segment was majorly responsible for the revenue generation from medical sensors in 2015. The company focuses on initiatives to improve the overall efficiency and effectiveness of the industry. Recently, Medtronic Plc. acquired Aircraft Medical Ltd (U.K) to aid in the preventable issue of respiratory compromise. The deal was valued at USD 110 million. In September 2015, Medtronic received the first U.S. Food and Drug Administration (FDI) approval for an implantable cardioverter defibrillator system for use with magnetic resonance imaging scans.

Measurement Specialties Inc. (U.S.), held the second rank in the medical sensor market in 2015. A major part of their revenue is generated from the sensors for the medical application along with engine and vehicle, general industrial, consumer and home appliance, military/aerospace, environmental water monitoring, and test & measurement applications. Measurement Specialties Inc. believes in having a strong product offering which will lay the foundation of the higher growth rate of the company. Diversified geographic presence and a wide product portfolio have opened many opportunities to leverage technology, products, and manufacturing base for the company. Presently, the company sells its products in over 100 countries, which in turn is responsible for its leading position in the medical sensor market. Measurement Specialities has developed a piezoresistive silicon pressure sensor for use in invasive blood pressure monitoring. It meets the requirements as described in the Association for the Advancement of Medical Instrumentation (AAMI) specification for Blood Pressure Transducers and can be used in other medical applications such as surgical procedures, intensive care units, infusion pumps, kidney dialysis machines, vacuum assisted birth, and intrauterine monitoring.

Related Reports:

Medical Sensors Market by Sensor Type (Temperature, ECG, Image, Motion, & Pressure), Placement (Strip, Wearable, Implantable, & Ingestible), Application (Diagnostics, Monitoring, Therapeutics, & Imaging), & Geography - Global Forecast to 2022

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