Tuesday, 15 March 2016
Why is Asia Pacific the Most Lucrative Market for Medical Sensors Right Now?
The shift towards professional healthcare at home is the trend in today’s global medical and healthcare industry. People are increasingly adopting home healthcare services owing to the rising costs of medical treatments in hospitals and medical care clinics. With this, the demand for various health care devices is expected to increase in the next few years. Medical sensors, being an important category of healthcare devices, are predicted to register considerable demand across the globe. However, strict government regulations, long approval procedures, and the lack of reimbursement policies are some of the factors expected to hamper the growth of the global medical sensors market in the next few years.
The introduction of new medical sensors in the global market is expected to highly contribute towards the growth of the global medical sensors market in the years to come. Recently, Hitachi Medical Corp. and Redlen Technologies Inc. announced their plans to jointly develop and introduce a direct conversion semiconductor x-ray detector, a medical device for new photon counting computed tomography (PCCT) systems. It is expected to be a next-generation, promising diagnostic medical imaging modality. The new device comes with advanced capacities such as higher image resolution, material discrimination, and functional imaging.
The global medical sensors market is expected to progress from US$10.1 bn in 2012 to US$15.5 bn by 2019, and to expand at a 6.30% CAGR during the period from 2013 to 2019. Factors such as the increasing prevalence of chronic diseases and the rise in the aging population are predicted to propel the global medical sensors market in the years to come.
Asia Pacific to Lead Global Medical Sensors Market
The global medical sensors market is segmented on the basis of geography, application, and product type. Based on geography, the global medical sensors market is divided into Asia Pacific, Europe, North America, and Rest of the World. The untapped market in India and China is expected to assist Asia Pacific to become the fastest growing market in the years to come.
Diagnostic, therapeutic, monitoring, and surgical are some of the application areas of medical sensors. In 2012, the surgical applications segment led the global medical sensors market, accounting for 30% of the market. The increasing demand for minimally invasive surgeries is expected to propel the surgical applications segment.
SQUID Sensors Segment to Expand at 7.90% CAGR from 2013 to 2019
Based on product type, the global medical sensors market is classified into image sensors, SQUID, pressure sensors, biosensors, temperature sensors, accelerators, image sensors, and others. In 2012, the biosensors segment dominated the global medical sensors market and is expected to maintain its dominance throughout the forecast period. The SQUID sensors segment is expected to expand at a 7.90% CAGR from 2013 to 2019.
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Some of the leading companies operating in the global medical sensors market are GE Measurement & Control, Stellar Technology, OmniVision Technologies, Avago Technologies, Freescale Semiconductor, Sensirion, Honeywell International, and Analog Devices.