The global medical sensors market demonstrates a fragmented and
competitive landscape, states a new research report by Transparency
Market Research (TMR). The top three players, namely, Danaher Corp.,
Honeywell International Inc., and NXP Semiconductors, could hold only
a little more that 23% of the overall market in 2014. With a large
clientele base, efficient business strategies, and constant efforts
to deliver superior products, these companies have made their way to
the top of this market.
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Over the coming years, these companies are likely to shift towards
mergers, acquisitions, and strategic alliances for the further
expansion of their businesses. A significant rise in research and
development activates are also on the cards, states the research
report.
According to TMR’s estimations, the opportunity in the global
market for medical sensors is likely to bolster substantially in the
near future, rising at a CAGR of 7.0% during the period from 2015 to
2023. The value of this market is expected to surge from a US$10.0 bn
in 2014 to US$18.74 bn by the end of the forecast period. The demand
for medical sensors has been greater in hospitals among all the end
users and the trend is likely to remain so over the coming years,
notes the market study.
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The report considers pressure sensors image sensors, accelerometers,
flow sensors, temperature sensors, biosensors, and squid sensors as
the main products available in the global medical sensors market.
Among these, biosensors enjoy a high demand among consumers due to
the increasing need for portable diagnostic devices across the world.
Researchers anticipate this scenario to continue in the years to
come.
On the geographical front, the worldwide market for medical sensors
has been bifurcated into Asia Pacific, North America, Europe, and the
Rest of the World, including the Middle East and North Africa, South
Africa, and Russia. While North America dominates the global market
and is anticipated to continue being on the top, Asia Pacific will
offer the most promising growth opportunities to market players over
the forecast period, reports the research study.
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“The rising incidence of various health conditions, such as
obesity, diabetes, hypertension, and several cardiovascular diseases,
are the key driving factor behind the global medical sensors market,”
says a TMR analyst. Thanks to the ever-increasing geriatric
population base, who need continual assistance with health
monitoring, the demand for medical sensors is expected to continue to
rise over the forthcoming years.
On the other hand, the high cost of these sensors and their complex
maintenance may restrict this market from growing steadily in the
years to come, reports the research study.
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