Albany, NY -- (SBWIRE) -- 05/31/2018 -- 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.
Biosensors to Continue Enjoying High Demand
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.
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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.
Rise in Chronic Health Condition to Boost Demand for Medical Sensors
"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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