Biomedical Sensor Market size is estimated to reach $15.11 Billion by 2025 and is poised to grow at a CAGR of 9.12% during the forecast period 2020-2025. Biomedical sensors are the tools applied to discover specific chemical, physical or biological processes and then transmit this data. Biomedical sensors are used to monitor food, environmental conditions, drug safety, and other materials. The global Biomedical Sensor Market is driven by the increased demand for patient monitoring applications, technological innovations. Moreover, the growing incidences of lifestyle-based diseases, the increasing proportion of the ageing population also boosts the biomedical sensor market growth. Emerging applications of biomedical sensors in nanotechnology and continuous innovations leading to the development of innovative sensor-based medical applications are estimated to increase market demand during the forecast period of 2020-2025.
Biomedical Sensor Market Segment Analysis - By Category
The global Biomedical Sensor Market based on Mode of Category can be further segmented into Biological, Chemical, and Physical. Physical segment registered for the highest revenue in 2019 and is estimated to grow at highest CAGR over the forecast years 2020-2025. This is owing to its accuracy, low energy wastage. Several types of physical sensors are used in biomedical applications, such as muscle displacement, blood pressure, bone growth, blood flow, core/external body temperature, and cerebrospinal fluid pressure measurements, which are fueling the demand for physical sensors.
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Biomedical Sensor Market Segment Analysis - By End-User
The global Biomedical Sensor Market based on Mode of End-Use can be further segmented into Ambulatory Care, Diagnostic Labs, Hospitals & Clinics, Pharmaceutical, and Research Labs. The Hospitals & Clinics segment registered for highest revenue in 2019 and projected to grow at the highest CAGR during the forecast period 2020-2025 owing to the growing usage of sensor-based medical devices in various hospitals & clinics.
Biomedical Sensor Market Segment Analysis - By Geography
The global Biomedical Sensor Market based on Geography can be further segmented into North America, Asia-Pacific, Europe, and Rest of World. North America registered for the highest revenue in 2019 and is set to grow at highest CAGR over the forecast period 2020-2025 owing to the growing consumer awareness, high numbers of minimally- invasive surgeries every year and encouraging health care reimbursements in the region. However, Asia-Pacific is estimated to outpace all the regions by clocking the highest CAGR during the forecast period 2020-2025. This is owing to the increasing demand in the healthcare sector for diabetes, respiratory and cardiovascular diseases. Increasing disposable income in emerging economies such as China and India is also driving increased demand for advanced medical devices with sensors.
Biomedical Sensor Market Drivers
Rise in Demand
The global Biomedical Sensor Market is driven by the increased demand for patient monitoring applications, technological innovations in MEMS enabling the design of low-cost, high-performance sensors that can be easily integrated into other applications are some of the key drivers for the growth of the market. Moreover, the increased incidence of lifestyle-based diseases, a rising proportion of the ageing population and new forms of diseases have also played a significant role in market growth for biomedical sensors globally. Emerging applications of biomedical sensors in nanotechnology and continuous innovations leading to the development of innovative sensor-based medical applications, which are estimated to increase market demand during the forecast period of 2020-2025.
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Biomedical Sensor Market Challenges
Limited storage capacity of biomedical sensors
The limited storage capacity of biomedical sensors is projected to hamper market growth. However, long product development cycles and security concerns related to the usage of the biomedical sensors are the major challenges to the growth of the biomedical sensor market over the forecast period 2020-2025.
Biomedical Sensor Market Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Biomedical Sensor Market. Key companies of this market GE Healthcare, Honeywell, STMicroelectronics, Texas Instruments, Medtronic, Smiths Medical, TE Connectivity, Analog Devices, NXP Semiconductor, Zephyr Technology, and Nonin Medical.
Acquisitions/Product Launches:
In September 2019, TE Connectivity announced that it has acquired Silicon Microstructures. This acquisition has expanded TE’s global leadership in pressure sensing technology, especially in medical, and industrial applications.
In February 2019, Texas Instruments (TI) announced the launch of new bulk acoustic wave (BAW)-based embedded processing and analogue chips for the next generation of connectivity and communications infrastructure.
Key Takeaways
Geographically, the North America area is poised to see extraordinary development owing to the growing consumer awareness, high numbers of minimally- invasive surgeries every year and encouraging health care reimbursements in the region and is set to continue during forecast period 2020-2025.
The global demand for the Biomedical Sensor Market is owing to the increased incidence of lifestyle-based diseases, a growing proportion of the ageing population and new forms of diseases around the globe.
The limited storage capacity of the Biomedical Sensor is estimated to restrain the market growth during the forecast period 2020-2025.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Biomedical Sensor Market report.
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