Medical Sensors Market Size And Growth Analysis By 2023 – Reports Globe

Medical Sensors Market - By Type (Diagnostics And Imaging, Monitoring And Therapeutics), By Products (Mri And X-Ray Equipment, Pacemakers And Defibrillators), And By Region, Opportunities And Strategies – Global Forecast To 2023 By The Business Research Company

The global medical sensors market reached a value of nearly $13 billion in 2018, having grown at a compound annual growth rate of more than 9% since 2014. Growth in the medical sensors market in the historic period resulted from the growth in emerging markets, aging population and rise in R&D funding for medical devices. Factors that negatively affected growth in the historic period were government regulations and accuracy of data provided by wearable devices.

The Key drivers of the medical sensors market include:-
Rise in R&D Funding for Medical Devices: The market’s growth in the historic period was driven by the rise in funding for research and development of medical devices containing medical sensors. Research and development of medical devices is largely dependent on funding and grants.

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Medical Sensors Market Segmentation:-
By Type
1. Diagnostics and Imaging
2. Monitoring
3. Therapeutics

Therapeutics had the highest growth rate of nearly 10.4% during the historic period. The fastest growth in the historic period can be attributed to the demand for blood glucose sensors due to rising prevalence of diabetes especially in developing countries such as China and India.

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By Geography - The medical sensors market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa

Some of the major key players involved in the medical sensors market are
1. NXP Semiconductors N.V.
2. STMicroelectronics N.V.
3. Analog Devices, Inc.
4. Medtronic Plc
5. Honeywell International, Inc.

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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.

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