Published By : 05 May 2016 | Published By : QYRESEARCH
The global market for medical sensors is witnessing significant growth. The rising incidence of chronic diseases, propelled by the rapid rise in the geriatric population, is fueling the demand for medical sensors in the global arena.
Apart from this, the rise in patients’ preference for home healthcare and increasing usage of medical sensors in laboratories are also driving the growth of this market significantly across the world. However, the high cost of these sensors is likely to hamper this market in the coming years.
Increase in Regulatory Approvals Drive North America Medical Sensors Market
North America acquired the leading position in the global market for medical sensors in 2014. The increasing regulatory approval for medical sensors and the rising incidence of chronic diseases in this region has stimulated the medical sensors market in North America.
Europe occupied the second position in the overall market the same years. The favorable condition for the growth of the pharmaceutical and biotechnology industries in the region, owing to the increase in the purchasing power of consumers that allows them to procure branded formations, is boosting the Europe medical sensors market significantly.
Asia Pacific to Lead Global Medical Sensors Market
Asia Pacific, On the other hand, is likely to lead the worldwide medical sensors market in the coming years. The regional market is projected to register a CAGR of 8.2% during from 2015 to 2023. The growing focus of leading enterprises on strengthening their presence in developing economies such as China and Japan is likely to propel the medical sensors market in Asia Pacific over the next few years.
Avago Technologies Ltd., OmniVision Technologies Inc., LORD Corp., Honeywell International Inc., GE Measurement & Control, TE Connectivity Ltd., Sensirion AG, Analog Devices Inc., Danaher Corp., Micro-Epsilon Messtechnik, and NXP Semiconductors are the major producers of medical sensors in the global arena.