Market Trends of Global Medical Sensor Industry
This section covers the major market trends shaping the Medical Sensor Market according to our research experts:
Pressure Sensors Play a Significant Role in the Medical Sensor Market
- Pressure sensors are crucial components for medical devices to sustain and enhance the quality of a more effective and safe operation. Furthermore, they are the reason there has been a notable increase in portable healthcare monitoring products since they have become an integral part of designing medical applications.
- Pressure sensors can monitor a patient's condition by providing definite and reliable diagnostics in a broad range of conditions. This can include monitoring oxygen therapy effectiveness in oxygen concentrators, automating drug infusion by administering the correct volume and rate of fluid in infusion pumps, or even measuring blood pressure.
- Moreover, many people suffer from asthma attacks and use inhalers as a solution. Poor inhaler techniques prevent patients from receiving their full therapeutic benefits. In order to counter this situation, leading medical equipment manufacturers are employing pressure sensors in inhalers, and individuals are starting to receive proper asthma care measures.
- Wearable pressure sensors are commonly used in medicine to track vital signs and robotics to help mechanical fingers handle delicate objects. Conventional soft capacitive pressure sensors only work at pressures below 3 kPa, however, meaning that something as simple as tight-fitting clothing can hinder their performance.
- In August 2021, an Indian researcher developed low-cost, flexible, and wearable sensors that can be used for the diagnosis of pulse rate variability in humans. Being a high sensitivity flexible pressure and strain sensor, it can also be used for small- and large-scale motion monitoring, with potential applications in robotics prosthetics, as well as minimally invasive surgery and identification of tumor/cancerous cells.
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North America to Record a Significant Growth Rate Over the Forecast Period
- The medical device market size in North America is one of the largest among other regions and is expected to grow at a considerable growth rate during the forecast period. The factors such as a well-developed healthcare infrastructure, presence of adequate and favorable reimbursement policies, rapid adoption of advanced medical technologies, and key players within the region are responsible for the industry growth.
- Additionally, the growing number of patients undergoing diagnosis and treatment in the regions due to a rising incidence and prevalence of chronic conditions is further promoting the acceptance of advanced medical devices and associated sensors in the past few years.
- The medical device industry relies on several industries where the United States holds a competitive advantage, including microelectronics, telecommunications, instrumentation, biotechnology, and software development. Collaborations have led to recent advances, including neuro-stimulators, stent technologies, biomarkers, robotic assistance, and implantable electronic devices.
- Many federal policies, programs, and actions are being initiated by the governments of the North American region to experience progress in healthcare services. For example, within the United States, the federal government has been encouraging the use of healthcare data through various policies and initiatives. Affordable Care Act (ACA), the most important healthcare legislation in the United States, authorized the Department of Health and Human Services to release data that promotes transparency in healthcare and medical insurance markets.
- In September 2021, Gator Bio Inc. launched GatorPlus, next-generation biolayer interferometry (BLI) instrument, and two new biosensor products, Gator Flex SA Kit and Gator AAVX probe. The GatorPlus adds to the currently available GatorPrime instrument. The Gator Flex SA Kit and Gator AAVX probe expand the off-the-shelf biosensor portfolio to 14 products for the North American market. In the last few years, Health Canada has undertaken an initiative to adapt its regulatory approach to better support digital health technologies, specifically medical devices.
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