Vast Potential of Internet of Things Being Explored to Fuel Growth in Medical Sensors Market: TMR
- Global medical sensors market is set to chart a compound annual growth rate of 9.9%, pulling the valuation of the market up to USD 27.7 billion
- Increasing private and public investments in companies operating in the medical sensors market is set to lead it towards a higher growth trajectory
ALBANY, N.Y., Sept. 10, 2020 /PRNewswire/ -- The forecast period of 2018 to 2026 is set to witness global medical sensors market grow at 9.9%, compounded annually. Market valuation, as a result of this impressive CAGR, is set to reach a higher worth of USD 27.7 billion by the end of this period. A major role here is played by the government, whose efforts in enabling the market growth have been commendable. Additionally, advancement in Internet of Things (IoT) is leading to its higher adoption, paving way for higher growth trajectory.
Transparency Market Research states, "Investments in mHealth products are increasing and that is a notable propeller of growth in the market. Furthermore, growing penetration of internet and smart phones, particularly in the remote areas of the world, is also paving a solid foundation for market growth over the coming few years."
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Key Findings of Global Medical Sensors Market Study:
For a detailed analysis of global medical sensors market by product, application, placement, end use, visit TOC at https://www.transparencymarketresearch.com/report-toc/407
Key Drivers of Growth in Medical Sensors Market:
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Regional Analysis of Global Medical Sensors Market:
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Competitive Landscape of Global Medical Sensors Market:
The semi consolidated vendor landscape of the global medical sensors market is marked by presence of a number of proactive players. Some of the most notable companies occupying the market are Cardiomo, Honeywell International, Inc., TE Connectivity, Dexcom, Inc., Medtronic, Danaher Corporation, First Sensor AG, Sensirion AG, Smiths Groups plc, and GluSense Ltd. Out of these Medtronic and Honeywell International are anticipated to have a firm hold on the market share. Product development and improvement in technology are set to be notable determinants of growth for these players.
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By End Use:
Explore Transparency Market Research's award-winning coverage of the global Healthcare Industry:
Wearable Medical Devices Market: The rapid growth of various industries such as remote patient monitoring devices and home healthcare are predicted to influence the global wearable medical devices market positively over the period of assessment. In addition to that, a growing focus of consumers on health and fitness has led to efforts toward leading a healthy lifestyle are anticipated to fuel growth of the market in the years to come.
mHealth Market: According to experts from TMR, the global mHealth market stood at US$23.9 bn in 2017. This revenue is expected to gain an impressive value of US$118.4bn by the end of 2025. Experts project this growth to occur with a meteoric CAGR of 22.1% during the forecast period from 2017 to 2025.
Digital Health Market: Technological advancement in the healthcare infrastructure is pushing the demand for wearable devices in the market. Registering surge in demand, the companies are trying to upgrade products, which includes hardware suitable for the healthcare domain. This is likely to contribute in the expansion of digital health market.
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