The global Medical Sensor Market size is forecast to reach $4.2 billion by 2026, growing at CAGR of 8.8% from 2021-2026. The increasing adoption of medical sensors in developing portable and connected devices is set to be the major driver for the growth of the medical monitor market over the forecast period. Additionally, adoption of wireless patient monitoring devices increases among patients during the pandemic situation will accelerate the market growth scope for companies operating in the medical sensor industry during the forecast period 2021-2026.Key Takeaways
Monitoring applications segment is analyzed to witness the highest growth rate in the Medical Sensor market during the forecast period 2021-2026, owing to factors such technological advancement and rise in chronic diseases.
Hospitals are anticipated to grow with a high CAGR of around 7.5% in the global Medical Sensor Market during the forecast period 2021-2026, owing to adoption of medical devices.
North America region is analyzed to witness the fastest growth in the global Medical Sensor market during 2021-2026, owing to rising government healthcare expenditure.
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Medical Sensor Market Segment Analysis-By Geography
North America held the highest Medical Sensor Market share of around 36.5% in the global Medical Sensor Market in 2020 and is further set to grow at a significant rate during the forecast period 2021-2026. The factors such as high demand for wireless or portable systems, rising rate of chronic or cardiovascular diseases and others have been contributing to the market growth across the region in long run. Additionally, government healthcare spending in an annual budget will create opportunities for the growth of the market. For instance, According to U.S Department of Health and Human Services data, USA Healthcare Expenditure is estimated to reach $6.2 Trillion by 2028 and will account for 20% of the GDP.
Medical Sensor Market Drivers
Rise in chronic diseases
Technological advancement like development of smart medical devices is set to be one of the factors that can drive the market forward
Medical Sensor Market Landscape
Partnership, Acquisitions, Collaboration, technology launches and R&D activities are key strategies adopted by players in the Medical Sensor Market. The Medical Sensor Market top 10 companies include TE Connectivity, Medtronic plc, Analog Devices, Texas Instruments, STMicroelectronics, Tekscan, NXP Semiconductors, Sensirion, ON Semiconductor Corporation and Amphenol Corporation.
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