Global Medical Sensors Market 2019-2023
About this market
The rising demand for medical sensors in home care settings will trigger the growth of the market in the forthcoming years. The demand for medical sensors is further boosted by the increasing adoption of medical sensors among end-users such as home care settings. In addition, due to the rise in medical treatments in hospitals and clinics, patients are shifting from treatment in hospitals to home healthcare services. Furthermore, portable medical devices are further being adopted by the end-users because of the growing need for remote patient monitoring. As a result, the demand for medical sensors continues to grow as it eliminates the need for patients to frequently visit hospitals for checkups. Technavio’s analysts have predicted that the medical sensors market will register a CAGR of 9% by 2023.
Increasing adoption of medical sensor technology
One of the growth drivers of the global medical sensors market is the increasing adoption of medical sensor technology. The increase in R&D activities, coupled with product innovations, has led to driving the global medical sensors market during the forecast period.
Lack of reimbursement policies
One of the challenges in the growth of the global medical sensors market is the lack of reimbursement policies. The lack of reimbursement policies provided by health insurance companies is leading to the low adoption of medical technologies such as medical sensors, thereby hindering the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the medical sensors market during 2019-2023, view our report.
The market appears to be moderately concentrated with the presence of a few market players. Vendors in the market are increasingly focusing on improving their distribution networks and ensuring the availability of medical sensors to end-users such as hospitals and clinics. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook