Increasing Instances of Chronic Disease Influencing Sensors in Healthcare Applications Market

As per the market outlook foreseen by the IndustryARC business report titled “Sensors in Healthcare Applications Market: By Type (Temperature, Pressure, Chemical, Bio, Level, Flow, Position & Others) & By Application (Patient Monitoring, Diagnostics, Therapeutics, Imaging and Others) With Forecast (2018-2023),” the market is poised for exponential growth owing to the increasing rate of chronic diseases which require constant health rate monitoring and diagnosis.

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Sensors Market in Healthcare Industry: Demand Analysis
As per the Scientific Research Publishing organization, the percentage of the world population above 65 years of age will witness an unprecedented growth rate of 20% by 2050. Owing to this phenomenon, the healthcare market along with its adjacent sectors is all set to witness an abundant demand. Sensors in healthcare is one such arcade gaining traction owing to its display of very efficient infusion of technology with medical care employed for purposes such as patient monitoring, diagnostics, therapeutics, and imaging. The sheer affluence of the market can be indicated by an estimation made by Forbes which states that digital healthcare technology catering to and out of hospital settings will grow by 30% to cross $25 billion market globally by end of 2019. Estimations for the preceding year were met with 98% accuracy.

Sensors in the healthcare industry deliver accurate and efficient results in operations such as sensing, monitoring, testing and imaging. Wireless sensors are fueling the growth of remote patient monitoring capabilities due to the rapidly increasing aged population receiving medical care at home settings. The global wireless health monitoring market was estimated at a value close to $4 billion in 2017 and it is projected to witness a healthy growth during 2018-2023. According to the reports by American Society for Engineering Education (ASSE), the over age 65 population is projected to more than double from 357 million in 1990 to 761 million by 2025, which is securing the revenue generating pockets for the sensors in healthcare market players.

Global Sensors in Healthcare Market- Disruptive Trends:
According to World Health Organization (WHO) reports, approximately 32% of adult deaths across the globe are due to cardiovascular diseases (CVD) triggered by disorders of the heart and blood vessels. The United States spends approximately 75% of its $2 trillion budget on chronic diseases per year. Most of the deaths in such cases are sudden, thus to avoid such impulsive accidental deaths precautions in the form of heartbeat sensors are employed for constant monitoring of vital body parameters such as heart rate, pulse rate, and electrocardiogram (ECG), screening current health standings clearly, efficiently and accurately.

Smart-wearable sensors (SWS) are gaining a lot of attention because it equips patients with self-tracking and monitoring capabilities. Such wearable devices are employed by patients to monitor their free-living physical activities. Certain observations have declared 58% of the participants fail to meet their goal of specific therapeutic exercises designed for rehabilitation. Wearable medical devices market is forecast to reach $41 billion by 2020, due to its enormous supportive roles in patient care. Increasing urban population and health awareness along with disposable income is supporting the sale of such wearable sensors and stroking the sensors in healthcare market with surplus demand.

As per the global healthcare spending report by the WHO, the world in 2016 spent US$ 7.5 trillion on health, representing close to 10% of global GDP. Healthcare industry is at constant flux with new technologies entering the arcade and dominating a major share of operations. Sensors are portraying similar caliber as per the analysis of its rate of employment. Many factors are supporting the sensors in the healthcare market but the most prominent ones are the data accuracy and its operation efficacy. Apart from these the increasing rate of CVD and necessity in such cases for constant monitoring is encouraging the market.

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