Glucose Sensor Segment Held Largest Share of Type in North America Implantable Sensors Market in 2019
According to The Insight Partners market research study of ‘North America Implantable Sensors Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by type, application, and end-user’ the North America implantable sensors market is expected to reach US$ 4,270.58 million in 2027 from US$ 1,808.39 million in 2019. The market is estimated to grow with a CAGR of 11.3% from 2020-2027. The report provides trends prevailing in the North America implantable sensors market and the factors driving market along with those that act as hindrances.
Based on type, the implantable sensors market is segmented into glucose sensor, temperature sensor, oxygen sensor, pressure sensor, and others. The glucose sensor segment held the largest share of the market in 2019, whereas the oxygen sensor segment is anticipated to register the highest CAGR in the market during the forecast period. The glucose sensor segment's growth is fuelled due to the growing cases of diabetes, coupled with the increasing adoption of continuous glucose monitoring (CGM) devices. Further, the glucose sensor segment is witnessing rapid technological advancements with high accuracy and precision. Moreover, product approval will additionally offer lucrative opportunities in the review period. For instance, in June 2018, The U.S. Food and Drug Administration approved the Eversense Continuous Glucose Monitoring (CGM) system for 18 years of age and older with diabetes. This is the first FDA-approved CGM system to include a fully implantable sensor to detect glucose, worn for up to 90 days. Additionally, the oxygen sensor segments growth is expected to grow at the fastest CAGR during the forecast period due to an increasing number of research innovations that represent a novel way to discover new platforms for the treatment of chronic conditions. For instance, researchers have designed a wholly implantable, wireless, battery-free oxygen sensor to monitor tissue oxygen levels when implanted sub dermally or even in deep brain regions.
The growth of this market is estimated to grow owing to key driving factors such as the growing prevalence of chronic disorders and an increasing government initiatives for medical technologies. However, the market growth is likely to be hindered owing to the high cost of healthcare facilities.
Honeywell International Inc., Medtronic, and Analog Devices, Inc are among the leading companies operating in the North America implantable sensors market.
The report segments North America Implantable Sensors Market as Follows:
By Type
- Glucose Sensor
- Temperature Sensor
- Oxygen Sensor
- Pressure Sensor
- Others
By Application
- Medical Diagnostic
- Clinical Therapy
- Personal Healthcare
- Imaging
By End User
- Hospitals
- Clinics
- Diagnostic Centre
By Country
- North America
- US
- Canada
- Mexico
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