The Implantable Sensor Market size was estimated to be US$ 4.19 billion in 2023 and is expected to reach US$ 17.32 billion by 2031.
It is estimated to record a CAGR of 11.1% till 2031. Development of novel speech therapies, alternative methods of communication, increased newborn hearing screenings, and use of artificial intelligence in speech therapies are likely to remain key implantable sensor Market trends.
Implantable Sensor Market Analysis
Implantable sensors are small medical devices put inside the body to observe the various body physiological parameters, such as temperature, pressure, glucose level, or drug concentration. Such products have received tremendous attention in the healthcare industry. The device is able to provide real-time data to healthcare specialists for better management of chronic medical conditions or pre/post-surgery monitoring. The increasing prevalence of chronic medical conditions is expected to favor the development of new products and drive the implantable sensor market.
Implantable Sensor Market Overview
The growth of the market is attributed to some key driving factors, such as increasing chronic disease prevalence and growing adoption of mobile healthcare technologies. However, the low rate of adoption in emerging countries is a major factor hindering the market growth. The global implantable sensor market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In North America, the US is the largest market for implantable sensors. The growth of the region is attributed to the presence of key market players and growing product developments. In addition, continuous product developments are further expected to stimulate the growth of the implantable sensor market in North America. The Asia Pacific region is expected to account for the fastest growth in the implantable sensor market.
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Implantable Sensor Market: Strategic Insights
Market Size Value in US$ 4,912.00 Million in 2019 Market Size Value by US$ 11,415.62 Million by 2027 Growth rate CAGR of 11.1% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Implantable Sensor Market: Strategic Insights
| Market Size Value in | US$ 4,912.00 Million in 2019 |
| Market Size Value by | US$ 11,415.62 Million by 2027 |
| Growth rate | CAGR of 11.1% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Implantable Sensor Market Drivers and Opportunities
Growing Adoption of Mobile Healthcare Technologies to Favor Market
The growing adoption of mobile healthcare technologies is revolutionizing healthcare delivery by providing convenient access to medical information, monitoring, and communication tools through smartphones, wearable medical devices, and others. The trend is empowering individuals to take charge of health, facilitating remote patient monitoring, improving access to healthcare services, and improving the overall patient experience. Chronic disorders like diabetes, blood pressure, and arrhythmia detection are major drivers of the global implantable sensor market share.
Government Support to Medical Technologies – An Opportunity in Implantable Sensor Market
Investments in medical research and development activities are on the rise across the world. As per the US Investments in Medical and Health Research and Development 2016—2020 report, investments in the US for medical and health R&D were increased by US$ 48.5 billion or 42% from 2016 to 2020, and the federal investments were increased by US$ 21.4 billion or 53.5% from 2016 to 2020. The investment in medical technology also increased by 36.49% from 2016 to 2020. Thus, government support in advancing medical technologies is seen to leave a positive impact on the implantable sensor market, as it has an opportunity for medical device manufacturers.
Implantable Sensor Market Report Segmentation Analysis
Key segments that contributed to the derivation of the implantable sensor market analysis are type, application, and end user.
- Based on type, the implantable sensor market is divided into glucose sensors, temperature sensors, oxygen sensors, pressure sensors, and others. The software segment held a larger market share in 2023. The glucose sensor segment held the largest share of the market in 2023, whereas the oxygen sensor segment is anticipated to register the highest CAGR in the market during the forecast period.
- By application, the market is segmented into medical diagnostic, clinical therapy, personal healthcare, and imaging. The medical diagnostic segment held the largest share of the market in 2023; however, the personal healthcare segment is expected to register the highest CAGR in the market during 2024–2031.
- In terms of end users, the market is bifurcated into hospitals, clinics, and diagnostic centres. The hospital segment dominated the market in 2023, and it is estimated to register the highest CAGR in the market during the forecast period.
Implantable Sensor Market Share Analysis by Geography
The geographic scope of the implantable sensor market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the implantable sensor market. As per the American Diabetes Association, nearly 38.4 million Americans, or approx. 11.6% of the population will be living with diabetes disorder in 2021, Out of which the elderly population or those 65 and older hold the majority of the share. Due to rising incidences of diabetes in the region, North America held the largest share in 2022. An inclination toward technically advanced products and the presence of global market players are factors contributing to the dominance of the North America implantable sensor market. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Implantable Sensor Market Report Scope
Implantable Sensor Market News and Recent Developments
The Implantable Sensor Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for implantable sensors and strategies:
- In December 2023, Medstar became the first company in the world to implant Cordella sensor implant for advanced heart failure. The sensor remotely sends the patient’s pulmonary artery pressure via a wireless microelectromechanical sensor to the team of doctors. With this real-time data, doctors can proactively adjust medications and therapies with the goal of reducing HF hospitalizations. (Source: MedStar Health, Press Release, 2024)
- In Feb 2022, Ascensia Diabetes Care, a global diabetes care company, announced that its partner Senseonics Holdings, Inc. has received approval from the US Food and Drug Administration (FDA) for the next-generation Eversense® E3 Continuous Glucose Monitoring (CGM) System. Ascensia plans to make the Eversense E3 sensor, which can be used for up to 6 months, available to patients in the US (Source: Ascensia Diabetes Care Holdings AG., Senseonics, Inc. Press Release/Company Website/Newsletter, 2024)
Implantable Sensor Market Report Coverage and Deliverables
The “Implantable Sensor Market Size and Forecast (2024–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; Application ; End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
- Analog Devices, Inc.
- DEXCOM, INC.
- Glusense Ltd.
- Honeywell International Inc.
- Medtronic
- NXP SEMICONDUCTORS N.V.
- Pinnacle Technology Inc.
- Sensirion AG
- TE Connectivity
- Texas Instruments Incorporated
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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