North America Biomedical Sensors Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.97 % |
| Market Concentration | Low |
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*Disclaimer: Major Players sorted in no particular order |
North America Biomedical Sensors Market Analysis
- The biomedical sensors market is expected to mark gradual growth during the forecast period 2021-2026. Technological advancements in the field of biomedical sensors using microtechnology and nanotechnology will bring tiny, robust, smart, and cost-effective sensors that are adaptable to the individual genetic formulation.
- These sensors can be set to trigger alerts when they enlist unpredictable readings, screen the existence of toxic agents in the blood, or empower drugs directly into the circulatory system. Investments in developing sensors with such capabilities will act as a major factor for the growth of the market, and eventually, these products will find huge demand in the healthcare industry.
- Biomedical sensors are driven by the increased demand in hazardous environments, utilization in situations resulting from natural disasters, increased demand in the healthcare sector for diabetic and heart patients, and embedded monitoring of the patients.
- The advancement in technology has made it possible to build a biomedical sensor using nano and micro technology, making it tiny, robust, smart, and cost-effective. The early detection of irregularities in the health status of the patients will contribute to a better quality of life.
- Even though biomedical sensors are playing a major role in life-saving, they are facing certain challenges such as patient's safety and comfort due to strong electromagnetic fields, transferring energy from external to internal parts with high efficiency and high data rates, limited computation and data storage, and ultra-low power consumption.
North America Biomedical Sensors Market Trends
This section covers the major market trends shaping the North America Biomedical Sensors Market according to our research experts:
Infrared Temperature Sensors to Drive the Market Growth
- IR temperature sensor applications are found in various defense applications such as optical target sighting and variable emissivity measurements that are often helpful in tracking activities. However, all these applications are very advanced and have a continuous demand due to the globally increasing military spending.
- In recent years, even the top snack manufacturers like Frito-Lay North America, Inc, a popular division of Pepsi Co, have started a new range of products rather baked than fried. Such trends, coupled with stringent food safety regulations worldwide, are expected soon to create substantial market opportunities for IR temperature sensors.
- Forward-Looking Infrared (FLIR) has been a prominent vendor for such technology. FLIR technology has been used in ports and borders and airports, and other places to look for elevated body temperatures. The company has witnessed a significant increase in those orders in the past month.
- The list of countries using FLIR products for temperature screening continues to grow. It now includes China, Thailand, Taiwan, the Philippines, Singapore, Malaysia, South Korea, Italy, and the U.S. The company stated that its supply chain is continuing to keep up with demand.
- Predictive maintenance is one of the functional uses of Infrared (IR) temperature sensors in the market; enterprises are increasingly focusing on predictive maintenance, automation, and IoT.
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United States Holds Significant Market Share
- The United States holds a significant market share due to advancements across various industries in the country. With the R & D of multiple types of temperature sensors being integrated into different products, the market for temperature sensors is set to grow at a healthy rate.
- For instance, automakers, such as General Motors, have planned to launch 20 new all-electric vehicles by 2023. The Tesla Company also changed the face of the EV market segment in the country by introducing reliable and efficient electric vehicles.
- The United States's automotive industry, directly and indirectly, employs hundreds of thousands of Americans and invest billions of dollars. It was estimated that the automotive industry annually spends nearly USD 105 billion on R&D worldwide, USD 18 billion of which is spent in the United States to incorporate newer and more advanced sensors into automobiles.
- With the US Department of the Interior planning to allow offshore exploratory drilling in about 90% of the Outer Continental Shelf (OCS) acreage, under the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024, the oil and gas sector in the region is expected to open up new opportunities to the market.
- In the COVID-19 pandemic, the market is witnessing growing demand for temperature sensors at the workplace for temperature screening. For instance, the CDC (Centers for Disease Control and Prevention) in the United States and WHO (World Health Organization) recommended temperature checking at the workplace.
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North America Biomedical Sensors Industry Overview
The North American biomedical sensor market is highly fragmented due to many players operating in the market, such as Honeywell, Analog Devices Inc, and Texas Instruments, among other regional and local manufacturers. Continuous product up-gradation and industry convergence are driving the market towards highly differentiated offerings. Further, players adopt strategic initiatives such as mergers and acquisitions, partnerships, etc., to strengthen their market presence. Some of the recent developments in the market are:
- May 2021 - Honeywell installed advanced skin temperature screening systems (Honeywell Thermo Rebellion) in Terminal One of New York's John F. Kennedy International Airport for passengers and employees.
- July 2020 - Maxim Integrated Products Inc. and Analog Devices Inc. announced that they entered into a definitive agreement. Analog devices Inc. will acquire Maxim in an all-stock transaction that values the combined enterprise at over USD 68 billion. The transaction is expected to close in the summer of 2021. This transaction would strengthen Analog Devices Inc. and increase its reach and scale across multiple markets.
North America Biomedical Sensors Market Leaders
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NXP Semiconductors
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GE Healthcare
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Analog devices
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STMicroelectronics
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Honeywell
*Disclaimer: Major Players sorted in no particular order
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North America Biomedical Sensors Market News
- January 2021 - Swift Sensors, a provider of industrial IoT sensor solutions, announced the launch of its secure wireless vaccine storage unit monitoring and alert system to enable medical facilities and pharmacies to monitor COVID-19 vaccine storage temperatures remotely, automate data logging, and respond quickly in case of an equipment problem or power failure.
- Nov 2020 - FLIR launched a new FLIR SV87 Kit, which can be installed on any surface with Wi-Fi access. The kit allows maintenance personnel to track variations in vibration and heat in real-time, allowing them to predict potentially severe problems before they occur.
North America Biomedical Sensors Market Report - Table of Contents
1. Introduction
- 1.1 Study assumptions and Market Definition
- 1.2 Scope of the Study
2. Research Methodology
3. Executive Summary
4. Market Dynamics
- 4.1 Market Overview
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4.2 Factors Driving the market
- 4.2.1 Growing Demand for fitness devices
- 4.2.2 Increasing spendings on diagnostics
- 4.2.3 Infrared Temperature Sensors to Drive the Market Growth
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4.3 Factors Restraining the Market
- 4.3.1 High costs of the systems
- 4.3.2 Safety issues related to prolonged usage
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Competitive Rivalry within the Industry
- 4.5 Industry Value Chain Analysis
5. Technology Snapshot
6. North America Biomedical Sensors Market Segmentation
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6.1 Type
- 6.1.1 Wired
- 6.1.2 Wireless
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6.2 Sensor Type
- 6.2.1 Temperature
- 6.2.2 Pressure
- 6.2.3 Image sensors
- 6.2.4 Biochemical
- 6.2.5 Inertial sensors
- 6.2.6 Motion sensors
- 6.2.7 Electrocardiogram
- 6.2.8 Others
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6.3 Industry
- 6.3.1 Pharmaceutical
- 6.3.2 Healthcare
- 6.3.3 Others
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6.4 Application
- 6.4.1 Diagnostics
- 6.4.2 Therapeutics
- 6.4.3 Medical imaging
- 6.4.4 Monitoring
- 6.4.5 Fitness and Wellness
- 6.4.6 Others
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6.5 Country
- 6.5.1 United States
- 6.5.2 Canada
7. Competitive Landscape
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7.1 Company Profiles
- 7.1.1 GE Healthcare
- 7.1.2 Honeywell International inc
- 7.1.3 STMicroelectronics N.V.
- 7.1.4 First sensor AG
- 7.1.5 Medtronic PLC
- 7.1.6 Smiths Medical
- 7.1.7 Measurement Specialities, Inc.
- 7.1.8 Analog Devices, Inc.
- 7.1.9 Texas Instruments
- 7.1.10 NXP Semiconductors N.V.
- 7.1.11 LumaSense technologies
- 7.1.12 Zephyr Technology Corp.
- 7.1.13 Nonin Medical Inc.
- 7.1.14 Others
- *List Not Exhaustive
8. Investment Analysis
- 8.1 Recent Mergers and Acquisitions
- 8.2 Investment Opuurtunities
9. Future of North America Biomedical Sensors Market
** Subject To AvailablityNorth America Biomedical Sensors Industry Segmentation
North America's biomedical sensors market is segmented on the basis of type (temperature, accelerometer, pressure,Image,inertial,motion, chemical, and biochemical) and application (pharmaceutical, healthcare,diagnostics, therapeutics,medical imaging,monitoring,fitness and wellness).
North America Biomedical Sensors Market Research FAQs
What is the current NA Biomedical Sensors Market size?
The NA Biomedical Sensors Market is projected to register a CAGR of 6.97% during the forecast period (2024-2029)
Who are the key players in NA Biomedical Sensors Market?
NXP Semiconductors, GE Healthcare, Analog devices, STMicroelectronics and Honeywell are the major companies operating in the NA Biomedical Sensors Market.
What years does this NA Biomedical Sensors Market cover?
The report covers the NA Biomedical Sensors Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the NA Biomedical Sensors Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
NA Biomedical Sensors Industry Report
Statistics for the 2024 NA Biomedical Sensors market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. NA Biomedical Sensors analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
