The Asia Pacific implantable sensors market is expected to reach US$ 2,539.98 million in 2027 from US$ 1,039.03 million in 2019. The market is estimated to grow with a CAGR of 11.8% from 2020 to 2027.
The growth of this market in APAC is attributed to the factors such as growing prevalence of diabetes and increasing R&D related to implantable sensors in the region. However, the market growth is likely to be hindered due to several concerns regarding implantable sensors.
Implantable sensors enable self-monitoring systems in which the patient acts as a part of the sensing system to detect changes, consciously or unconsciously, of the health conditions. Implantable sensors have been used in medical research for measuring parameters such as force, torque, pressure, and temperature inside the human body. These advanced sensor systems must be compact, compatible with human tissue, and sturdy enough to withstand the human body's physical forces. They must also be self-powered and able to transmit data wirelessly, without any malfunction or failure.
Chronic diseases, such as diabetes, is the leading causes of disability and mortality across APAC. Glucose sensors are widely used for continuous glucose monitoring. The rising diabetic population in the region is also driving the growth of the implantable sensor market. As per the International Diabetes Federation, in 2017, 120 million people had diabetes in China. According to the World Health Organization (WHO), the diabetic population in China is expected to reach 150 million by 2040. The WHO also states that nearly one million deaths in China each year are due to diabetes and complications from diabetes.
Diabetes is one of the highly prevalent diseases in Japan. The number of diabetic patients is gradually increasing due to factors such as alcohol consumption, tobacco consumption, and unhealthy eating habits. According to a survey conducted by the Health Ministry of Japan in 2016, 10 million adults in Japan were reported to suffer from diabetes. Also, diabetes awareness programs are being undertaken in the country to prevent diabetes. For instance, the Japan Association for Diabetes Education and Care conducts regular events in various cities to generate awareness among the Japanese population about different treatment options available for diabetes. Therefore, the demand for glucose implantable sensors is increasing in Japan owing to the increasing prevalence of diabetes across the APAC region.
The countries in APAC are witnessing massive challenges due to increasing COVID-19 cases. As per the data of Worldometer, as of January 4, 2021, Asia reported around 20,983,416 COVID-19 cases, while in India, the number of cases has been increased and reached to 10,357,569 cases with 149,886 deaths. Due to the outbreak of disease, healthcare industries have been affected severely, considering the economic conditions in the current situation. Due to increasing COVID-19 cases, various seminars and international conferences have been postponed. For instance, the 9th Asia Pacific Breast Cancer Summit has been postponed from 13th to 15th March. The COVID-19 pandemic has put a major strain on the health systems of various countries across the world. However, technological advancements have shown a boost in the market growth. Integration of rapid advances in microelectronics, microfluidics, microsensors, and biocompatible materials has recently given rise to implantable sensors for continuous medical observation. These sensors act as event detectors or stimulators that carry out faster, cheaper, and discreet clinical tasks than standard methods. Several implantable sensors for in vivo monitoring are currently being developed. An example of a well-known implantable identification device is an RFID tag developed by VeriChip Corporation. This device has been intended for implantation in the upper arm.
Based on type, the Asia Pacific implantable sensors market is sub-segmented into glucose sensor, temperature sensor, oxygen sensor, pressure sensor, and others. The glucose sensor segment held the largest market share in 2019, whereas the oxygen sensor segment is anticipated to register a higher CAGR in the market during the forecast period.
Based on application, the Asia Pacific implantable sensors market is segmented into medical diagnostic, clinical therapy, personal healthcare, and imaging. The medical diagnostic segment held the largest market share in 2019, whereas the personal healthcare segment is anticipated to register the highest CAGR in the market during 2020–2027.
Based on end user, the Asia Pacific implantable sensors market is segmented into hospitals, clinics, and diagnostic center. The hospitals segment held the largest share of the market in 2019, and the same segment is anticipated to register the highest CAGR in the market from 2020 to 2027.
A few of the primary and secondary sources referred to while preparing the report on the Asia Pacific implantable sensors market are WHO (World Health Organization), Health Ministry of Japan, and others.