The Europe implantable sensors market is expected to reach US$ 3,576.51 million in 2027 from US$ 1,588.33 million in 2019. The market is estimated to grow with a CAGR of 10.7% from 2020 to 2027.
The growth of this market in Europe is attributed to the factors such as growing prevalence of chronic diseases and an increasing R&D activity in the region. However, the market growth is likely to be hindered owing to an upsurge in the cost of healthcare facilities.
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, neurological disorders, cardiovascular disorders (CVDs), autoimmune disorders, and various cancer types, are the leading causes of disability and mortality across Europe. Glucose sensors are widely used for continuous glucose monitoring. The prevalence of diabetes is rising among the European population due to an increase in weight leading to obesity, unhealthy diet, and physical inactivity. According to the International Diabetes Federation (IDF) Europe, in 2017, there were 3.276.400 cases of diabetes in France. Also, the growing prevalence of cancer is likely to propel the demand for implantable sensors during the forecast period. For instance, in recent years, there has been an increase in cancer cases in Germany, and the country reported ~608,742 cancer cases in 2018. As per findings, the occurrence of cancer was significantly among men, accounting for an incidence rate of about 54.3%. As per the International Diabetes Federation (IDF), Europe, in 2017, there were 7.476.800 cases of diabetes in Germany. Therefor the higher prevalence of chronic diseases is estimated to fuel the growth of the implantable sensors market.
Countries across Europe are witnessing a resurgence in COVID-19 cases after successfully mitigating outbreaks early in 2020. Lockdowns are being reintroduced in the UK, Spain and Italy, and Ireland, as per the European Centre for Disease Prevention and Control (ECDC). Due to the second wave of COVID-19 cases, the governments of various countries are scaling up their testing capacity, thereby hampering the research carried out for implantable sensors. In Europe, many implantable sensor manufacturers have limited their manufacturing facility. Additionally, in the UK, the practice of cardiovascular, cancer, diabetes, immune diseases, has changed. Increasing COVID-19 has affected the diagnosis and treatment of diseases, due to the diversification of the medical workforce and decision to focus on treating the critically ill patients. Due to the current pandemic, many cancer research organizations, which are dealing with treatment, are not taking appointments to avoid the anxiety associated with it. Due to new clinical practice, breast oncologists are prioritizing their patients and making difficult choices by offering less treatment.
Based on type, the Europe 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 Europe 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 Europe 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 Europe implantable sensors market are International Diabetes Federation (IDF) [Europe], European Journal of Cancer (EJC), and others.