The Middle East and Africa implantable sensors market is expected to reach US$ 585.62 million in 2027 from US$ 267.14 million in 2019. The market is estimated to grow with a CAGR of 10.3% from 2020 to 2027.
The growth of this market is attributed to the key driving factors such as increasing privatization in the healthcare sector and rising adoption of healthcare insurance policies and an upsurge in prevalence of chronic diseases across the Middle East and Africa. However, the market growth is likely to be hindered owing to the multiple issues 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.
The recent industry trends require healthcare professionals to make different decisions and out of the box therapeutic and diagnostic decisions. Increased demand for technological innovations and patient monitoring applications in the medical devices enables the design of low-cost, high-performance implantable sensors that can be easily integrated into other applications is among the key drivers for the need for privatization in the healthcare sector. The rising geriatric population is demanding better healthcare plans and facilities. Therefore, in April 2018, Saudi Arabia has announced a privatization plan that would help the 14 PPP (Public-Private Partnership) investments that will cover ten sectors, including healthcare. The plan aims to expand and update the primary care infrastructures across Saudi Arabia, providing long-term and rehabilitation care across the Kingdom by creating PPP structures. According to the data published by the Saudi Gazette, it is stated that the rising demand for excellent healthcare facilities are favoring more privatization and are creating new opportunities for the private medical device players in the Saudi Arabian market.
Demographic shift and increase in healthcare reimbursement scenario have led to a rise in the development of the healthcare sector in the Middle East and Africa. In addition, the initiative by the Cooperative Council of Health Insurance (CCHI) has expanded the coverage of the unified health insurance policy and has included additional benefits that shall apply to new and renewed policies initiated after July 2018. Hence, due to the increasing privatization in the healthcare sector and the rising adoption of healthcare insurance policies, the market for implantable sensors is estimated to grow.
Economic uncertainties and ongoing conflicts are worsening the condition in the region. For instance, countries such as Syria, Libya, and Yemen are suffering violent conflict and cannot implement any public health measures. Iran was in deep economic recession due to the US sanctions. Also, the major source of economic stabilization in Middle East countries is oil production and export. However, the recent pandemic is causing turbulence to the economies of the Middle East region. A sudden drop in domestic and external demand for goods and products, especially crude oil, and halted production due to labor shortage, are the major impacts observed in the region. Additionally, tightened financial condition is also decreasing the economic activities in the region. Since the beginning of 2020, the COVID-19 pandemic has caused enormous health, social and economic impacts, which is likely to continue in 2021. Even after some of these impacts have been mitigated or contained, there will be medium- and long-term consequences. 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 more 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 Middle East and Africa 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 Middle East and Africa 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 Middle East and Africa 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 Middle East and Africa implantable sensors market are Dubai Health Authority (DHA), Cooperative Council of Health Insurance (CCHI), and others.