The North America implantable sensors market is expected to reach US$ 4,270.58 million in 2027 from US$ 1,808.39 million in 2019. The market is estimated to grow with a CAGR of 11.3% from 2020 to 2027.
The growth of this market is attributed to the factors such as the growing prevalence of chronic disorders and increasing government initiatives for medical technologies. However, the market growth is likely to be hindered owing to the high 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 cardiovascular disorders (CVDs), diabetes, neurological disorders, autoimmune disorders, and various cancer types, are the leading causes of mortality and disability across North America. The Center for Disease Control and Prevention (CDC), in 2017, National Diabetes Statistics Report stated that nearly 23 million people in the US had diabetes, of which type 1 diabetes accounted for almost 5%–10% or about 1.2–2.3 million people. Of people with type 2 diabetes, nearly 14%, or 3.2 million people, manage their diabetes with insulin only. Thus, the increasing diabetic population in the country is expected to propel the demand for various glucose sensors for the treatment.
Cardiovascular diseases (CVDs) are a significant cause of mortality owing to the hectic lifestyle. As per the World Health Organization (WHO), CVDs are the primary cause of death, taking an estimated 17.9 million lives each year. According to the CDC, in 2019, nearly 6 in 10 people suffered from at least one chronic disease in the US. CardioMEMS, a medical device company, has developed and commercialized a proprietary wireless sensing and communication technology for the human body. The company’s technology platform is designed to improve severe chronic cardiovascular diseases, such as heart failure and aneurysms. The company’s miniature wireless sensors can be implanted using minimally invasive techniques. They can transmit cardiac output, blood pressure, and heart rate data critical to the management of patients. Owing to their small size, durability, and lack of wires and batteries, these sensors are designed to be permanently implanted into the cardiovascular system. Using radiofrequency (RF) energy, sensors can transmit real-time data to an external electronics module, communicating this information to the patient’s physician. Hence, the adoption of implantable microsensors is likely to increase with these advantages, which, in turn, would propel the market growth.
The COVID-19 outbreak has highly affected the North American region. At present, the majority of the diagnostic laboratories and research institutes are engaged in diagnosing the COVID-19 patients. Due to increasing number of COVID-19 cases, various cities are closing down, causing treatment and doctor’s appointment cancellation. Patients with severe health conditions, such as diabetes, immune diseases, cardiovascular, and cancer need physical distancing; however, delays in such chronic disease treatments is distressing. However, in the situation of COVID-19 many companies such as Analog Devices, Inc, Honeywell International Inc., and Medtronic are taking the initiative in the US in the treatment of covid19. For instance, Medtronic will distribute sensors, infusion sets, and reservoirs, which will be given by Insulin for Life USA to victims on insulin pump therapy, undergoing financial difficulties due to COVID-19. Therefore, it is likely to affect the implantable sensor market owing to the above mention points.
Based on type, the North America 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 North America 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 North America 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 North America implantable sensors market are Center for Disease Control and Prevention (CDC), National Diabetes Statistics Report, World Health Organization (WHO), and others.