The South and Central America implantable sensors market is expected to reach US$ 442.93 million in 2027 from US$ 209.11 million in 2019. The market is estimated to grow with a CAGR of 9.8% from 2020 to 2027.
The growth of this market is attributed to the factors such as the growing prevalence of chronic diseases across the South and Central America and a rise in government initiatives and R&D activities to boost the healthcare sector. However, the market growth is likely to be hindered owing to the various issues related to 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, cancer, and cardiovascular disorders, are the leading causes of disability and mortality across South and Central America. Large patient pool suffering from diabetes, rapid innovation in developing new technologies, increased R&D for chronic diseases, raising awareness, and improving diagnosis and treatment rates are propelling the growth of the implantable sensor market in Argentina. Glucose sensors are widely used for continuous glucose monitoring. The rising diabetic population is also driving the growth of the Implantable Sensor market.
The prevalence of chronic conditions such as diabetes and cardiovascular disorders are rising among the Brazilian population; as per the International Diabetes Federation (IDF) South and Central America, in 2017, there were more than 12,465,800 cases of diabetes in Brazil. The increasing incidences of diabetes are also expected to hamper the quality of life of patients with diabetes. Further, Chile and Costa Rica are among the leaders in treating people with diabetes, heart disease, and high blood pressure. In addition, according to the World Health Organization (WHO), in 2017, 1.1 million new cases of cancer were reported in the region and are likely to double by 2030. Thus, the increasing number of people suffering from chronic diseases is expected to fuel the growth of the implantable sensor market in the region during the forecast period.
Economic uncertainties and ongoing conflicts are worsening the condition in the region. The recent pandemic is causing turbulence to the economies of the South and Central America region. A sudden drop in domestic and external demand for goods and products 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 South and Central America implantable sensors market is sub-segmented into glucose sensor, temperature sensor, oxygen sensor, pressure sensor, and others. The glucose sensor segment held the larger 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 South and Central 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 South and Central 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 South and Central America implantable sensors market are World Health Organization (WHO), International Diabetes Federation (IDF) [South and Central America], and others.