Asia Pacific Biomedical Sensors Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type; Sensor Type; Product; Application

The Asia Pacific biomedical sensors market is expected to reach US$ 3,522.7 million by 2027 from US$ 1,909.8 million in 2019. The market is estimated to grow at a CAGR of 8.0% during 2020–2027.

The growth of the Asia Pacific biomedical sensors market is attributed to the key driving factors such as the rising incidence of lifestyle-based diseases and an increasing adoption of biomedical sensors. However, the security concerns regarding the use of biomedical sensors restrain the market growth.

Biomedical sensors are also used in regular health monitoring. According to the World Health Organization (WHO), it is estimated that nearly 17.9 million people die due to cardiovascular diseases worldwide, which accounts for 31% of all the deaths worldwide. The increasing incidence of cardiac arrest, high blood pressure, and strokes surges the demand for point-of-care monitoring sensors. Moreover, numerous awareness programs have been organized by governmental organizations to control and prevent diseases. For instance, the National Heart Disease and Stroke Prevention Program and Lipid Standardization Program are conducted by Centre for Disease Control and Prevention (CDC) to create awareness among the population. These programs consist of trainings and campaigns to spread awareness regarding the ill effects of cholesterol; also, provide education to the hospital staffs. Thus, the rising incidence of lifestyle-based diseases are driving the market’s growth.

Countries in the Asia Pacific are reporting exponentially rising number of COVID-19 positive cases. The significant count of deaths caused due to COVID-19 negatively impacted the global economy. The COVID-19 outbreak pandemic has critically impacted the region, but it has also provided an opportunity for stakeholders to realign their future path based on strategic intent and focus. For instance, South Korea's Yuyu Pharma and SD BIOSENSOR entered into a Supply Agreement, where Yuyu Pharma will export COVID-19 test kits to the global market. Also, SD BIOSENSOR sent 15 million tests of STANDARD Q COVID-19 Ag test to India amid the outbreak. Moreover, various companies such as SD Biosensor and Abbott have been manufacturing COVID-19 tests with biosensors for easy and quick results. The rising demand for spontaneous COVID-19 test results is driving the biomedical sensors market in Asia Pacific.

Based on type, the Asia Pacific biomedical sensors market is bifurcated into wired and wireless. The wireless segment held a larger market share in 2019, also the same segment is anticipated to register a higher CAGR in the market during the forecast period.

Based on sensor type, the Asia Pacific biomedical sensors market is segmented into temperature, pressure, image sensors, biochemical, inertial sensors, motion sensors, electrocardiogram (ECG), and other sensor types. The temperature segment held the largest market share in 2019, whereas the motion sensors segment is anticipated to register the highest CAGR in the market during 2020–2027.

The Asia Pacific biomedical sensors market, by product, is bifurcated into invasive sensors and non-invasive sensors. The non-invasive sensors segment held a larger market share in 2019, also the same segment is anticipated to register a higher CAGR in the market during the forecast period.

Based on application, the Asia Pacific biomedical sensors market is segmented into medical diagnostics, clinical therapy, imaging, and personal healthcare. The medical diagnostics 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.

A few of the primary and secondary sources referred to while preparing the report on the Asia Pacific biomedical sensors market are the China National Committee on Aging (CNCA) and Alzheimer's Association (2017).

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