The global non-optical pressure sensor market is estimated to be valued at US$2.445 billion and is projected to grow at a healthy CAGR during the forecast period of 2020-2025, according to a new report by ResearchAndMarkets.com.
Pressure sensors are devices that are equipped with pressure-sensing elements for the measurement of pressure and finally covert the value into an electronic signal in the form of output. The market is projected to hold strong prospects for growth in the forecast period due to the immense applications of pressure sensors across varied end-use industries. For example, in HVAC systems, pressure systems are utilized for monitoring the condition of air filters. As filters clog with particulates, the differential pressure across filter rises and this can be detected.
Pressure sensors provide improved GPS location. An altitude can be measured through the detection of barometric pressure due to an association between the barometric pressure and altitude in the atmosphere. Furthermore, pressure sensors are utilized in wearables for the monitoring of patients and the elderly in assisted living environments. In the case of an event, like a fall, the sensors bring it to the notice of medical staff or a family member, says a press release.
In the present COVID-19 scenario, the use of pressure sensors in medical ventilators is fueling the market demand in 2020 owing to the surging demand for ventilators for the treatment of patients suffering from the deadly disease. However, in other industries, the market is projected to experience a slight decline in 2020 owing to the shutting down of manufacturing operations due to labor shortages, work-from-home, and lockdown initiatives. Also, the advent of optical pressure sensors and due to its better performance in comparison to the traditional pressure sensors, the market growth is projected to hamper in the forecast period.
Pressure sensors are also used in automated drug delivery systems in order to deliver proper dosage to the patients. Hence, the market is projected to grow at a significant pace over the next five years. The major factors supporting the growth of the utilization of drug delivery systems include a growing number of chronic diseases like diabetes and respiratory diseases. It has been predicted by the National Institutes of Health that the diabetes prevalence in America is predicted to rise by 54% affecting over 54.9 million Americans between 2015-2030.
Also, annual deaths due to diabetes is predicted to surge by 38% to 385,800. The total annual medical and societal costs linked to diabetes is predicted to rise around 53% to over USD622 billion by the end of 2030. Significant efforts are being made toward effective diabetes management. The emergence of advanced insulin delivery systems with automated dispensing systems is providing relief for many patients suffering from this disease. According to the USFDA news release on December 2019, the organization announced the authorization of the first interoperable automated glycemic controller device that is capable of automatically adjusting insulin delivery to a diabetic patient.
The automated insulin dosing (AID) system consists of a pump, continuous glucose monitor (CGM), and software for controlling the system of compatible devices. With automated dispensing devices increasingly present in varied healthcare organizations, the market is propelled to grow during the forecast period.
The presence of companies offering pressure sensors that fulfill the requirements of the various end-user industries is driving the market growth during the forecast period.
- Emerson Electric Co.
- Honeywell International Inc.
- Parker Hannifin Corp.
- SMC Corporation
- Eaton Corporation plc
- Festo Group