Medical Pressure Transducers Market Size, Share, Growth, And Industry Analysis, By Type (Single Channel Transducer, Dual Channel Transducer, and Triple Channel Transducer), By Application (National and Public Hospitals and Private Hospitals), Regional Forecast To 2031

Updated On: 08 April 2024

Medical Pressure Transducers Market Report Overview

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The global medical pressure transducers market size was USD 328 million in 2021 and the market is expected to reach USD 567.78 million in 2030, exhibiting a Compound annual growth rate (CAGR) of 6.2% during the forecast period.

 A pressure transducer, an instrument that measures, detects, and converts application pressure into this electric signal. Pressure transducers are typically comprised of two components a plastic stuff that deforms when pressure is applied and an electric component that aids in the detection of such deformation. Transducers are used in a variety of industries, including medicine, construction, and automobiles. Transducers have always been found in medical breathing devices and blood pressure monitors.

COVID-19 Impact: Interruption in Supply Chains to Decline Market Share

The recent coronavirus outbreak had a detrimental effect on the working of medical pressure transducers market. The serious disruptions in various supply-chain and manufacturing operations caused by different preventative lockdowns enacted by governments to combat disease spread result in massive financial losses for the market. As a consequence of the COVID-19 disease outbreak, the manufacturing of healthcare goods was been stalled due to a logistics activities constraint and a global shortage of manpower.

The COVID-19 pandemic had resulted in the partial or complete shutdown of end-use industries. Furthermore, due to the shutdown implemented throughout various countries, domestic and international transportation was hindered in 2020, but some countries have begun vaccination drives, positively impacting the supply chain of medical pressure transducers market.

The aforementioned factors will have an impact on the market income trajectory over the forecast period. On the plus side, as COVID cases decline, the medical pressure transducers market share is expected to revitalize as personal regulatory authorities begin to unwind these enforced lockdowns. The suspended and forced to cancel operations will continue, and the market is expected to expand as a result. As a result, the industry will recover and grow following COVID.

Latest Trends

"Rising Requirement Between End-User Countries to Intensify Market Magnification "

According to industry analysis, rising requirement for pressure transducers between many end-users such as hospitals and clinics is being motivated by changes in the market place, which are expected to support both industry and medical pressure transducers market growth during the forecast period.

Medical Pressure Transducers Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into single channel transducer, dual channel transducer, triple channel transducer

Single channel transducer is the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into national and public hospitals, private hospital

National and public hospitals is the leading part of the application segment

Driving Factors

"Increase in Geriatric Population to Boost Market Share "

Many people are unaware they have high blood pressure because there are no alert signs or symptoms. Only by trying to measure the blood pressure can one determine if he have high blood pressure. An increase in the geriatric population who are at risk of high blood pressure is expected to drive growth in the medical transducers market during the forecast period. Growing public awareness of the significance of wellbeing is another factor driving growth in the pressure transducers market.

"Expansion in Demand of Customized Transducer to Aid Market Forwarding"

Major players functioning in the global market are making efforts to improve the technology in use into pressure transducers. At the moment, a main development in medical pressure transducers is rising demand for handheld and customized pressure transducer devices.

Restraining Factors

"Increment in Machine Cost to Deplete Market Advancement "

However, the cost of purchasing the pressure transducers to generate significant result is indeed very high and needs constant maintenance, so an increment in the pressure transducers cost raises the cost of the market. As a result, the medical pressure transducers market growth is stifled.

Medical Pressure Transducers Market Regional Insights

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"Rising Public Awareness to Foster Market in Asia Pacific and North America "

The Asia Pacific real economy has the highest revenue percentage of the medical transducers market among these regional markets. The existence of heavily packed countries in the region, including India and China, with countless people suffering from high blood pressure and breathing problems, contributes to the region's market growth. Amount invested by main players in the Asia Pacific market are yet another factor that drives growth in the region.

Because of developments in health centers, rising public awareness, and the significant presence of major players in the industry in the region, North America pressure transducers market size is forecast to grow at a significantly high rate over the forecast period.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Edwards Lifesciences (U.S.)
• Smiths Medical (U.S.)
• Argon (India)
• ICU Medical (U.S.)
• Merit Medical Systems (U.S.)
• Biosenor International (Singapore)
• ANTMED (China)
• Utah Medical (U.S.)
• JUNKEN MEDICAL (Japan)
• Ace Medical (India)
• George Philips (U.S.)
• Biometrix BV (Australia)
• Lepu (China)
• SCW Medicath (China)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding healthcare. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.