Chemical Sensors Market Size to Expand at a CAGR of 6% during 2019-2024 | IMARCGroup

Chemical Sensors Market Size to Expand at a CAGR of 6% during 2019-2024 | IMARCGroup

Global Chemical Sensors Market to Grow at 6% During 2019-2024, Fostered by Expanding Applications in Healthcare Sector – IMARCGroup
The global chemical sensors market is driven by their extensive application in the healthcare sector for analyzing the chemical composition of different samples.

According to the latest report by IMARC Group, titled “Chemical Sensors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size is expanding at a moderate rate. Chemical sensors transform chemical information, such as concentration, composition, partial pressure and presence of an ion, into an analytical signal. They generally contain two components, which include a physicochemical transducer and a chemical recognition system (receptor). In most sensors, the receptor interacts with analyte molecules which alters its physical properties in such a manner that the appending transducer can acquire an electrical signal. Chemical sensors offer various advantages like small size, affordability, and automatic measurement.

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Global Chemical Sensors Market Trends:

As chemical sensors are portable and cost-effective, they are widely used in the healthcare sector for analyzing the chemical composition of different samples. They are employed in fertility systems and for diagnosing cancer, renal failure, and alcohol and drug abuse. Moreover, the increasing prevalence of diabetes is positively influencing the demand for these sensors as they are used in blood sugar testing strips in portable glucose monitors. Furthermore, the growing geriatric population and their vulnerability to different diseases are spurring the demand for chemical sensors around the world. Additionally, continuous developments in the miniaturization of sensors and actuators, owing to enhancements in micromachining, microelectronics and packaging, has resulted in the introduction of new generation sensors. On account of these factors, the market is anticipated to grow at a CAGR of around 6% during the forecast period (2019-2024).

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Market Summary:

  • Based on the product type, the market has been classified into electrochemical (potentiometric, amperometric and conductometric), optical (infrared, photoionization and others), pellistor/catalytic bead, semiconductor and others. At present, electrochemical represents the most preferred product segment around the world.
  • On the basis of the analyte, the market has been divided into solid, liquid and gas.
  • The market has been classified on the basis of the application into industrial (motor vehicles, food and beverage processing, and HVAC systems); environmental monitoring (industrial safety and emissions, water and wastewater, and automotive emissions testing); medical (clinical diagnostics and nutritional); defense and homeland security; and others. Amongst these, the industrial sector accounts for the majority of the total market share.
  • Region-wise, North America represents the largest market. Other major segments include Asia Pacific, Europe, Latin America, and Middle East and Africa.
  • The competitive landscape of the market has been examined with some of the key players being Smiths Detection Inc., ATI Airtest Technologies Inc. and Hans Turck GmbH & Co. KG, General Electric Company (GE), Thermo Fisher Scientific Inc., Bayer, Mine Safety Appliances (MSA) Safety Incorporated, Honeywell International Inc., Pepperl+Fuchs Group, SICK AG, Siemens AG, ABB Ltd., SenseAir AB, Spectris PLC, Denso Corporation, Halma Plc and Owlstone Inc.

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