Dublin, Sept. 09, 2020 (GLOBE NEWSWIRE) -- The "Non-Optical Pressure Sensor Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The global non-optical pressure sensor market is estimated to be valued at US$2.445 billion in 2019 and is projected to grow at a healthy CAGR during the forecast period.
Pressure sensors are referred to as 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 an 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, a differential pressure across filter rises and this can be detected.
The improved GPS location is offered by the use of pressure sensors. 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 a medical staff or a family member. The mechanism lies in the measurement of small changes in air pressure by the pressure sensor.
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 labour 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.
The growing utilization of automated drug delivery system is fueling the market growth during the course of the forecast period.
It has been observed that pressure sensors are placed 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 growing number of chronic diseases like diabetes, and respiratory diseases. In addition, the growing geriatric population suffering from age-associated diseases are further propelling the market demand. 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 towards 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 the insulin delivery to a diabetic patient.
The Automated insulin dosing (AID) system consist of a pump, continuous glucose monitor (CGM), and a 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. In addition, the shift to direct patient care, changes in healthcare systems, and cost-reduction pressures is further offering high growth prospects for automated drug delivery systems to proliferate, further contributing to surging the market growth during the course of the forecast period. The American Society of Health-System Pharmacists approved the use of automated drug dispensing system distribution as this has contributed to releasing the pharmacists from labour-intensive drug distribution functions.
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.
Key Topics Covered:
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Market Opportunities
4.4. Porters Five Forces Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of New Entrants
4.4.4. Threat of Substitutes
4.4.5. Competitive Rivalry in the Industry
4.5. Industry Value Chain Analysis
5. Non-Optical Pressure Sensor Market Analysis, by Sensor Technology
6. Non-Optical Pressure Sensor Market Analysis, by End-User Industry
7. Non-Optical Pressure Sensor Market Analysis, by Geography
7.2. North America
7.2.1. North America Non-Optical Pressure Sensor Market, By Sensor Technology
7.2.2. North America Non-Optical Pressure Sensor Market, By End-User Industry
7.2.3. By Country
220.127.116.11. United States
7.3. South America
7.3.1. South America Non-Optical Pressure Sensor Market, By Sensor Technology
7.3.2. South America Non-Optical Pressure Sensor Market, By End-User Industry
7.3.3. By Country
7.4.1. Europe Non-Optical Pressure Sensor Market, By Sensor Technology
7.4.2. Europe Non-Optical Pressure Sensor Market, By End-User Industry
7.4.3. By Country
7.5. Middle East and Africa
7.5.1. Middle East and Africa Non-Optical Pressure Sensor Market, By Sensor Technology
7.5.2. Middle East and Africa Non-Optical Pressure Sensor Market, By End-User Industry
7.5.3. By Country
18.104.22.168. United Arab Emirates
22.214.171.124. Saudi Arabia
7.6. Asia Pacific
7.6.1. Asia Pacific Non-Optical Pressure Sensor Market, By Sensor Technology
7.6.2. Asia Pacific Non-Optical Pressure Sensor Market, By End-User Industry
7.6.3. By Country
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Emerson Electric Co.
9.2. Honeywell International Inc.
9.5. Parker Hannifin Corp.
9.7. SMC Corporation
9.8. Eaton Corporation plc
9.9. Festo Group
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