Increasing Adoption of Ultrasonic Sensors in Robotics to Fuel Growth of Ultrasonic Oxygen Sensor Market
Ultrasonic sensors are increasingly used in robotics to implement real-time obstacle avoidance systems for robots, allowing robots to continuously distinguish their surroundings. Ultrasonic sensors are widely used in robotics because these sensors are immune to moisture, dust, and dirt, and can also be used in dark environments as light does not affect the sensor's detection capabilities. Ultrasonic sensors help robots with object detection, tracking objects, and detecting the location of objects. Ultrasonic sensors help robots to avoid obstacles on the way so they can move towards a target area. The increasing number of medical robotic systems to assist surgeries is further increasing the product innovation rate in ultrasonic oxygen sensor market.
According to NIOSH, healthcare workers perform the most dangerous industrial jobs in the United States, with the highest number of non-fatal occupational injuries and illnesses. It is estimated that around 6,000 surgical robots have performed 1 million surgeries worldwide. The market value of $6 billion worth. A basic system costs $2 million. Well-known organisations such as MIT, and the University of Michigan are working on technologies to deliver small, compact robots to the medical field. For example, Robot Apps developed and launched a rehabilitation robot to help health professionals’ deal with bedridden patients and reduce their reliance on nurses, such as lifting weights. Such developments further elevate the prospects of ultrasonic oxygen sensor market.
The prevalence of chronic diseases, including diabetes, cancer, and other infectious diseases, is increasing due to sedentary lifestyles and other factors. This has resulted in a significant increase in the economic burden of treating these diseases on various healthcare systems across the globe. For instance, according to the International Diabetes Federation (IDF), an estimated 463 million people were living with diabetes in 2019, which is equivalent to an estimated 9.3% of the global population. This figure is expected to reach 10.2% by 2030. According to the National Cancer Institute, in 2020, the cancer incidence rate in the United States is estimated to be about 442 per 100,000 people, including Australia (468 per 100,000) and New Zealand (438 per 100,000) are among the top five countries with the highest cancer rates.
Rising number of inpatient admissions and increasing number of surgeries and diagnostic procedures are driving the demand for medical equipment, including capital equipment and consumables in developed as well as developing countries. In 2019, according to the American Hospital Association (AHA), there were an estimation of 36.2 million inpatient admissions in the US. Rising investments in R&D by medtech companies, and favourable scenarios offered by regulatory authorities for their approvals are expected to drive the growth of ultrasonic oxygen sensor market. For instance, according to the US FDA database, during 2019-2020, about 59 devices were approved by the FDA. This is further enhanced by the increasing investment by leading market players in the research and development of technologically advanced equipment aimed at meeting the growing demand for innovative equipment. For example, Johnson & Johnson Services' 2020 R&D investment is estimated at $12.15 billion. Medtronic, another leading medical device maker, reported $2.33 billion in R&D investment in 2020.
Rising Demand for Ultrasonic Oxygen Sensor in Automotive Industries to Enhance Market Growth
Based on end-use industry, the market can be bifurcated into automotive, healthcare, industrial, service and others. Among the end-use industry, the automotive segment of the ultrasonic oxygen sensor market is estimated to expand due to the expansion of the automotive industry. This is attributed to the increasing use of ultrasonic oxygen sensor in automobile to keep a check on its air-fuel ratio to maintain the air quality. Ultrasonic oxygen gas sensors are primarily utilized in an automobile engine inlet valve to accurately measure the amount of oxygen entering the automobile cylinder. These sensors are also installed in vehicle exhaust to manage emissions from diesel, gasoline, and gas engines, which warrants sustained growth of ultrasonic oxygen sensor market.
The automotive industry is governed by stringent guidelines and regulations applied by both national and international authorities, making it mandatory to use of these systems. The industry relies on ultrasonic oxygen sensors to comply with emission standards set by governments, and regulatory agencies. For instance, in February 2021, Wipro Limited and Yaskawa India Pvt. Ltd., a subsidiary of Yaskawa Electric Corporation, announced the alliance by exchanging a signed Memorandum of Understanding (MOU) on a collaborative commitment to jointly target automation projects around the world. The partnership enables the company to supply Yaskawa robots in India and abroad (including international warranty). In January 2021, Omron Corporation announced that it has started selling the i4 series of SCARA robots that automate high-speed, high-precision assembly and transportation while being easy to install.
Increasing Demand for Robotic and Machine Automation to Drive Asia Pacific Ultrasonic Oxygen Sensor Market
The automotive sector is expected to be the major driver for the incorporation of ultrasonic oxygen sensors in the region, due to a rise in automobile production. Technological innovations are expected to further increase the demand for ultrasonic oxygen sensors. In July 2021, ABB acquires ASTI Mobile Robotics Group to develop the next generation of flexible automation using autonomous mobile robots. The acquisition enhances robotic and machine automation solutions, enabling the company to offer a unique portfolio of automation products and grow into new business categories.
Asia Pacific is expected to witness significant growth in ultrasonic oxygen sensor market owing to the high adoption of robotics thereby increasing the target market growth. Furthermore, South Korea, and China dominate the adoption of robotics due to large-scale electronics and automotive manufacturing facilities. Thus, the ultrasonic oxygen sensor market in Asia Pacific is expected to expand at a high growth rate due to the presence of major players in the region and increased competition among them.
Global Ultrasonic Oxygen Sensor Market: Competitive Landscape
In February 2020, the Siemens launched ACUSON Sequoia. It helps to address industry challenges in ultrasound imaging. It offers an updated contrast-enhanced ultrasound and elastography with the support of Deep Abdominal Transducer (DAX). It has penetration power up to 40cm. It enables high-resolution imaging at greater depths without impacting real-time performance. In April 2021, Panasonic has launched a mass-produced walking training robot designed to provide safe and effective walking training for the elderly. The company also provides robotic assistance services to nursing facilities, hospitals and other organizations.
A few of the players in ultrasonic oxygen sensor market include Cubic Sensor and Instrument Co., Ltd., Winpower Technology Co., Ltd., Longfian Scitech Co.,Ltd., Servotech Power Systems, Wuhan Cubic Optoelectronics Co, Ltd., and Changzhou Manorshi Electronics Co., Ltd.
The Global Ultrasonic Oxygen Sensor Market is Segmented as Below:
By End Use Industry
Key Elements Included In The Study: Global Ultrasonic Oxygen Sensor Market
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