Global Medical Sensors Market Forecast and Trends

The Global Medical Sensors Market was worth USD 1.36 Billion in 2020 and is further projected to reach USD 2.32 Billion by the year 2027, growing at the CAGR of 8.1% in the forecast period (2021-2027). Rise in adoption of smartphones and other electronic devices with sensor technology, increase in government initiatives in mHealth products, increase in investment by private and public players to introduce sensors in mHealth, and rise in adoption of IoT and advanced technologies are the major factors driving the market. Growing awareness of healthcare devices, the rising collaboration between market players for the development of medical sensors, and increasing healthcare expenditure create a future opportunity for the growth of the market. The growing demand for medical patches across various applications such as fitness, and potential to diagnose different disease conditions such as cancer, cardiac disorders, diabetes, and high blood pressure is projected to fuel the market growth of medical patches and sensors over the forecast period.

Moreover, factors such as the ability to retrieve real-time information using medical sensors have led to benefits such as the increase in patient safety along with the surge in the response time of hospital staff as modifications in health can be fast sensed through medical sensors. Technological advancement in the wearables device, increasing demand for personal healthcare systems, and consciousness among the consumers about the advantages of the medical sensors are some of the factors that are estimated to boost the growth of the market over the forecast period.

Global Medical Sensors Market: Overview

Medical sensors are utilized to make medical devices more productive and more straightforward in operation. Recent technological advancements in medical sensors improve the use of smart sensors for several diseases and conditions. Some of these include smartwatch for heart rate and sleep apnea, diabetic care devices, orthopedic care devices, and surgery-specific sensory devices.

Growth drivers

Technological improvements

One of the factors that drive the global medical sensors market is the increasing adoption of medical sensor technology. The global medical sensors market is growing owing to various factors, which include improvement in technology, such as the introduction of IoT in healthcare and increasing per capita income. Technological advancement in the invasive sensor market leads to the introduction of innovative devices in the field of medical sensors that have enhanced market growth. Many gadgets are available in the market such as chest strap to monitor hearth, smart glasses for visually impaired, etc. that help in the growth of the market. Rising demand for advanced sensors-based medical instruments and devices from several end users such as hospitals, and ambulatory surgical centers, specialty clinics, is contributing to the growth of global medical sensors market. Factors like growing geriatric population, investment in research and development,  increasing per capita income also drive the market growth

Adoption of home-based healthcare services

Medical sensors market is emerging owing to the increase in the adoption of home-based healthcare services as it provides the home-based medical monitoring of the patients that reduces the burden to travel and wait for the physician. These medical technologies offers flexibility in healthcare management by an early diagnosis that promotes disease treatment. Also, the introduction of new devices that offer more active analysis, at lower costs, and are user-friendly contribute to the market growth of medical sensors.

Restraint

Government regulations and information security issues

Factors such as strict government regulations and processes for approval of products that extend the time to market are hampering the growth of this market. Apart from this, there are certain security concerns related to the use of medical sensors, gathering patient information, and storing it. Connectivity issues between the sensors and the receivers are also restricting this market to achieve its actual growth potential.

Global Medical Sensors Market: Sensor Type

On the basis of sensor type, the market is segmented into Pressure Sensors, Temperature Sensors, Blood Glucose Sensors, Blood Oxygen Sensors, Electrocardiogram (ECG) Sensors, Image Sensors, Others. Increasing demand for pressure sensors in patient monitoring devices, respiratory devices, and drug delivery systems are major factors associating with the higher adoption of pressure sensors. Pressure sensors are further expected to witness significant growth owing to the growing adoption of invasive devices like spinal cord stimulator, peacemaker, gastric electric stimulator, and endoscope.

Global Medical Sensors Market: Product Type

Based on its product type, the market is categorized as  Non-invasive, Invasive.  The non-invasive segment is expected to grow at a considerable growth rate over the forecast timespan. The significant factors facilitating the growth of medical sensors for non–invasive product includes increasing demand for connected medical devices, rising penetration of IoT-based medical devices, and improvement in medical technology. Other factors stimulating the growth of sensors for a non-invasive product involves the increasing demand for portable monitoring devices and the growing adoption of IoT-based medical devices across the globe.

Global Medical Sensors Market: End-User

On the basis of end-user, the medical sensor market is segmented into Hospitals & Clinics, Nursing Homes, and Others. The hospitals segment is estimated to account for the highest medical sensors market share. During the forecast period, the hospitals and home care settings segments will grow at a faster rate than the overall market. The growing adoption of medical sensors in hospitals to monitor neuromotor and cognitive abilities in premature babies and elderly patients will propel the growth of the medical sensors market in this segment.

Global Medical Sensors Market: Regional Insights

Geographically, the global medical sensors market is segregated into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America is anticipated to account for the largest share of the global medical sensors market. The significant factors contributing towards the larger market size of the region include higher expenditure on healthcare as a percentage of total GDP in countries such as Canada and the US and the existence of a large number of medical device manufacturers in this region. This is accredited to the availability of advanced health care infrastructure in the region and the high consumption of medical devices. The medical sensors market has seen enormous growth in terms of technological advancements, increased healthcare expenditure as a percentage of total GDP, and integration of health information technology (IT) into primary care.

Competitive Landscape

The companies that hold the major share of global medical sensors market are Texas Instruments, TE Connectivity, First Sensor, Medtronics, Tekscan Inc., Stmicroelectronics, NXP Semiconductors, Sensirion AG, Amphenol Advanced Sensors, Proteus Digital Health, Envitec, Cirtec Medical Corp., Innovative Sensor Technology, Keller America, Merit Sensor Systems, Omnivision Technologies, Inc., TDK Sensors, Infineon, Masimo, Stanley Healthcare, and other prominent players.

Recent Development

In January 2020, the scientists at Northeastern University and Penn State informed that a new wearable and highly sensitive gas sensor for monitoring human health and the environment might soon be available on the market.

In January 2020, The leading innovator in 3D motion tracking technology, Xsens, has announced the launch of Xsens DOT which is a new precision motion tracking solution. It is a wearable sensor development platform that allows to develop and prototype new application rapidly.

By Sensors Type

·        Pressure Sensors

·        Temperature Sensors

·        Blood Glucose Sensors

·        Blood Oxygen Sensors

·        Electrocardiogram (ECG) Sensors

·        Image Sensors

·        Others

By Product Type

·        Non-invasive

·        Invasive

By End-User

·        Hospitals & Clinics

·        Nursing Homes

·        Others

By Application

·        Diagnostic Imaging

·        Patient Monitoring

·        Medical Implants & Endoscopy

·        Others

By Region: 

·        North America

·        Europe

·        Asia Pacific

·        Latin America

·        Middle East & Africa

The objective of the Study:

To analyze and forecast the Global Market size of the market in terms of value.

To examine the careful market segmentation and forecast the market size, in terms of value, based on the region by segmenting.

The Global Market segmented into five regions, namely, North America, Europe, Asia Pacific, Middle East & Africa, Latin America.

To outline, categorized, and forecast the Global Market based on the Sensor Type, Product type, End-User, and Application.

To examine competitive developments like technological advancement, services, and regulative framework within the Global Market.

To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.