Status : Published | Published On : May, 2023 | Report Code : VRSME9040 | Industry : Semiconductor & Electronics | Available Format : | Page : 130 |
Currently in 2023, the Medical Sensors Market is USD 12.4 billion and based on market projections, the market is poised for substantial growth and is projected to attain a value of USD 28.9 billion by 2030. This growth will be driven by a consistent compound annual growth rate (CAGR) of 10.02% spanning from 2025 to 2030. Medical sensors hold immense significance in the realm of monitoring, diagnosing, and treating a wide range of medical ailments.
The adoption of the latest technology and use of wearable sensors for daily use has helped healthcare professionals in monitoring patients who are diagnosed with cancer, respiratory disorders, obesity, diabetes, and cardiovascular diseases, thereby providing a significant boost to the medical device’s sensors and medical diagnostic sensors. The increase in healthcare cost, the latest trend for home healthcare, increase in demand for medical sensors by therapeutics and diagnostics sectors are the major factors that drive the demand for medical sensors.
The COVID-19 pandemic has increased the demand for medical sensors. In this outburst, there is a need for robust disease detection, monitoring of individuals and population health which could be aided by wearable sensors. Many metrics derived from heart rhythm like heart rate, heart rate variability, resting heart rate, and respiratory rate are potential markers for coronavirus infection and are measured by wearable devices such as Apple Watch, WHOOP Strap, Fitbit, etc.
Market Segmentation
Insight by Application
Based on application, the global medical sensors market is categorized into diagnostics, monitoring, drug delivery, imaging, therapeutics, and wellness and fitness. The monitoring segment is projected to have the largest market share during the forecast period 2023-2030. There is an increase in the development of different types of monitoring devices such as remote monitoring systems, mobile personal digital assistant (PDA) systems, ambulatory wireless EEG recorders, and ambulatory event monitors are driving the growth of the medical sensors market. The increase in demand for patient monitoring devices in non-hospital settings is also providing lucrative growth opportunities for players in the medical sensors market. The therapeutic segment is projected to have grown due to the demand for blood glucose sensors, which are used for diabetes.
Insight by Sensor Type
Based on sensor type, the market is segmented into pressure sensors, temperature sensors, blood oxygen sensors, blood glucose sensors, touch sensors, image sensors, ingestible sensors, motion sensors, ECG sensors, and heart rate sensors. The pressure sensors have the largest market share in 2020 and are expected to grow during the forecast period 2023-2030 owing to the increase in the adoption of patient monitoring devices and the rising usage of IoT-based medical devices across the globe. The use of pressure sensors in devices such as spinal cord stimulators, peacemakers, gastric electric stimulators, and endoscopes will propel the demand in the medical sensors market.
Insight by Placement
By placement, the market is divided into strip sensors, wearable sensors, implantable sensors, ingestible sensors, and invasive/non-invasive sensors. Non- invasive sensors have the largest market share and include imaging devices, x-ray scanners, CT scanners, ultrasound scanners, nuclear imaging systems, and spect scanners. Implantable sensors are an emerging segment due to advancements in sensor technology and a rise in demand continuous monitoring systems such as continuous glucose monitoring (CGM) are anticipated to propel the growth during the forecast period. The increase in demand for portable monitoring devices, increase in penetration of IoT-based medical devices, and advancement in technology are the factors propelling the growth of the medical sensors market.
Insight by End-Use
Based on end-use, the market is categorized into hospitals, clinics, ambulatory surgical centers, community healthcare, and homecare setting. The hospital segment is accounted to have the largest share due to greater financing capabilities, high patient volumes, and the availability of adequate staff. The home care setting is anticipated to have high growth during the forecast period as the cost of diagnosis in hospitals and other medical units is high. So, there is a preference for home healthcare equipment such as diagnostic kits, which are user-friendly and deliver fast results.
Report Metric |
Details |
Historical Period |
2018 - 2023 |
Base Year Considered |
2024 |
Forecast Period |
2025 - 2030 |
Market Size in 2023 |
U.S.D. 12.4 Billion |
Revenue Forecast in 2030 |
U.S.D. 28.9 Billion |
Growth Rate |
10.02% |
Segments Covered in the Report |
By Application, By Sensor Type, By Placement and By End-User |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Industry Trends
The healthcare industry has to deal with providing quality healthcare to patients, complying with stringent regulations, and privacy concerns are the factors leading to research and development globally. The intelligent distributed healthcare system, accurate detection, and early warning of the medical conditions of the patients have played a significant role in the development of the medical sensor market globally.
Growth Drivers
The medical sensors market is poised for substantial growth propelled by the miniaturization of sensors, facilitating effortless integration. Key drivers behind this growth include the increasing prevalence of chronic diseases, the availability of advanced monitoring devices, the advent of wearable technology such as fitness trackers, smartwatches, and wearable sensors, and the escalating healthcare expenditure. Together, these factors fuel the global expansion of the medical sensors market, presenting lucrative opportunities.
Challenges
The stringent regulations by the government and poor reimbursement facilities have hampered the growth of the market. There is also a lack of awareness among the people about various types of portable sensors that can be used at homes is the challenge faced by the global medical sensors market.
Opportunities
The rising demand for patient monitoring devices in non-hospital settings, technology development in the medical device industry, increase in old-age population, rise in government expenditure on the healthcare sector across the globe, and rise in demand for portable and connected medical devices are creating attractive growth opportunities for players in the medical sensors market.
Geographic Overview
North America is having the largest market share owing to the increased healthcare infrastructure in the region. The Asia-pacific region is anticipated to have a remunerative growth over the forecast period 2021-2027 due to the large population and people suffering from chronic diseases like diabetes, respiratory problems, and hypertension. Europe is also set to have grown because of the increase in personal health care and the usage of medical sensors to track self-health.
Competitive Insight
The medical sensors market is a competitive market where key players are offering product launches, mergers and acquisitions, joint ventures, and geographical expansions. Players in the medical sensors market are putting their efforts into improving their offerings in terms of safety, convenience, and sterility.
Medtronic plc, a global leader in healthcare technology, today announced CE (Conformité Européenne) Mark approval for the MiniMed™ 780G system with Simplera Sync™, a disposable, all-in-one continuous glucose monitor (CGM). Simplera Sync™ features an improved user experience with a simple, two-step insertion process and is half the size of previous Medtronic sensors.
OMNIVISION has announced the OVMed OH0131 image signal processor (ISP), which is an easy-to-implement solution for reusable and disposable endoscopes connected to handheld tablet consoles or camera control units (CCUs). It supports all OMNIVISION medical image sensors up to 2-megapixel (MP) resolution, including the popular OCHTA, OVM6946, OCHFA, OCHSA and OCH2B imagers. The OVMed OH0131 streamlines engineering for medical OEMs, while the ability to purchase a medical-grade image sensor with wafer-level optics, cable and ISP from one vendor also simplifies the supply chain.
TE Connectivity announced the acquisition of Alpha Technics (US). This acquisition establishes TE connectivity as a leader in the medical sensors market.
First Sensor signed an agreement with a leading medical technology provider. This agreement is expected to boost the sales volume of around USD 11 million to First Sensors.
Medtronics announced the acquisition of Titan Spine (Germany), a privately held titanium spine interbody implant and surface technology company. Medtronic's acquisition of Titan Spine strengthens its position as a leading innovator in procedural solutions for spine surgery.
Some of the major players in the global medical sensor market include Texas Instruments Incorporated, TE Connectivity, First Sensor AG, Medtronic, NXP Semiconductors, Sensirion AG Switzerland, OmniVision Technologies, Inc., STM icroelectronics, Honeywell International Inc., and Koninklijke Philips N.V.
The Medical Sensors Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Region Covered in the Report
Source: Vynz Research
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