Medical Sensors Market

Medical Sensors Market: By Type, End Use Product, Medical Procedure, Device Classification, and Region

Market Synopsis:

Global Medical Sensors market is valued at USD 1.79 Billion in 2021 and estimated to reach a value of USD 3.58 Billion by 2028 at a CAGR of 10.4 % during the forecast period, 2022–2028.

The market for Medical Sensors has been growing from the past few years mainly due to the advancements in technology and recent developments in healthcare. In addition, there are various factors that will support the demand for Medical Sensors in coming years such as changing lifestyle, increase effectiveness of healthcare systems, and growing adoption of medical wearables.

Growing Adoption of Advanced Healthcare Technologies to Drive Medical Sensors Market

The market growth is majorly driven by rapid technological advances in end-use industries that enable development in novel designs and applications of sensors which in turn drives innovation across all sensor types including current gold standards like glucose monitoring sensors by continuous R&D activities around technologies like microfluidics, wireless sensing etc. As aging population increases, this will further drive demand for sensors and systems that can monitor health status of user, assist with daily activities and help reduce healthcare costs. With the growing adoption of medical wearables, it will further boost demand for Medical Sensors by giving rise to new applications like continuous monitoring of vital signs, real-time alerts and warning signals which is used to prevent fatal events such as heart attack or stroke.

In addition, advancements in technology have led to development of novel designs for sensors. This has allowed sensor developers to come up with small, fully disposable wearable glucose monitors (real time) using wireless connectivity both as well as wired and non-invasive like Optical, Near Field Communication (NFC), and NFC/RFID combined, among others.

Market Segmentation:

By Type, Patient Monitoring sensors to Dominate the Medical Sensors Market

Pendants and implants are majorly used for patient monitoring. The demand for pendants being high from clinical sector which currently holds around 50% share but will decline with time as more implants are introduced into the market by various manufacturers. On the other hand, the implantable medical sensor segment is expected to be fastest growing during the forecast period, due to increase usage of long term implanted devices for cardiac rhythm management (CRM) and others. Wherein, CRM will hold largest market share in terms of revenue followed by cochlear implants.

By Medical Procedure, Minimally Invasive Sensor to Dominate Medical Sensors Market

Expensive surgical procedures and decreased reliability of the medical devices are two factors that drove up demand for minimally invasive sensors. Since medical professionals like surgeons, endocrinologists etc. use these devices to detect problems, they are naturally interested in one that is less expensive and reliable. People at large also prefer them as they reduce the recovery time significantly.

One aspect of minimally invasive Medical Sensors which makes them unique is their ability to be more sophisticated than the invasive counterparts. Their advancement in technology allowed them to be smaller, lighter and even smarter which is driving up demand. For instance, minimally invasive Medical Sensors like that of Echosens SAS (France), Blue Spark Technologies (Israel) etc. are able to measure vital signs like blood glucose level more accurately than the conventional ones. This increased accuracy eventually reduces human error by making this process simpler.

Asia Pacific to Lead Global Medical Sensors Market

With the increased number of companies manufacturing minimally invasive Medical Sensors in Asia Pacific, it has become a hub for technology firms. They produce products that meet international standards and are affordable to a large consumer base. Government initiatives like 'Make in India' will drive up demand further as more products get manufactured within the country itself. This will result in lower product prices which will eventually encourage people from various income level to purchase them. Even individual consumers from emerging economies like China and India are showing interest in buying these devices since they need constant monitoring once they have been diagnosed with a severe ailment or disease.

Key Players:

Some of the major players in the market are Medtronic (Ireland), TE Connectivity (Switzerland), Analog Devices (US), ST Microelectronics (Switzerland), and Texas Instruments (US).

The Medical Sensors Market is Segmented as follows:

The Medical Sensors Market Scope can be Tabulated as below: