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Medical Sensors Market

Medical Sensors Market

Medical Sensors Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

140

Base Year:

2021

Date

Feb - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1274

Segments Covered
  • By Sensor Type Temperature Sensors, Pressure Sensors, Blood Glucose Sensors, Blood Oxygen Sensors, Electrocardiogram (ECG) Sensors, Image Sensors, Motion Sensors, Heart Rate Sensors, Flow Sensors, Ingestible Sensors, Touch Sensors, Piezo Film Sensors, Position Sensors
  • By Medical Procedure Noninvasive Medical Procedures, Minimally Invasive Medical Procedures, Invasive Medical Procedures
  • By End-Use Product Diagnostic Imaging Devices, Patient Monitoring Devices, Medical Implantable Devices, Others
  • By Medical Device Classification Class I, Class II, Class III
  • By Medical Facility Hospitals and Clinics, Nursing Homes Assisted Living Facilities Long-term Care Centers and Home Care Settings, Others
  • By Region North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 1.79 Billion
Revenue 2028Revenue 2028: USD 3.58 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 10.4 %
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Medical Sensors Market Share

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.

Medical Sensors Market Size, 2021 To 2028 (USD Billion)

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:

Below tree is interactive. You can click the nodes to get more information.

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:

Parameter Details
Segments Covered
  • Sensor Type (Temperature Sensors, Pressure Sensors, Blood Glucose Sensors, Blood Oxygen Sensors, Electrocardiogram (ECG) Sensors, Image Sensors, Motion Sensors, Heart Rate Sensors, Flow Sensors, Ingestible Sensors, Touch Sensors, Piezo Film Sensors, Position Sensors)
  • Medical Procedure (Noninvasive Medical Procedures, Minimally Invasive Medical Procedures, Invasive Medical Procedures)
  • End-Use Product (Diagnostic Imaging Devices, Patient Monitoring Devices, Medical Implantable Devices, Others)
  • Medical Device Classification (Class I, Class II, Class III)
  • Medical Facility (Hospitals and Clinics, Nursing Homes Assisted Living Facilities Long-term Care Centers and Home Care Settings, Others)
  • Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Medtronic (Ireland)
  • TE Connectivity (Switzerland)
  • Analog Devices (US)
  • ST Microelectronics (Switzerland)
  • and Texas Instruments (US).
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

The Medical Sensors Market Scope can be Tabulated as below:

Medical Sensors Market to Reach Valuation of USD USD 3.58 Billion Billion by 2028 - Increasing Adoption of Sensors in Portable and Connected Medical Devices to Bloom the Market
In terms of revenue, the Global Medical Sensors Market is expected to reach USD USD 3.58 Billion billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 10.4 % from 2022 to 2028. The Global Medical Sensors Market growth is attributed to the factors such as, increasing adoption of sensors...
FAQ
Frequently Asked Question
  • The global Medical Sensors valued at USD 1.79 Billion in 2020 and is expected to reach USD 3.58 Billion in 2028 growing at a CAGR of 10.4 %.

  • The prominent players in the market are Medtronic (Ireland), TE Connectivity (Switzerland), Analog Devices (US), ST Microelectronics (Switzerland), and Texas Instruments (US)..

  • The market is project to grow at a CAGR of 10.4 % between 2021 and 2028.

  • The driving factors of the Medical Sensors include

    • Growing Adoption of Advanced Healthcare Technologies

  • Asia Pacific was the leading regional segment of the Medical Sensors in 2020.