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 in portable and connected medical devices, increasing usage of biomedical sensors, as well as surge in advanced wearable devices and home healthcare services. Moreover, the AI-based medical sensors for clinical sensors and the increasing global population is anticipated to propel the Medical Sensors market growth over the forecast period.
- Under the end-use product segment, the patient monitoring devices sub-segment is anticipated to dominate the segment for Medical Sensors Market and growing at a substantial Compound Annual Growth Rate (CAGR). The growth is attributed to the increasing demand for medical sensors as a consequence of the increase in the population suffering from diseases and disorders across the globe.
- Flow sensors sub-segment held a market significant share in 2021 of type segment for Medical Sensors Market. Due to COVID-19 the demand for ventilators, oxygen concentrators, and respiratory devices has been increased, consequently increasing the demand for flow sensors.
- Asia Pacific is the largest regional segment. The market growth in the region is attributed to, the presence of major players in the region. Also, the increasing investments in R&D are further propelling the market growth.
Some of key players in Medical Sensors Market includes - Medtronic (Ireland), TE Connectivity (Switzerland), Analog Devices (US), ST Microelectronics (Switzerland), and Texas Instruments (US)..
In the past few decades, the population across the globe is increasing at an unprecedented level. Thus, along with these populations, the disease prevalence is also increasing at a rapid pace. Additionally, the outbreak of the COVID-19 pandemic has led us to serious implications consequently hampered several sectors across the globe. This pandemic has increased the demand for several sensors including ventilators, oxygen concentrators, and respiratory devices as well as, temperature sensors, pressure sensors, blood oxygen sensors, electrocardiogram (ECG) sensors. Other sensors include image sensors, motion, heart rate, flow, and ingestible sensors. Thus, owing to such steep growth in demand for sensors, the manufacturers of medical devices are extensively focusing on increasing the production as well as on the development of portable devices equipped with sensors.
Additionally, to meet the untapped demand of sensors, several governments, as well as key players, are investing their money heavily in R&D. these are some of the factors witnessing to drive the Medical Sensors Market over the forecast period.
Asia Pacific is expected to emerge as potential market for Medical Sensors Market. The market growth is attributed to the presence of major players in the region. Additionally, increasing investment from government and major players, rising government initiatives, availability of advanced health care infrastructure in the region, and high consumption of medical devices is further propelling the market growth in the region over the forecast period.