Medical Sensors Market Size to Hit USD 32.15 Bn by 2028 Owing to Rising Health Awareness and Prevalence of Chronic Diseases across the Globe
North America is expected to account for the largest share of the medical sensors market. This can be attributed to the availability of advanced health care infrastructure in the region and high consumption of medical devices. The medical sensors market in Asia Pacific is projected to expand at a rapid pace during the forecast period.
Wilmington, Delaware, United States, April 26, 2023 (GLOBE NEWSWIRE) — According to the recent study by Transparency Market Research, the global medical sensors market stood at USD 15.23 Bn in 2020 and is projected to reach USD 32.15 Bn by 2028 with CAGR of 9.9% from 2021 to 2028.
Recent market trends indicate a shift toward home care services, which is resulting in rapid adoption of medical sensors technology. Wide acceptance of mobile health devices in disease diagnosis and treatment is anticipated create a favorable scenario for the medical sensor manufacturers.
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Consistent technological advances coupled with increase in application areas is expected to enhance the uptake and implementation of medical sensors across various medical device platforms in the near future. For instance, demand has increased for sensor-enabled pills to track if a patient has ingested the medicine and ensure patient compliance with the treatment regimen. Furthermore, availability of other innovations such as sweat microfluidic biosensors and colorimetric sweat sensors are likely to enhance the implementation and uptake of medical sensor technologies across the world.
Global Medical Sensors Market – Key Findings of Study
- Rapid Adoption of Medical Sensors in Disease Diagnosis: Surge in application of medical sensors in enhancing accuracy in disease diagnosis is likely to propel market growth. Biosensors are significantly utilized in real-time diagnosis of medical conditions. Based on product, the biosensor segment is projected to grow at a rapid pace from 2021 to 2028. Increase in the geriatric patient population globally is likely to accelerate the adoption of biosensors in the medical sensors market.
- Rise in Demand for Medical Sensors in Health & Fitness Applications: Based on application, the health & fitness segment is expected to grow at a rapid pace in the next few years. Increase in utilization of a range of wearable devices to monitor/manage personal health is likely to augment the segment. Surge in demand for wearable sensors such as wearable fitness trackers, smart health watches, electrocardiogram (ECG) monitors, and blood pressure (BP) monitors is likely to augment market value in the next few years.
- Continuous Technological Advancements in Sensors Used in Wearable to Bolster Market: Advancements in digital pills with ingestible sensors is likely to open new revenue streams for medtech companies in the medical sensors market. Rise in development of digital health tools is likely to spur adoption of medical sensors in the healthcare industry.
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Medical Sensors Market – Competition Landscape
Companies are focusing on new product development strategy in order to consolidate their market positions. Prominent companies are strengthening their supply and distribution channels to increase market share.
Key players operating in the medical sensors market are Cardiomo, TE Connectivity, Dexcom Inc., First Sensor AG, Sensirion AG, Danaher Corporation, Smiths Group plc, Honeywell International, Inc., and Medtronic.
- Rise in awareness about benefits of mHealth products and government initiatives to encourage adoption of mHealth services are expected to drive demand for medical sensors. Rapid advancements in wearable technology are expected to broaden the medical sensors market outlook. Innovations in mHealth sensors are likely to bolster usage of medical sensors in therapeutics.
- Rapid rise in global prevalence of chronic diseases, especially cancer, cardiovascular disease (CVD), and diabetes, is a key driver of the medical sensors industry. Rapidly increasing number of Internet of Things (IoT) uses in the medical industry is likely to accelerate market development.
- Rapid expansion of home-health monitoring is likely to create lucrative opportunities for companies in the medical sensors market. Home health monitoring systems are widely used in general health and wellness applications by consumers. Surge in usage of smart connected medical devices in home health care is likely to fuel market growth in the near future.
Regional Growth Dynamics
North America is projected to account for 42.70% share of the global market by 2028. The market in the region is anticipated to reach US$ 13.73 Bn by 2028. The U.S. accounted for the leading share of the market in North America in 2020. Extensive R&D activities in mHealth sensors and steadily growing healthcare spending in the country are anticipated to propel the market in the region in the next few years. Rapid pace of penetration of medical IoT products is likely to bolster market size in North America.
Asia Pacific is anticipated to offer lucrative opportunities to companies during the forecast period. Surge in incidence of chronic diseases in the region is likely to drive adoption of medical sensors in disease monitoring. Considerable improvements in healthcare infrastructure in developing regions such as Middle East & Africa and Europe are likely to augment the market size in these regions. Rise in demand for medical IoT products is anticipated to propel the market in these regions.
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Medical Sensors Market Segmentation
- Temperature Sensors
- Motion Sensors
- Image Sensors
- Flow Sensors
- Pressure Sensors
- Imaging Diagnostics
- Analytical Equipment Diagnostics
- Invasive Monitoring
- Non-invasive Monitoring
- Surgery/Minimally Invasive Surgery
- Drug Delivery/Infusion
- Wellness & Fitness
- Wearable Sensors
- Wireless Sensors
- Implantable Sensors
- Home Care Settings
- North America
- Europe & Middle East
- Asia Pacific
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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