The medical sensors market size is estimated to be worth USD 1.2 billion in 2020 and is projected to reach USD 1.7 billion by 2027, at a CAGR of 6.8 % from 2020 to 2027. The market is primarily driven by the increasing demand for medical sensors in the therapeutic and the diagnostic sectors. The medical sensors monitor vital physiological parameters and provide alerts to the healthcare professionals when critical deviations are recorded in the vital signs. This ultimately improves the quality of care provided to patients by avoiding unnecessary complications. Hence, the demand for various medical sensors is rising owing to its huge number of applications in measuring and detecting a wide range of parameters and analytes, respectively.
The healthcare IoT (Internet of Things) sector is booming with wearable devices playing an important role in this industry. These medical sensors enable monitoring of vital signs, such as patient temperature and blood pressure that are directly recorded in the electronic format. Additionally, the escalating burden of chronic disorders as well as, the worldwide, surging geriatric population count has consequently propelled the demand for these equipments. Chronically ill patients and the large elderly population subset form the target population for the sensor-based devices as it is imperative for them to undergo routine checkups; thus, facilitating remote and point-of-care patient monitoring.
Additionally, the demand for home healthcare devices, such as pregnancy kits and glucose monitoring kits, are increasing due to their cost effectiveness and the easy operability of these products.
The healthcare industry is faced with the constant challenge of providing quality healthcare to patients, while complying with the stringent regulations and privacy concerns, which have been the major factors increasing research and development to augment the conventional diagnosis and treatment methods in place, globally. Advances in low power electronics, MEMS technology, power harvesting, and smart materials have increased the applications of these technologies in the healthcare and medical industries.
From simple medical devices to intelligent distributed healthcare systems, accurate detection, and early warning of the healthcare conditions of patients, sensors have played a major role in this industry. Furthermore, the development of unobtrusive sensing solutions has paved the path for more enhanced patient health. Miniaturization of sensors leading to ease in integration acts as a driver to the medical sensor market. This can help in diagnosing diseases which requires very detailed sensing techniques. Using machines or different kinds of sensors in medical practices needs the trust of the patient. While in the developing countries getting sensors into the practices, patients need knowledge of the sensors before it can come to practice. Therefore, market penetration is very low in the developing regions.
With the patient care moving from hospitals to homes, the sensors employed in wearable products is expected to slowly witness a shift toward a more integrated medical approach. For instance, in the recent past, major players, like Google, Apple, and Amazon, have highlighted challenging projects, i.e., measuring blood glucose via smartwatches or smart lenses. Such products are anticipated to create ample opportunities for medical sensors market, over the forecast period.
Some of the key players in the global medical sensors market are GE Healthcare, Koninklijke Philips N.V., Honeywell International Inc., STMicroelectronics, Measurement Specialties, Inc., Analog Devices, Inc., Medtronic PLC, First Sensor AG, Smiths Medical, Texas Instruments, NXP Semiconductors, and Others.
In 2018, Europe accounted for the second position in the global medical sensors market. The increasing awareness about a healthy lifestyle, tracking self-health through various medical sensor devices, and at a medical level providing data to clinicians and doctors for earlier diagnostics and guidance of treatment of various diseases is expected to drive the growth of the market. Germany is expected to hold the largest share in the European market for medical sensors.
Asia-Pacific is expected to exhibit the fastest growth in medical sensors throughout the forecast period due to the rising aging population being vulnerable to chronic disease, presence of a large number of patients suffering from health-related issues, and favorable government policies for the growth of healthcare sector in the region. The sedentary lifestyle in an increasing number of countries in Asia-Pacific fuels the market growth in this region. Moreover, China, India, and Japan are expected to contribute significantly to the market growth.
Report : Medical Sensors Market - By Application (Patient Monitoring, Patient Monitoring, Diagnostic Imaging, Medical Implants and Endoscopy) By Sensor Type (Pressure Sensors, Temperature Sensors, Blood Oxygen Sensors, Blood Glucose Sensors, Others) By Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America) - Industry Analysis, Opportunity and Forecast 2020 To 2027