USD 8.07 billion
Medical Sensors Market Size, Share, Growth Analysis, By End-Use Products (Diagnostic Imaging Devices, Patient Monitoring Devices), By Medical Device Classification (Class I, Class II), By Medical Facility (Hospitals & Clinics, Nursing Homes), By Medical Procedure (Noninvasive Medical Procedures, Minimally Invasive Medical Procedures), By Sensor Type (Temperature Sensors, Pressure Sensors), By Region - Industry Forecast 2024-2031
Report ID:
SQSG35A2035 |
Region:
Global |
Published Date: September, 2024
Pages:
165
|Tables:
73
|Figures:
75
Medical Sensors Market Insights
Global Medical Sensors Market size was valued at USD 2.05 billion in 2022 and is poised to grow from USD 2.22 billion in 2023 to USD 4.14 billion by 2031, growing at a CAGR of 8.1% in the forecast period (2024-2031).
Medical sensors are devices that respond to certain physical stimuli sound, heat, light, pressure, and specific movement, and send the resulting signal for a medical assessment. These devices convert physical stimulus into electrical signals. Medical sensors have a wide range of applications in monitoring, diagnosing, and treating diseases. Growth in these areas has led to the increased adoption of low power electronics, power harvesting, MEMS technology, and smart materials in the healthcare sector.
Quick technical progress in end-use industries makes it possible to create innovative sensor designs and applications. This will subsequently promote creativity in the different types of sensors such as glucose sensing sensors, as a result of the more strategic R&D on microfluidics, wireless sensing among other technologies. With the advancing age in population, there will be more demand for sensors and gadgets that assist in performing everyday activities, keeping track of an individual’s health and cutting down on costs for healthcare. The dimension of the need for medical sensors will continue to grow with wire worn devices due to the improving reception of these devices and new functionalities such as persistent vital signs monitoring, instant alerts and triggering of alarm signals to avert life-threatening events such as heart failures and strokes.
US Medical Sensors Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
strip sensors
Fastest Growth
strip sensors
Growth Rate
7.2% CAGR
Global Medical Sensors Market ($ Bn)
Country Share by North America (%)
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Medical Sensors Market Segmental Analysis
Global Medical Sensors Market is segmented on the basis of end-use products, medical device classification, medical facility, medical procedure, sensor type, and region. By end-use products, the market is segmented into Diagnostic Imaging Devices, Patient Monitoring Devices, Medical Implantable Devices, and Other End-Use Products. By Medical Device Classification, the market is segmented into Class I, Class II, and Class III. By Medical Facility, the market is segmented into Hospitals & Clinics, Nursing Homes, Assisted Living Facilities, Long-Term Care Centers, and Home Care Settings, and other medical facilities. By Medical Procedure, the market is segmented into Noninvasive Medical Procedures, Minimally Invasive Medical Procedures, and Invasive Medical Procedures. By Sensor Type, the market is segmented into 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, and Position Sensors. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Medical Sensors Market Analysis by Technology
As per categorization by technology, the market is classified as Wearable Sensors, Implantable Sensors, Wireless and Others. Among these, wearable sensors earned the largest share and continue to dominate the market. Wearable sensors dominate the global medical sensors market due to their role in real-time health monitoring, disease management, and preventive care. This allows for the real-time monitoring of critical parameters, such as vital statistics, glucose levels as well as the level of activities. Hence, such innovations facilitate the development of custom healthcare solutions and stimulate the growth of the expanding digital health industry.
Implantable gauges are anticipated to be the most rapidly expanding category in the global medical sensors market since they can offer uninterrupted high level monitoring of conditions within a body, such as glucose or drug levels and heartbeat patterns, among others. Such sensors present low-risk, long-lasting methods for managing chronic illnesses, thus improving the quality of care for patients. Furthermore, the increasing demand by personalized medicine and improving biocompatible materials are contributing factors making implantable devices a primary engine in the growth of the medical sector in future.
Medical Sensors Market Analysis by Type
The primary share in the global medical sensors market is held by temperature sensors mainly due to their importance in the human body temperature monitoring for the early diagnosis of infections, inflammation and other medical conditions. Emerging technologies such as wearable and implantable temperature sensors help in continuous and non-invasive monitoring thus aiding in improving patient care on a real-time basis, especially in managing chronic diseases and remotes monitoring methods.
It is projected that pressure sensor will be the fastest-growing segment in the global medical sensors market as they play vital part in monitoring vital signs such blood pressure and respiratory and intracranial pressure. Pressure sensors are on the rise as they are used in complex medical devices such as ventilators, catheters and health watches. The expansion of the target global pressure sensor market is due to the growing need for non-invasive, real-time monitoring solutions and increasing cases of cardiovascular and respiratory diseases.
Global Medical Sensors Market By Type (%)
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Medical Sensors Market Regional Insights
The global medical sensors market is chiefly being driven by the presence of advanced healthcare services and facilities, substantial investment in research and development, and the quick adoption of new medical technologies in North America. The region suffers from a high disease burden of chronic diseases such as diabetes, and cardiovascular diseases resulting in high demand for sensor-based monitoring systems. Moreover, the enhancement of technology in the region can be attributed to the supportive government policies on the digital health sector as well as the existing laws governing medical devices. Other factors include the presence of consumers who are active in the market as well as the partnerships created between healthcare and technology making medical sensors use in North America at the forefront in the growing market.
The Asia-Pacific region is the fastest-growing in the global medical sensors market due to rapid urbanization, expanding healthcare infrastructure, and increasing government investments in digital health technologies. An upward trend in the number of elderly individuals coupled with an increase in chronic diseases such as diabetes and heart-related illnesses is resulting in an increase in the need for sensor-based monitoring and diagnostic solutions systems. Moreover, the Medical device manufacturing surges in the region, the costs of production being lower, as well as the increased use of wearable and remote healthcare technology, further encourage the growth of the market. Countries such as China, India, and Japan are at the forefront of implementing advanced healthcare systems in these regions; thus, Asia-Pacific region is poised to be a major growth factor for medical sensors market Asia.
Global Medical Sensors Market By Geography
- Largest
- Fastest
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Medical Sensors Market Dynamics
Medical Sensors Market Driver
Technological Advancements in Sensor Technology
- Innovations in sensor technology such as the shrinking of sensor sizes, greater precision, and connectivity are contributing to the expansion of the global medical sensors market. Sophisticated sensors supported with the Internet of Things and Artificial Intelligence make it possible to monitor the health of patients and their treatments remotely, thus increasing the request for wearable, implantable and diagnostic medical sensors.
Rising Prevalence of Chronic Diseases
- The prevalence of chronic illnesses like diabetes, crest vascular diseases, and respiratory diseases is gradually surging which is one of the factors that contribute to the growth of the global medical sensor market. These conditions amass the need to monitor health ceaselessly, hence the increasing requirements for devices that are based on sensors which can measure and monitor bodily signs and other health parameters in real time.
Restraints
Limited Reimbursement Policies
- The absence of well-rounded coverage policies for medical devices especially medical sensors in emerging countries hinders the growth of the market. The majority of health care systems do not reimburse the cost of advanced sensor-based devices in full, leading to limited adoption of the devices among patients and healthcare practitioners.
Regulatory and Approval Challenges
- Approval processes for medical sensors are numerous and complex which hampers the growth of the market. It is the safety and efficacy standards of agencies like the FDA and EMA that can hamper the selling of the product on the market due to high launch costs and prolonged development time that are required to meet the expectations of the agencies. This works to thwart the maturing process of new sensor technology designed to create sensors for new applications.
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Medical Sensors Market Competitive Landscape
The global medical sensors market is characterized by fierce competition among various market players, as the latter engage in innovations, product developments, and forming alliances. Foremost in these include Medtronic, GE Healthcare, Abbott Laboratories, Texas Instruments, and Honeywell. These companies operate in the market by providing sensor-based diagnostics, patient monitoring, and therapeutic solutions. This competition leads to the improvement of sensor technologies on a regular basis, however, this does not hinder new entrants as small and medium-sized companies and start-ups are on the rise.
Top Players in the Global Medical Sensors Market
- TE Connectivity (Switzerland)
- Medtronic (US)
- Analog Devices, Inc. (US)
- Texas Instruments Incorporated (US)
- STMicroelectronics (Switzerland)
- Tekscan, Inc. (US)
- NXP Semiconductors (Netherlands)
- Sensirion AG (Switzerland)
- ON Semiconductor Corporation (US)
- Amphenol Corporation (US)
- Koninklijke Philips N.V. (Netherlands)
- AMS-OSRAM AG (Austria)
- Abbott (US)
- Honeywell International Inc. (US)
- Cirtec (US)
- Innovative Sensor Technology IST AG (Switzerland)
- Keller Druckmesstechnik AG (Switzerland)
- Omnivision (US)
- Merit Medical Systems, Inc. (US)
- Infineon Technologies AG (Germany)
- Masimo (US)
- VivaLNK, Inc. (US)
- Microchip Technology Inc. (US)
- Siemens Healthineers AG (Germany)
- Renesas Electronics Corporation (Japan)
Medical Sensors Market Recent Development
- In September 2023, Medtronic unveiled an advanced version of its continuous glucose monitoring system, focusing on diabetes management. The novel sensor continuously gives readings and alarms for blood glucose levels, helping the patients and the healthcare professionals to administer the right amount of insulin. This innovation leads to greater patient involvement in their care and positively impacts health outcomes.
- In August 2023, GE Healthcare launched its advanced wearable cardiac monitor which incorporates sophisticated sensors aimed at monitoring patients remotely. The equipment measures heart rhythms and signs continuously for 24 hours in the patient offering caregivers information on the patients’ heart health in real time in order to ensure timely measures and minimize readmission of patients who are at risk.
- In October 2023, Siemens Healthineers revealed an innovative method for monitoring blood glucose levels without any pain or penetration. By leveraging modern sensor technology, the advancement is set to allow patients suffering from diabetes to carry out blood sugar tests without the usual painful pricking of the skin. This helps improve user compliance and offers more convenient solutions for the management of blood sugar levels for both the patients and the health care providers.
Medical Sensors Key Market Trends
- Rise of Wearable Health Technology: The incorporation of wearables that facilitate constant monitoring of vitals and health parameters is propelling the global medical sensors market. This has further encouraged patients and a shift to early intervention care, which is improving health outcomes, creating a need for new sensor-based solutions in different healthcare settings.
- Integration of IoT in Medical Devices: The adoption of Internet of Things (IoT) technologies into medical sensors is changing how people manage patient care. As IoT-compliant devices are used, geolocation tracking can be done in real time, thus enhancing the possibilities of remote monitoring. Such trends improve the quality of clinical outcomes, efficiently manage the healthcare processes, and encourages targeted therapy which are key factors contributing to the overall expansion of global medical sensors market.
Medical Sensors Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in conclusion, the global medical sensors market is poised for substantial growth driven by rapid technological advancements and the increasing prevalence of chronic diseases. Recent advancements in sensor technology, both wearable and implantable, have changed the way patients are monitored and cared for. Even though there are difficulties like regulatory frameworks and restricted reimbursement policies, the major players are innovating and working together to improve the delivery of healthcare.
With the increase in demand for real-time monitoring solutions, the market will witness substantial growth and will create positive development and investment opportunities thus enhancing patient care and healthcare programs in various environments.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.05 billion |
| Market size value in 2031 | USD 4.14 billion |
| Growth Rate | 8.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Medical Sensors Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Medical Sensors Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Medical Sensors Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Sensors Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Sensors Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Sensors Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Medical Sensors Market Report Snapshots
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