The Medical Sensors Market is estimated to be valued at US$ 22620.05 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical sensors are devices that are used to measure biological, physical or chemical parameters and convert them into an electrical signal. Key applications of medical sensors include patient monitoring, diagnostic imaging, therapy, rehabilitation and prosthetics. Common types of medical sensors used in healthcare include temperature sensors, pressure sensors, motion sensors, glucose sensors, ECG sensors and image sensors. They help in continuous, non-invasive monitoring of vital health parameters.
Market Dynamics:
Technological advancements in miniaturization and integration of sensors in medical devices is a key growth driver. Miniaturized sensors are enabling development of wearable health monitoring devices. Growing aging population and increasing incidence of chronic diseases is another factor driving demand. Furthermore, increasing healthcare expenditure per capita and favorable regulations supporting innovation is also fueling market growth. However, high cost of some advanced medical sensors and lack of standardization are minor challenges.
Segment Analysis
Medical sensors market is dominated by the implantable sensor segment which accounts for over 35% of the overall market share. Implantable sensors are designed to be inserted inside the human body for continuous monitoring of various vital parameters such as blood pressure, glucose level, ECG etc. Their ability to provide real-time data monitoring without any discomfort makes them more accurate and preferable for long term monitoring of patients with chronic illnesses such as diabetes and heart diseases.
PEST Analysis
Political: Regulations regarding data privacy and security associated with medical sensors are increasing globally which manufacturers have to comply with. This impacts R&D spending.
Economic: Growth in disposable income and rising healthcare expenditure is driving demand for advanced medical sensors for improved patient care and monitoring.
Social: Rising incidence of lifestyle diseases and growing elderly population prone to chronic conditions is increasing the need for remote and self-monitoring via medical sensors for better management of health.
Technological: Advancements in miniaturization, wireless connectivity and battery life is making medical sensors more portable and suitable for long term wearable and implanted applications.
Key Takeaways
The Global Medical Sensors Market Size is expected to witness high growth at a CAGR of 10% over the forecast period, owing to rising geriatric population and chronic diseases. North America dominated the market and accounted for over 40% share in 2023 due to presence of leading manufacturers and accessibility of advanced healthcare facilities in the region. Asia Pacific is expected to exhibit fastest growth due to increasing healthcare spending, rising medical tourism and massive patient pool.
Key players operating in the medical sensors market are Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, FreeScale Semiconductors, Omnivision Technologies, Inc., Smiths Medical, Analog Devices, Inc., Honeywell International, Inc., Broadcom Limited, Danaher Corp., LORD Corporation, OSI Systems, Inc., Avago Technologies Limited, Measurement Specialties, Micro-Epsilon Messtechnik, Amphenol Advanced Sensors, and Sensirion AG. Medtronic and Koninklijke Philips dominate the implantable medical sensor segment owing to their robust product portfolio and global distribution channels.
Regional analysis
North America dominated the global medical sensors market in 2023 owing to growing healthcare expenditure, presence of major manufacturers and technological advancements. However, Asia Pacific is expected to exhibit fastest growth during the forecast period with China and India emerging as lucrative markets. This can be attributed to rising medical tourism, massive patient pool and increased government focus on strengthening healthcare infrastructure.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.