The medical sensors market is estimated to be worth USD 1.8 billion in 2021 and is projected to reach USD 3.0 billion by 2026, at a CAGR of 10.3%. Increasing adoption of sensors in portable and connected medical devices, growing elderly population and increasing life expectancy, rising demand for wearable medical devices, surging adoption of IoT-based medical devices, burgeoning expenditure on healthcare and accelerating demand for ventilators due to COVID–19 are some of the key factors driving the growth of the medical sensors market globally.
The market for flow sensors could grow at the highest CAGR during the forecast period
The medical sensors market is expected to witness strong growth in the next 5 years mainly due to the rising incidents of chronic diseases; increasing adoption of medical imaging, monitoring, and implantable devices; rising expenditure on healthcare across the world; and a growing elderly population. Due to the COVID–19 pandemic, there has been a rise in demand for ventilators, oxygen concentrators, and respiratory devices, as these devices are used to assist COVID-19 patients suffering from breathing problems and reduced blood oxygen levels. This sudden increase in the demand has led to a rise in the demand for flow sensors which are used in these devices. The miniaturization of sensors and the adoption of MEMS technology have opened new application areas for pressure sensors, thereby surging the demand for these sensors.
The market for patient monitoring devices is estimated to account for the largest share between 2021 and 2026 in medical sensors market
The integration of patient monitoring devices with smartphones and other wireless devices has led to the increased adoption of remote monitoring systems. The growing awareness about advanced medical devices among people, along with the development of innovative and advanced patient monitoring devices that are capable of real-time monitoring, enables healthcare professionals and users to take preventive measures before the severity of the illness is intensified.
Medical sensors market in the APAC region is expected to witness a robust growth during 2021-2026
The medical sensors market in APAC is projected to grow at the highest CAGR during the forecast period. Factors such as rising elderly population, flourishing medical tourism in countries such as China, India and Indonesia, and increasing government initiatives for modernizing the healthcare infrastructure in developing countries are supporting the growth of the medical sensors market in the APAC. Further, surging demand for quality medical care in APAC is expected to propel the medical sensors market growth in this region.
The breakup of primaries conducted during the study is depicted below:
- By Company Type: Tier 1 – 20 %, Tier 2 – 45%, and Tier 3 –35%
- By Designation: C-level Executives – 35%, Directors – 25%, and Others – 40%
- By Region: Americas– 45%, Europe – 25%, APAC – 20%, and RoW – 10%
The major players in the medical sensors market are TE Connectivity (Switzerland), Medtronic (Ireland), Analog Devices (US), Texas Instruments (US), STMicroelectronics (Switzerland), Tekscan (US), NXP Semiconductors (Netherlands), Sensirion (Switzerland), ON Semiconductor Corporation (US), and Amphenol Corporation (US).\
The report segments the medical sensors market and forecasts its size, by volume and value, based on region (Americas, Europe, Asia Pacific, and RoW), sensor type (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 medical procedure (noninvasive medical procedures, minimally invasive medical procedures and invasive medical procedures), by end-use product (diagnostic and imaging devices, patient monitoring devices, medical implantable devices and others), by medical device classification ( Class I, Class II and Class III ), and by medical facility ( hospitals and clinics, nursing homes, assisted living facilities, long-term care centers and home care settings and others)
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the medical sensors market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying This Report
- This report includes the market statistics pertaining to sensor type, medical procedure, end-use product, medical device classification, medical facility and region
- An in-depth value chain analysis has been done to provide deep insight into the medical sensors market.
- Major market drivers, restraints, challenges, and opportunities have been detailed in this report.
- The report includes an in-depth analysis and ranking of key players.