In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Medical Sensors Market Report
The global medical sensors market was valued at USD 2,171.30 million in 2020 and is expected to reach USD 2310.41 million by 2026, growing at a CAGR of 1.04%.
The following factors are likely to contribute to the growth of the global medical sensors market during the forecast period:
- Rise in advanced wearable devices and home healthcare services
- Novel materials used in medical sensors
- Growing number of start-ups promoting medical sensors
- AI based medical sensors for clinical sensors
- Growing usage of biomedical sensors
MEDICAL SENSORS MARKET OVERVIEW
The rise of IoT in healthcare has led to the development of advanced medical devices integrated with sensors. Integrating patient monitoring devices with sensors raised the adoption of wearables and remote monitoring systems for managing health conditions. Advancements in MEMS technology have further increased the applications of sensing technologies in the healthcare and medical industries.
- The increased incorporation of sensors into healthcare devices, high demand for wearable sensors, and rise in advancements of IoT-based healthcare have contributed to the growth of the medical sensors industry.
- By geography, North America dominated with the highest share of 37.78% in the global medical sensors industry in 2020.
- The outbreak of COVID-19 has increased the demand for respiratory devices and remote monitoring wearables incorporated with different types of medical sensors.
- TE Connectivity acquired approximately 72% of the outstanding shares of First Sensor AG, a provider of sensing solutions based in Germany.
The study considers a detailed scenario of the present global medical sensors market and its market dynamics for the period 2021?2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
MEDICAL SENSORS MARKET SEGMENTATION
This research report includes a detailed segmentation by-
- Product type
MEDICAL SENSORS MARKET SEGMENTS
- In 2020, force sensors accounted for a share of 23.12% in the global medical sensors market. Most of the therapeutic and drug delivery devices require a change in force to function. This change in force is either made automatically by the device or manually by the patient. Therefore, incorporating force-sensing technology into drug-delivery and therapeutic devices can go a long way in addressing patient needs.
- Physical sensing devices are most commonly used and have contributed to military, agriculture, aerospace, and industry development.
Segmentation by Product Type
- Force sensors
- Airflow sensors
- Pressure sensors
- Temperature sensors
- Humidity sensors
Segmentation by Mechanism
Segmentation by Application
- Diagnostics & imaging
- Patient monitoring
- Medical implants & endoscopy
- North America: The market in this region is growing majorly due to the high adoption of sensors in medical devices, constant increase in the aging population with growing life expectancy, rise in the number of hospitals and related diagnostic services. It can also be attributed to the increased use of infusion pumps and ventilators integrated with sensors.
- Europe: There has been a huge demand for sensors and wireless technology in various sectors such as industrial, automotive, and others.
- APAC: Japan, India, South Korea, and Australia are the major revenue contributors in this region. The market is expected to witness high growth during the forecast period due to the rapid rise in the elderly population and various disorders requiring early diagnosis.
Segmentation by Geography
- North America
o South Korea
- Latin America
- Middle East and Africa
o South Africa
o Saudi Arabia
- The key companies in the market are TE Connectivity, STMicroelectronics, Sensirion AG, ON Semiconductor Corporation, Tekscan, NXP Semiconductors, and Amphenol Corporation.
- Established companies can constantly involve themselves in acquisition, partnerships, and collaborations with emerging players to diversify their portfolios.
- TE Connectivity
- Sensirion AG
- ON Semiconductor Corporation
- NXP Semiconductors
- Amphenol Corporation
Other Prominent Vendors
- All Sensors Corporation
- ams AG
- Analog Devices
- Celera Motion
- Cubic Sensor and Instrument Co.
- GE Healthcare
- Gems Sensors
- Golden Valley Products
- Honeywell International
- Innovative Sensor Technology IST AG
- Introtek International
- Jiangsu Bairun Medical Technology
- Maxim Integrated
- Koninklijke Philips N.V.
- Sensing Systems Corporation
- Sensor Solutions
- Servoflo Corporation
- Smiths Medical
- SST Sensing
- Strain Measurement Devices
- Thought Technology
KEY QUESTIONS ANSWERED:
1. How big is the medical sensors market?
2. Which region has the highest growth rate in the medical sensor market?
3. What segments are covered in the medical sensors market report?
4. What are the key driving factors for the growth of medical sensors?
5. Who are the key players in the medical sensor industry?
6. What is the impact of COVID-19 on the global medical sensors industry?