Medical Sensors Market Size Worth USD 18,600 Million by 2025 at 9.0% CAGR – Report by Market Research Future (MRFR)

As per an extensive research report published by Market Research Future (MRFR), the “Medical Sensors Market Information by Type, Sensor Placement, Application, End User, and Region – Forecast till 2025”, the market was valued at USD 12,000 Million in 2018 and is anticipated to reach USD 18,600 Million by 2025 at 9.0% CAGR.

Top Growth Boosters

Medical sensors are used for analysing the vital physiological parameters in the body and help notify medical professionals in case of any changes or deviations in the vital signs. This fosters the overall quality of the medical care given to the patient as it helps prevent risks and complications. Considering these benefits, the demand for different types of medical sensors has been rising across the globe, with their applications in detection and measurement of numerous parameters expanding rapidly. With the stunning growth of the healthcare IoT industry, the demand for wearable devices has gone even higher than before. They are increasingly being sued for monitoring important signs such as blood pressure, temperature and more, which are gathered in an electronic form.

The booming geriatric population worldwide has been favorable for the global market as well. This demography is significantly vulnerable to several chronic ailments, which fosters the need for advanced medical sensors. The average life span of a person has risen considerably over the years, with more focus on health maintenance and the resultant drop-in death rates. However, a longer life brings along a higher risk to numerous diseases, which puts an enormous pressure on the healthcare industry, given the shortage of resources and staff. Consequently, the demand and use of medical sensors has soared among the elderly population, who prefer home medical setting and avoid visiting hospitals and clinics.

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Competitive Landscape:

The industry leaders profiled in the report 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

These companies develop strategies to foster their global reach while introducing highly advanced products and solutions by involving in acquisition, partnerships, and collaborations. For instance, in April 2021, TicWatch GTH launched its latest smart watch that features an innovative skin temperature sensor. This smart watch is reasonably priced and allows the wearers to collect the surface body temperature using the built-in temperature sensor.

Market Restraints:

Substandard medical facilities, especially in underdeveloped countries along with strict stringent government policies could curb the market growth in the following years.

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COVID 19 Analysis

The COVID-19 outbreak shed light on the urgent requirement to leverage and harness digital healthcare infrastructure, as remote patient monitoring becomes prevalent. With vaccines and viral tests emerging slowly, the world urgently needs more effective disease, prevention, detection as well as monitoring of population health, which is possible with medical sensors.

In conjunction with advanced predictive platforms, medical sensors help analyze any changes in the wearer’s metrics, especially those that match with the COVID-19 strain. As a result, the demand for these devices has been mounting rapidly among the population and could translate into substantial gains for the global market in the years to come.

Market Segmentation

The market for medical sensors has been considered for type, sensor placement, application, and end user.

The various types of medical sensors available in the market are blood glucose sensors, temperature sensors, electrocardiogram (ECG) sensors, blood oxygen sensors, motion sensors, image sensors, pressure sensors, and inertial sensors.

With respect to sensor placement, the key segments are wearable sensors, strip sensors, invasive/non-invasive sensors, ingestible sensors, and implantable sensors.

Major applications of medical sensors are therapeutics, diagnostics, imaging devices, fitness and wellness as well as monitoring.

End users listed in the MRFR report include home care setting, hospital and clinic, and more.

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Regional Analysis:

America has secured the lead and the market size continues to burgeon rapidly as healthcare spending rises as well. Healthcare is one of the most thriving industries in the region, backed by supportive reimbursement policies in Canada and the United States. A massive population of tech-savvy patients and smartphone users present in the region also favors the market.

Asia Pacific could depict the fastest growth in the global market for medical sensors between 2020 and 2027, considering the booming elderly populace that is highly vulnerable to various chronic ailments. The growing patient base affected by some health issue along with favorable policies being introduced by the government with respect to healthcare also adds significantly to the market worth in the region. China, Japan, and India are some of the most profitable markets in the region, in view of the rising consumption of home healthcare devices including pregnancy kits and glucose monitoring kits.

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