July 24, 2024
Medical Sensors Market

Increased funding towards sensor R&D is projected to boost the growth of Medical Sensors Market

The global 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 instruments that detect physical, chemical or biological parameters and convert the signals into electrical signals for monitoring and diagnostics. Some common medical sensors include temperature sensors, blood glucose sensors, blood pressure sensors, ECG sensors, pulse oximeters and image sensors. These sensors help in early detection of diseases, continuous patient monitoring and minimally invasive surgeries. Advancements in sensor technologies have enabled high accuracy, miniaturization and wireless capabilities leading to their widespread adoption in applications ranging from patient monitoring to disease diagnosis.

Market key trends:

IoT-enabled medical sensors are gaining traction with connectivity features and data analytics capabilities. The integration of medical sensors with cloud platforms and smartphones allows real-time remote patient monitoring and management. Miniaturization of sensors has further enabled their usage in applications like ingestible sensors and implantable devices. Advancements in materials like graphene and nanotechnology are resulting in flexible, stretchable and biocompatible medical sensors. Increased funding towards sensor R&D along with growing focus on preventive healthcare is expected to drive the demand for medical sensors over the forecast period.

Porter’s Analysis

Threat of new entrants: The medical sensors market requires heavy R&D investments and regulatory approvals which make it difficult for new players to enter.
Bargaining power of buyers: Large medical device manufacturers and healthcare providers have significant bargaining power due to the consolidation in the industry.
Bargaining power of suppliers: The presence of numerous component suppliers gives buyers bargaining power in negotiations.
Threat of new substitutes: No close substitutes are available for medical sensors as they play an indispensable role in patient monitoring and diagnostics.
Competitive rivalry: The medical sensors market is highly fragmented with the presence of global as well as regional players resulting in high competition.

Key Takeaways

The Global Medical Sensors Market Size is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing cases of chronic diseases and growing geriatric population. The Americas is expected to hold the largest share in the medical sensors market due to the presence of major players and availability of advanced healthcare facilities.

Regional analysis
North America dominated the global medical sensors market in 2023 and is expected to maintain its lead over the forecast period. This can be attributed to growing incidences of lifestyle diseases and rising healthcare expenditure. Asia Pacific is projected to witness the fastest growth during the forecast period owing to increasing medical tourism, rising disposable incomes and improving healthcare infrastructure.

Key players
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.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it