Medical Sensors Market to Expand at a CAGR of 9.9% from 2021 to 2028

Medical Sensors Market Outlook 2028

• The global medical sensors market was valued at US$ 15.23 Bn in 2020

• It is estimated to expand at a CAGR of 9.9% from 2021 to 2028

• The global medical sensors market is expected to reach the value of US$ 32.15 Bn by the end of 2028

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Increasing Adoption of Medical Sensors in Home Care Settings

Medical sensors are electronic devices integrated in medical devices, equipment, and probes. Sensor signal enables accurate diagnosis, control over activities, and treatment. Medical sensors are widely being implemented for the purpose of diseases diagnosis and other health-associated applications, including remote patient monitoring.

Sensor-based medical devices are widely being adopted for home care settings. This is one of the primary factors driving the expansion of the medical sensors market. The rising cost of medical treatments in healthcare center is a key reason inducing a shift toward home-based healthcare services. These devices enable to monitor health condition of patients in a non-clinical setting.

The increasing cases of chronic diseases such as diabetes and cardiovascular diseases is fuelling adoption rate of such devices.

Growing Awareness about Health and Fitness to Drive Global Market

The rising demand for medical sensors is due to growing awareness about health and fitness.

Consumers across the globe are more likely to purchase portables and wearables devices to keep an update on their health. There is an increasing demand for such devices from home care settings, clinics, and hospitals. The rising sales of diagnostic and monitoring devices is due to the sudden outbreak of coronavirus across the globe.

Moreover, the increase in number of chronic disorders across the globe is a significant factor responsible for the rising sales of medical sensors. There has been spike in the adoption rate of sensor-based medical devices in home care settings. This, in turn, is influencing the global medical sensors market.

The demand for instant and remote monitoring device in home care setting is growing due to the increasing geriatric population across the world.

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Technological Advancements in Medical Sensors to Fuel Market Growth

Digital medicines and sensor-enabled pills are key trends in the medical sensors market, which is likely to gain traction in the upcoming years.

Sensor-enabled pills allow safe and effective application of medicines enabling patients to improve their health. In the near future, the application of such medicine is anticipated to increase, as it reduces the cost of inpatient care and treatment. These digital pills require medical sensors to sense the signal to accumulate information about the effect of medicine or missed dose. Hence, pills will subsequently push the demand for medical sensors.

Medical sensors are used to make medical devices more effective and simpler in operation. Recent technological advancements in medical sensors enhance the use of smart sensors for various diseases and conditions. Some of these include smart watches for heart rate and sleep apnea, diabetic care devices, orthopedic care devices, and surgery-specific sensory devices.

Increase in government initiatives in mHealth products, rise in adoption of smartphones and other electronic devices with sensor technology, surge in investment by public and private players to introduce sensors in mHealth, and growth in adoption of IoT and advanced technologies are major factors driving the market. Rise in awareness about healthy lifestyle and increase in acceptance of fitness devices are also propelling the global medical sensors market. Wearable sensors and implantable sensors are the major segments of the global medical sensors market.

The wearable sensors are gaining attention due to increase in acceptance of smartphones and connectivity devices for monitoring and tracking. Implantable devices are gaining popularity, as these are the most recent and advanced technology sensors. These also offer convenience of usage.

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Lucrative Growth Opportunities for North America Market Players

North America is expected to account for the largest share of the medical sensors market. This can be attributed to the availability of advanced health care infrastructure in the region and high consumption of medical devices.

The medical sensors market in Asia Pacific is projected to expand at a rapid pace during the forecast period.

The region is expected to gain market share due to rise in prevalence of chronic disorders and surge in awareness about medical sensors among the people.

In addition, rise in disposable income of people is also contributing to the expansion of the market in Asia Pacific and Europe, Middle East, and Africa (EMEA).

Increase in focus on development of medical sensors in the past few years, improvement in health care infrastructure, and early detection of diseases fuel the expansion of the medical sensors market in these regions.

Medical Sensors Market: Overview

• This report analyzes the current scenario and future prospects of the global medical sensors market. Medical sensors are used with the aim of making medical devices more effective and simple to operate.

• Recent technological advancements in medical sensors enhance the use of smart sensors for various diseases and conditions. Some of these include smart watch for heart rate & sleep apnea, diabetic care devices, orthopedic care devices, and surgery-specific sensory devices.

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• The Internet of Things (IoT) has emerged as the next wave of industry revolution.

The health care industry is growing, along with innovations in medical devices, medicines, patient monitoring and much more rapidly expanding segments in health care. Efficiency and accuracy gained through the implementation of smart technologies in the health care industry augments the global medical sensors market.

• Innovations in the health care industry in terms of medicine are fast and productive. For instance, emergence of smart pills, which are equipped with some form of monitoring technology that allows relay of information back to a sensor worn on the body.

Medical Sensors Market: Key Segments
• In terms of product, the global medical sensors market has been classified into

biosensors, temperature sensors, motion sensors, image sensors, flow sensors, pressure sensors, and others. The biosensors segment is projected to expand at a high CAGR during the forecast period from 2021 to 2028.

Growth of the segment can be attributed to advancements in technology such as fiber optics with real time diagnosis and monitoring capabilities.

• Based on application, the global medical sensors market has been categorized into diagnostics, monitoring, therapeutics, wellness & fitness, and others. The diagnostics segment has been split into imaging diagnostics and analytical equipment diagnostics.

The monitoring segment has been bifurcated into invasive monitoring and non-invasive monitoring. The therapeutics segment has been segregated into surgery/minimally invasive surgery, drug delivery/infusion, and others.

• The wellness & fitness segment is expected to expand at a higher CAGR during the forecast period due to rise in awareness about healthy lifestyle and increase in acceptance of fitness devices

• In terms of placement, the global market has been split into wearable sensors, wireless sensors, implantable sensors, and others

• Wearable sensors and implantable sensors are the major segments of the global medical sensors market.

The wearable sensors segment is driven by increase in acceptance of smartphones and connectivity devices for monitoring and tracking.

Implantable devices are gaining popularity, as these are the most recent and advanced technology sensors. These also offer convenience of usage.

• Based on end-user, the global medical sensors market has been divided into hospitals, clinics, home care settings, and others

• The hospitals segment held the largest share of the global market owing to usage of advanced multi-purpose sensors in hospitals

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North America to Lead Global Medical Sensors Market

• In terms of region, the global medical sensors market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

• North America is projected to dominate the global market during the forecast period, accounting for 42.70% share by 2028. The segment is anticipated to reach US$ 13.73 Bn by 2028.

• The U.S. dominated the market in North America in 2020, due to the availability of advanced health care infrastructure, high consumption of medical devices, significant health care spending in overall national budgets, early availability of advanced technologies, and higher penetration of research activities across the country

Companies Covered in Medical Sensors Market Report

• Key players operating in the global medical sensors market include

o Cardiomo
o Honeywell International, Inc.
o TE Connectivity
o Dexcom, Inc.
o Medtronic
o Danaher Corporation
o First Sensor AG
o Sensirion AG
o Smiths Groups plc
o GluSense Ltd.

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