by Medical sensors are devices used to monitor physiological signals such as body temperature, blood pressure, pulse rate, etc. These sensors help doctors and clinicians to continuously monitor patients’ vital signs from remote locations for effective diagnosis and treatment. With rising cases of chronic diseases and growing geriatric population worldwide, there is an increasing need for remote patient monitoring systems which is driving the demand for advanced medical sensors.
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 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing need for remote patient monitoring in healthcare facilities is one of the key trends contributing to the growth of the medical sensors market. Remote patient monitoring allows continuous monitoring of patients’ health outside of conventional clinical settings which provides Quality care and better management of diseases. This has become increasingly important during the current COVID-19 pandemic to reduce healthcare workload and risk of exposure. Medical sensors play a vital role in remote monitoring as they collect patient data outside of hospitals and transmit it to clinicians. Continuous technological advancements are allowing development of miniaturized, wireless and easy-to-use sensors contributing further to remote monitoring uptake and driving the overall medical sensors market.
SWOT Analysis
Strength: Medical sensors offer non-invasive treatment and diagnosis options to patients. They help in remote patient monitoring and reduce hospital visits.
Weakness: High costs associated with development and production of medical sensors. Accuracy and reliability issues exist with some sensor types.
Opportunity: Growing geriatric population and rising chronic diseases drive the demand. Expanding healthcare infrastructure especially in developing nations present new opportunities.
Threats: Stringent regulations for new product approval. Shift towards cheaper alternative diagnostics poses threat to market growth.
Key Takeaways
The Global Medical Sensors Market Size is expected to witness high growth. Rapid technological advancements are enabling the development of novel sensor types with improved accuracy and reliability. Miniaturization of sensors allows for their application in various medical devices. 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 4.7% over the forecast period 2023 to 2030.
Regional analysis
North America currently dominates the market due to extensive research activities and advanced healthcare infrastructure. Asia Pacific is expected to grow at the fastest pace with increasing medical tourism and investments by key players in the region. China and India are emerging as lucrative markets.
Key players
Key players operating in the medical sensors market are Cargill, Incorporated, Archer Daniels Midland Company (ADM), Skretting (a part of Nutreco), Aller Aqua Group, BioMar Group, Ridley Corporation Limited, Purina Animal Nutrition (a subsidiary of Land O’Lakes), Nutriad International NV (acquired by ADM in 2018), BENEO GmbH, Dibaq Aquaculture. These players are focused on new product launches and enhancing their global distribution networks.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
