by 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 electronic devices that translate the chemical, electrical, and physical changes in the human body into measurable signals. They are used to monitor and diagnose various physiological parameters like blood pressure, heart beat, blood glucose levels, temperature and oxygen saturation. Glucose sensors help monitor sugar levels in real-time to help diabetes management.
Market key trends:
The rising geriatric population who are prone to chronic diseases are driving significant demand for medical sensors globally. Furthermore, the growing adoption of remote patient monitoring devices owing to the need for continuous monitoring of vital health parameters from home is boosting the market growth. Technological advancements in biosensors have made it possible to develop wearable and minimally invasive sensors that allow for non-stop health monitoring without significantly impacting daily routines. Miniaturization of sensors is another emerging trend that is expected to increase the adoption of medical sensors in the coming years.
Market key trends:
One of the key trends in the medical sensors market is the increasing adoption of IoT sensors for patient monitoring. IoT sensors allow remote monitoring of patients’ vital signs such as temperature, heart rate, blood pressure etc. This eliminates the need for frequent hospital visits and helps improve disease management. IoT sensor data is transmitted to the doctor in real-time via mobile apps or web interfaces enabling quick diagnosis and treatment.
SWOT Analysis
Strength: Growing elderly population & chronic diseases drives demand for remote patient monitoring; increasing applications of sensor technology for emerging applications such as smart pills and flexible sensors.
Weakness: High investment & manufacturing costs; problems related to data security and privacy.
Opportunity: Untapped emerging markets; use of sensors in bio-medical research.
Threats: Stringent regulatory approval process delays product launches; technological obsolescence.
Key Takeaways
The Global Medical Sensors Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing demand for remote patient monitoring devices driven by growing elderly population and prevalence of chronic diseases.
The North America region dominates the medical sensors market currently due to presence of major players and advanced healthcare infrastructure which fosters early technology adoption. Asia Pacific is expected to witness highest growth over the forecast period supported by rising medical tourism, healthcare spending and increasing demand from emerging countries like China and India.
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.
*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.
