by Medical sensors play a crucial role in healthcare industry by enabling continuous monitoring of patient’s vitals, diagnostic testing and collection of clinical data. Sensors are integrated into various medical equipment like patient monitors, glucose monitors, pulse oximeter, endoscopes and diagnostic imaging systems to capture vital signs, biological parameters and images internally or externally. This helps in early detection of diseases, timely medical intervention and cost-effective treatment.
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 demand for remote patient monitoring and expansion of telehealth services has significantly propelled the medical sensors market over the past few years. Medical sensors are integrated into various remote monitoring devices like blood pressure monitors, ECG monitors, glucose monitors and pulse oximeters. This allows continuous tracking of critical health parameters of patients from home, thereby reducing dependency on hospital visits. Furthermore, increase in chronic diseases due to lifestyle changes has augmented the demand for diagnostic testing and subsequent use of medical sensors in diagnostic equipment. Advancements in biosensors technology for point-of-care testing has further fueled the market growth. Miniaturization of sensors for their integration into miniature medical devices has also opened new avenues.
SWOT Analysis
Strength: Medical sensors offer precise, reliable, and cost-effective monitoring of patients in healthcare facilities. They help streamline workflow and allow for remote patient monitoring.
Weakness: Developing high-performance, miniature medical sensors is technically challenging and requires sizable R&D investments. Stringent regulatory approvals also increase development costs and timelines.
Opportunity: Growing geriatric population and rising prevalence of chronic diseases are expected to drive demand. Expanding applications in home healthcare and telemedicine present new opportunities.
Threats: Competition from local players manufacturing low-cost alternatives. Data privacy and security concerns limit scope for remote monitoring solutions.
Key Takeaways
The Global Medical Sensors Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 22620.05 Mn by 2023, exhibiting a CAGR of 4.7% during the forecast period.
Regional analysis: North America dominates the global market currently due to rapid technological advancements and major investments in healthcare infrastructure in the region. Asia Pacific is expected to witness the fastest growth over the next few years led by rising healthcare expenditures, growing medical tourism industry and expanding insurance coverage in countries like China and India.
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, and Dibaq Aquaculture. Cargill, ADM, Skretting and Aller Aqua Group are among the top players in the global fish feed market.
*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.
