|Status : Published||Published On : Jun, 2021||Report Code : VRSME9040||Industry : Semiconductor & Electronics||Available Format :||Page : 130|
The global medical sensors market size is projected to reach USD 28.9 billion by 2027, experiencing a CAGR of 10.02% during the forecast period 2021-2027. The sensors that are used to monitor, diagnose, and treat medical illnesses are called medical sensors.
The adoption of the latest technology and use of wearable sensors for daily use has helped healthcare professionals in monitoring patients who are diagnosed with cancer, respiratory disorders, obesity, diabetes, and cardiovascular diseases, thereby providing a significant boost to the medical device’s sensors and medical diagnostic sensors. The increase in healthcare cost, the latest trend for home healthcare, increase in demand for medical sensors by therapeutics and diagnostics sectors are the major factors that drive the demand for medical sensors.
The COVID-19 pandemic has increased the demand for medical sensors. In this outburst, there is a need for robust disease detection, monitoring of individuals and population health which could be aided by wearable sensors. Many metrics derived from heart rhythm like heart rate, heart rate variability, resting heart rate, and respiratory rate are potential markers for coronavirus infection and are measured by wearable devices such as Apple Watch, WHOOP Strap, Fitbit, etc.
Insight by Application
Based on application, the global medical sensors market is categorized into diagnostics, monitoring, drug delivery, imaging, therapeutics, and wellness and fitness. The monitoring segment is projected to have the largest market share during the forecast period 2021-2027. There is an increase in the development of different types of monitoring devices such as remote monitoring systems, mobile personal digital assistant (PDA) systems, ambulatory wireless EEG recorders, and ambulatory event monitors are driving the growth of the medical sensors market. The increase in demand for patient monitoring devices in non-hospital settings is also providing lucrative growth opportunities for players in the medical sensors market. The therapeutic segment is projected to have grown due to the demand for blood glucose sensors, which are used for diabetes.
Insight by Sensor Type
Based on sensor type, the market is segmented into pressure sensors, temperature sensors, blood oxygen sensors, blood glucose sensors, touch sensors, image sensors, ingestible sensors, motion sensors, ECG sensors, and heart rate sensors. The pressure sensors have the largest market share in 2020 and are expected to grow during the forecast period 21021-2027 owing to the increase in the adoption of patient monitoring devices and the rising usage of IoT-based medical devices across the globe. The use of pressure sensors in devices such as spinal cord stimulators, peacemakers, gastric electric stimulators, and endoscopes will propel the demand in the medical sensors market.
Insight by Placement
By placement, the market is divided into strip sensors, wearable sensors, implantable sensors, ingestible sensors, and invasive/non-invasive sensors. Non- invasive sensors have the largest market share and include imaging devices, x-ray scanners, CT scanners, ultrasound scanners, nuclear imaging systems, and spect scanners. Implantable sensors are an emerging segment due to advancements in sensor technology and a rise in demand continuous monitoring systems such as continuous glucose monitoring (CGM) are anticipated to propel the growth during the forecast period. The increase in demand for portable monitoring devices, increase in penetration of IoT-based medical devices, and advancement in technology are the factors propelling the growth of the medical sensors market.
Insight by End-Use
Based on end-use, the market is categorized into hospitals, clinics, ambulatory surgical centers, community healthcare, and homecare setting. The hospital segment is accounted to have the largest share due to greater financing capabilities, high patient volumes, and the availability of adequate staff. The home care setting is anticipated to have high growth during the forecast period as the cost of diagnosis in hospitals and other medical units is high. So, there is a preference for home healthcare equipment such as diagnostic kits, which are user-friendly and deliver fast results.
The healthcare industry has to deal with providing quality healthcare to patients, complying with stringent regulations, and privacy concerns are the factors leading to research and development globally. The intelligent distributed healthcare system, accurate detection, and early warning of the medical conditions of the patients have played a significant role in the development of the medical sensor market globally.
The miniaturization of sensors will lead to easy integration is one of the growth drivers for the medical sensors market. The increase in chronic diseases, availability of advanced monitoring devices, development of wearable technology such as fits parts, smartwatches, and wearable sensors, and an increase in health expenditures are the driving factors that will propel the market growth for the medical sensors market globally.
The stringent regulations by the government and poor reimbursement facilities have hampered the growth of the market. There is also a lack of awareness among the people about various types of portable sensors that can be used at homes is the challenge faced by the global medical sensors market.
The rising demand for patient monitoring devices in non-hospital settings, technology development in the medical device industry, increase in old-age population, rise in government expenditure on the healthcare sector across the globe, and rise in demand for portable and connected medical devices are creating attractive growth opportunities for players in the medical sensors market.
North America is having the largest market share owing to the increased healthcare infrastructure in the region. The Asia-pacific region is anticipated to have a remunerative growth over the forecast period 2021-2027 due to the large population and people suffering from chronic diseases like diabetes, respiratory problems, and hypertension. Europe is also set to have grown because of the increase in personal health care and the usage of medical sensors to track self-health.
The medical sensors market is a competitive market where key players are offering product launches, mergers and acquisitions, joint ventures, and geographical expansions. Players in the medical sensors market are putting their efforts into improving their offerings in terms of safety, convenience, and sterility.
TE Connectivity announced the acquisition of Alpha Technics (US). This acquisition establishes TE connectivity as a leader in the medical sensors market.
First Sensor signed an agreement with a leading medical technology provider. This agreement is expected to boost the sales volume of around USD 11 million to First Sensors.
Medtronics announced the acquisition of Titan Spine (Germany), a privately held titanium spine interbody implant and surface technology company. Medtronic's acquisition of Titan Spine strengthens its position as a leading innovator in procedural solutions for spine surgery.
Some of the major players in the global medical sensor market include Texas Instruments Incorporated, TE Connectivity, First Sensor AG, Medtronic, NXP Semiconductors, Sensirion AG Switzerland, OmniVision Technologies, Inc., STM icroelectronics, Honeywell International Inc., and Koninklijke Philips N.V.
Source: Vynz Research