Medical Sensors Market: Current Analysis and Forecast (2021-2027)

Medical Sensors Market: Current Analysis and Forecast (2021-2027)

A sensor is a device that detects and responds to some type of input from the physical environment. The specific input could be light, heat, motion, moisture, pressure, or any one of a great number of other environmental phenomena. Furthermore, the sensors used to diagnose, monitor, or treat diseases in the medical domain are known as medical sensors. The medical sensor proves their dominant use in almost every treatment, they are extensively used for diagnostic, therapeutic, and treatment purposes. Moreover, with the development of lightweight sensors, they are commonly used in the wearable items such as digital watches, fitness bands, among others. Apart from this, these lightweight sensors have a significant effect in medical science because their accurate prediction at right time saves many lives. Thus, with the modernization of society and medical healthcare system coupled with continuous technological advances and adoption of IoT-enabled devices, the market for medical sensors is expected to witness exponential growth during the forecast period.

Based on sensor type, the market is segmented into a blood glucose sensor, temperature sensor, pressure sensor, blood oxygen sensor, motion sensor, and others. In 2020, the pressure sensor had a significant share in the market. Pressure sensor monitors patient breathing, detects when the patient inhales and exhales, allowing air/oxygen to be delivered more efficiently and effectively. Furthermore, growing elderly population coupled with government focus on increasing life expectancy is further expected to create demand for advance medical devices, thus driving the market for medical sensors.

On the basis of product type, the market is categorized into diagnostic imaging devices, patient monitoring devices, and others. Among these, patient monitoring devices to witness significant during the forecast period. This is mainly due to launch of portable and connected patient monitoring devices. In addition, integration of monitoring technologies in smartphones and wireless devices coupled with introduction of remote monitoring systems, mobile cardiac telemetry devices, and ambulatory event monitors are the key factors supporting the growth of the market.

For a better understanding of the market adoption of medical sensors industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of APAC), and Rest of World. During the forecast period, North America is expected to witness strong growth during the forecast period due to growing consumer inclination towards advance medical devices has positively influenced the medical sensors market of the region. Furthermore, countries like the U.S. and Canada spend more on their health care infrastructure and public health, which is further expected to drive the market exponentially. For instance, as per the Centers for Medicare & Medicaid Services (CMS), U.S. health care spending grew 9.7 percent in 2020, reaching $4.1 trillion or $12,530 per person.

Some of the major players operating in the market include Analog devices Inc., Danaher Corporation, Medtronic International, TE Connectivity Ltd., Texas Instruments Inc, STMicroelectronics’, Tekscan, Inc., NXP Semiconductors, Sensirion AG, and ON Semiconductor Corporation.