MEDICAL SENSORS MARKET ANALYSIS
The global medical sensors market is estimated to be valued at USD 24.59 Bn in 2024 and is expected to reach USD 49.15 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 10.4% from 2024 to 2031.
Discover market dynamics shaping the industry: Request sample copy
The medical sensors market is witnessing notable technological advancements like the miniaturization of sensors and integration of Internet of Things (IoT) and Artificial Intelligence (AI) into medical devices. This is allowing for development of advanced wearable and remote patient monitoring solutions. Further, increasing investments by key players to develop cutting-edge sensors and rising focus on personalized healthcare are expected to open up new avenues for market players over the coming years.
Increasing Product Launches by Key Market Players
Increasing product launches by key market players for global medical sensors market is expected to drive the global medical sensors market over the forecast period. For instance, in August 2020, Ams, a supplier of high-performance sensor solutions, provided the latest sensor technology to Midge Medical, a Germany-based medical technology startup, to develop a disruptive technology for science-backed rapid genetic and blood testing in a home and professional healthcare environment at a lower cost.
Get actionable strategies to beat competition: Request sample copy
Development of New Technologies by ResearchersDevelopment of new technologies by researchers is expected to drive the global medical sensors market during the forecast period. For instance, various researchers are focused on the development of new technologies, which is expected to drive the global medical sensors market over the forecast period. For instance, in July 2020, researchers at the University of Minnesota announced that they had developed a new technique that allows the 3D printing of hydrogel-based sensors directly on to organs such as the lungs.
To learn more about this report, Request sample copy
Market Challenges – High Development Costs Associated with Advanced Sensor TechnologiesThe development and production of medical-grade sensors requires advanced technical expertise and adherence to strict regulatory guidelines. This makes the initial investment and costs substantially high compared to conventional consumer electronics. Developing a new medical sensor involves extensive research and development to ensure high accuracy, reliability and safety for diagnostic purposes. Sensor components need to be made from biocompatible materials and sometimes require additional protective casing. The testing and validation process to meet regulatory certifications such as U.S. Food and Drug Administration approval also inflates the costs. All of these factors contribute to making medical sensors a highly cost-intensive product in the initial stages.
Market Opportunities – Increasing Research and Development Investments
Increasing adoption of inorganic growth strategies such as investments is expected to offer lucrative growth opportunities in the market for the development of advanced medical sensors. For instance, in August 2022, Sibel Health, a medical technology company, announced that it had raised US$ 33 Mn in Series B funding. This new series B funding of US$ 33 million will advance Sibel's ANNE, a monitoring system, which is approved by the U.S. Food and Drug Administration and scale up advanced wearable sensors for remote patient monitoring and hospital care. Moreover, this funding will advance bio-integrated sensors and wireless data collection which promotes better care to newborns and mothers in developing countries.
Discover high revenue pocket segments and roadmap to it: Request sample copy
Insights, By Sensor Type: Cardiac Monitoring as Key Focus AreaThe sensor type segment includes temperature sensor, ECG sensor, blood glucose sensor, biosensor, motion sensor, and others (pressure sensors, etc.). The ECG sensor sub-segment is estimated to hold 32.8% of the market share in 2024 owing to the growing prevalence of cardiac diseases and need for continuous monitoring of heart conditions. ECG sensors provide real-time analysis of the heart's electrical activity and identify any abnormalities or irregularities. They have become invaluable for diagnosing heart ailments and risks. The aging population profile in many countries has contributed to higher risks of heart attacks and strokes, driving more screening and monitoring needs globally. Furthermore, technological advancements have made ECG sensors compact, wireless-enabled, and easy to use outside hospitals. This has supported their adoption not just in clinical settings but also home care applications. More insurers are also providing coverage for ECG monitors to aid early detection. The ability of ECG sensors to detect subtle changes in heart rhythms well in advance makes them critical for managing high-risk cardiac patients as well as emergencies
Insights, By Application: Remote Patient Engagement
The application segment includes remote patient monitoring, fitness monitoring, chronic disease management, drug delivery, and others. The remote patient monitoring sub-segment is estimated to hold 41.7% of the market share in 2024 due to the growing need for managing chronic illnesses and the benefits it provides to patients, care providers, and payers. Remote monitoring devices equipped with various vital sign sensors allow the continuous tracking of patients outside hospitals and clinics. This helps improve engagement and adherence to treatment protocols. It also enables quick physician interventions if any abnormality is detected, thereby avoiding expensive emergency room visits or hospital readmissions. For payers and providers, remote monitoring lowers costs while allowing more people to be monitored simultaneously. It is particularly useful for aging populations with multiple comorbidities or live in remote areas with limited access to care facilities. Technological developments facilitating wireless transmission of clinical data have boosted remote monitoring adoption across therapeutic areas like diabetes, cardiovascular disorders, and respiratory illnesses which require long-term follow-ups.
Insights, By End User: Rising Focus on Clinical Excellence and Access Augments the Hospitals Segment
The end user segment includes hospitals & clinics, home healthcare, fitness, and wellness centers. The hospitals & clinics sub-segment is estimated to hold 32.7% of the market share in 2024 owing to their key role in both acute and chronic medical care. As primary points of diagnosis, treatment, and monitoring, hospitals utilize a wide range of clinical-grade sensors for various therapeutic functions. This includes sensor-enabled hospital beds, ventilators, infusion pumps as well as diagnostic monitoring devices like ECG and blood glucose monitors. Moreover, the growing shift towards value-based care is prompting hospitals to take on more management of chronic illnesses. This necessitates continuous tracking of patients even after discharge using remote monitoring devices and home healthcare services. Hospitals are also investing in integrated sensor platforms and connected health solutions to streamline clinical workflows, improve safety, and optimize resource utilization. Expanding healthcare infrastructure in developing nations will further increase hospital end-users of medical sensors in the coming years.
To learn more about this report, Request sample copy
North America remains the dominant region in the global medical sensors market and is estimated to hold 36.7% of the market share in 2024. With strong presence of key industry players and major healthcare organizations in countries like the U.S. and Canada, North America accounts for over one-third of the total market share. The region is home to prominent medical device manufacturers who have played a pivotal role in the development of cutting-edge sensor technologies. Moreover, rise in chronic diseases and increasing healthcare expenditure in North America have propelled the demand for various medical sensors such as temperature sensors, blood glucose sensors, ECG sensors, image sensors, and pressure sensors in the past decade.
Asia Pacific has emerged as the fastest growing regional market, driven by economies like China, India, Japan, and South Korea. Rapid urbanization and growing medical tourism in Asia Pacific countries have augmented the need for high-quality healthcare infrastructure. This has given a significant boost to the sales and production of medical sensors in the region. Favorable governmental policies promoting local manufacturing have attracted global medical device giants to set up manufacturing units in Asia Pacific. This has made various medical sensors more affordable and accessible to a large patient base. Further, increasing export activities of medical devices from countries like China and India have strengthened the supplier network in the Asia Pacific region.
Medical Sensors Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 24.59 Bn |
| Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
| Forecast Period 2024 to 2031 CAGR: | 10.4% | 2031 Value Projection: | US$ 49.15 Bn |
| Geographies covered: |
|
||
| Segments covered: |
|
||
| Companies covered: |
Medtronic, SteadySense GmbH, Koninklijke Philips N.V. (Philips), GE Healthcare, Honeywell International Inc, F. Hoffmann-La Roche Ltd, Texas Instruments Incorporated, Analog Devices, Inc., VitalConnect, Bardy Diagnostics, Neuralink, PreTel Health, Sensirion AG, Sensium Healthcare, Omron Healthcare, Inc., Bontara, and STAT Health |
||
| Growth Drivers: |
|
||
| Restraints & Challenges: |
|
||
Uncover macros and micros vetted on 75+ parameters: Get instant access to report
*Definition: Sensors are devices that detect biological, physical, and chemical signals and provide a way for those signals to be measured and recorded. Physical signals that can be sensed include pressure, temperature, vibration, sound level, weight, and concentration of many substances in gaseous, liquid, or solid form. Sensors offer the ability to monitor and track medical conditions. Sensors have played a major role in many industries by providing the mechanical vision used in counting, reading, sorting, and robotic guidance. Medical sensors play a critical role in the safe operation of many medical devices across a wide range of applications.
Share
About Author
Komal Dighe is a Management Consultant with over 8 years of experience in market research and consulting. She excels in managing and delivering high-quality insights and solutions in Health-tech Consulting reports. Her expertise encompasses conducting both primary and secondary research, effectively addressing client requirements, and excelling in market estimation and forecast. Her comprehensive approach ensures that clients receive thorough and accurate analyses, enabling them to make informed decisions and capitalize on market opportunities.
Missing comfort of reading report in your local language? Find your preferred language :
Transform your Strategy with Exclusive Trending Reports :
Frequently Asked Questions
Credibility and Certifications
860519526
9001:2015
27001:2022
Need a Custom Report?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports
Customize NowSelect a License Type
Credibility and Certifications
860519526
9001:2015
27001:2022
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients
U.S.: 
U.K. : 
India : 