MEDICAL SENSORS MARKET ANALYSIS

The 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.