The medical sensors market is estimated to be valued at US$ 22620.05 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical sensors help in monitoring various vital health parameters such as heart rate, blood pressure, body temperature, oxygen saturation, and blood glucose levels. These sensors play an important role in various medical devices used for monitoring, diagnostic, and therapeutic purposes. Key products using medical sensors include digital thermometers, blood pressure monitors, pulse oximeters, continuous glucose monitors, ECG/EKG devices, imaging devices, and others.
Market Dynamics:
The medical sensors market is expected to witness significant growth over the forecast period, owing to factors such as increasing adoption of telehealth services amid COVID-19 pandemic and growing investments for product development. The accelerating demand for remote patient monitoring devices has positively impacted the demand for integrated medical sensors. Furthermore, increasing incidence of chronic and lifestyle diseases is prompting healthcare providers to extensively use medical sensors and devices to provide efficient medical services. Various technological advancements in sensors along with introduction of wearable and connected devices are further augmenting market growth.
SWOT Analysis
Strength: Medical sensors have three key strength - accuracy in detecting vitals, remote monitoring capabilities, and adoption of IoT technologies. This enables 24x7 monitoring for patients and accurate diagnostics.
Weakness: High initial investment and technical skills required for maintenance are two weaknesses. Sensors also have short shelf life requiring frequent replacement. Data privacy and security is also a concern.
Opportunity: Growing geriatric population and increasing cases of lifestyle diseases open up opportunities. Adoption of sensors in new therapy areas like drug delivery also presents an avenue for growth.
Threats: Stringent regulations around approval can delay product launches. Competition from smartphone-based health sensors is also a threat with low-cost alternatives.
Key Takeaways
The Global Medical Sensors Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of chronic diseases and rising demand for home healthcare devices. By 2030, the market is estimated to reach a value of US$ 50,000 Mn.
The North American medical sensors market accounts for largest revenue share currently due to presence of major players and advanced healthcare infrastructure in the region. However, Asia Pacific is expected to witness fastest growth over the forecast period supported by growing medical tourism, increasing healthcare spending and expanding manufacturing base in countries like China, India and South Korea.
Key players operating in the medical sensors market are Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, FreeScale Semiconductors, Omnivision Technologies, Inc., Smiths Medical, Analog Devices, Inc., Honeywell International, Inc., Broadcom Limited, Danaher Corp., LORD Corporation, OSI Systems, Inc., Avago Technologies Limited, Measurement Specialties, Micro-Epsilon Messtechnik, Amphenol Advanced Sensors, and Sensirion AG. Major players are focused on developing miniature, low power sensors as well as cloud based wireless sensor nodes to expand application scope.
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