Biomedical Sensor Market - By Type , By Sensor Type , By Industry , By Geography - Global Opportunity Analysis & Industry Forecast, 2024 - 2030

Biomedical Sensor Market Overview

The Biomedical Sensor Market Size is forecast to reach $ 20130.0 Million by 2030, at a CAGR of 7.5% during forecast period 2024-2030. Biomedical sensors are special electronic devices that can transduce biomedical signals into measurable electrical signals. Such sensors are the key component in various medical diagnostic instruments and equipment. Some of the common sensors are blood glucose sensors, electrocardiogram sensors or ECG, pulse oximeters, and blood oxygen sensors. Research and extensive usage of such sensors is facilitated by the fact that they can improve the overall understanding of biological processes and technology, which can ease the diagnosis and treatment. Numerous discoveries and inventions in biomedical, physical, chemical, and electronic materials have quickly gained importance in applications for biomedical sensors, such as microstructure and integrated cell molecular detection sensors, drug analysis, screening sensors, and micro-nano implantable probes. The growing need to detect diseases and pathogens at early stages coupled with providing better medical assistance to decrease the fatality rates supplemented by superior medical diagnosis and treatment have been the key drivers for the Biomedical Sensors Industry for the projected period of 2024-2030.

Report Coverage

The report: “Biomedical Sensor Market Forecast (2024-2030)”, by Industry ARC covers an in-depth analysis of the following segments of the Biomedical Sensor Market.

Key Takeaways

• Geographically, North America’s biomedical sensors market held a dominant market share in the year 2021. It is owing to two chief reasons, firstly countries like the US have been a forefront leader in medical expenditure, be it public health or research and development activities. Secondly, the consumption of such sensors has been immensely owing to the growing geriatric population with varied health conditions. However, Asia-Pacific is expected to offer lucrative growth opportunities to the marketers in the projected period of 2024-2030 owing to the growing inclination of nations to outsource manufacturing activities coupled with growing per capita income.
• The growing need to detect diseases and pathogens at early stages coupled with providing better medical assistance to decrease the fatality rates supplemented by superior medical diagnosis and treatment have been the key drivers for the Biomedical Sensors Market. However, high cost associated coupled with high intricacy of device networks is some of the challenges faced by the market.
• A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Biomedical Sensors Market Report.

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Biomedical Sensor Market Segmentation Analysis- By Sensor Type

The Biomedical Sensor Market based on sensor type can be further segmented into Physical Sensors, Chemical Sensors, Biopotential Electrodes, and Bioanalytic. Physical sensors held a dominant market share in the year 2021. It is owing to the vast array of sub-segments it holds, which helps the care providers to deliver efficient care and service. For example, mechanical, thermal, hydraulic, electric, and optical are some of the examples of common physical biomedical sensors. Blood pressure machines are one of the common examples of physical sensors and given the rise of people suffering from hypertension the demand for such devices/sensors have soared. Nearly one billion people or one in six people have hypertension.

However, bioanalytic or biosensors are estimated to be the fastest-growing, with a CAGR of 7.5% over the forecast period of 2024-2030. The following includes enzyme detection, antigen detection, antibody foundation, and other DNA and RNA sequencing formulations. The following class of sensors would be highly demanded in the future owing to the higher-case load in various malignancies. For example, around 100 various forms of antibodies are under review globally which have the potential to cure ailments and conditions such as Cancer and other neuro ailments.

Biomedical Sensor Market Segmentation Analysis- By Industry

The biomedical sensors market based on the industry can be further segmented into Pharmaceutical, Healthcare, and Others. Healthcare held a dominant market share in the year 2021. It is widely owing to the pandemic pressures, which forced people to rely on various forms of imaging sensors or blood glucose sensors, pulse oximeters, or even other chemical sensors. Globally, around 326 million people have been diagnosed with such a virus, while officials estimate the number of actual patients afflicted with the said virus to be close to 2-3 billion people.

However, the Pharmaceutical industry is estimated to be the fastest-growing, with a CAGR of 7.5% over the forecast period of 2024-2030. It is owing to the growing research and development activities being partaken in biotech and pharmaceutical industries to cure ailments and find cures with plausible detection and elimination standards. Since around 50 vaccines are under safety and dosage trials, 49 vaccines have entered into phase II trials, while around 4 vaccines are going through large-scale efficacy tests in phase III. Additionally, various drugs and monoclonal antibodies are being extensively researched, which would work on RBD than protein spikes. Owing to such reasons, the market is positioned favorably.

Biomedical Sensor Market Segmentation Analysis- By Geography

The biomedical sensors market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 35% as compared to the other regions in 2021. It is owing to two chief reasons, firstly countries like the US have been a forefront leader in medical expenditure, be it public health or research and development activities. Secondly, the consumption of such sensors has been immensely owing to the growing geriatric population with varied health conditions. For example, around 20% of US GDP or $4.1 trillion is spent on healthcare spending, which is by far the highest contribution and budget allotment for any country. Additionally, the said region has various pharma giants which allow for the active use of such sensors.

However, Asia-Pacific is expected to offer lucrative growth opportunities to marketers in the projected period of 2024-2030. It is owing to the significant rise in the cases of various diseases such as Diabetes and Hypertension. Additionally, most of the Asia-Pacific countries have noted an increase in the overall geriatric population which would further allow the market to hold great potential.

Biomedical Sensors Market Drivers

The growing proportion of the aging population coupled with new forms of diseases has been a key driver for the market.

The world is growing old, and the said fact has been accepted by various organizations such as CDC, WHO, and others. The brighter side of the said fact is that medical sciences have advanced to an extent, where a patient can live an extended life on supplemental forms of support such as ventilators and artificial hearts or key organs. As per CDC estimates, around 71 million people of the US will cross the threshold of 65 years and would represent close to 25% of the population, which currently is close to 19%. However, populations are burdened with diseases or have a general state of poor health. As per CDC reports, around 22.2% of those above 65 have “fair or poor health” and around 7% of the population need some form of personal care. Furthermore, hypertension or high blood pressure coupled with other cardiovascular diseases allows the use of biomedical sensors. Some forms of biomedical sensors used in gauging blood pressure are liquid coupling direct measurement, pipe-end sensing measurement, indirect blood pressure sensing measurement. 

The use of biomedical sensors in the field of nanotechnology along with continual improvements and developments in non-invasive medical applications have been a key driver for the market.

Nanotech enabled sensors to have been continually providing solutions in the field of physical, chemical, and biological sensing. The said sensing can increase the detection specificity, sensitivity, multiplexing capability, and portability for a wide series of health, safety, and environmental assessments. NNI (National Nanotechnology Initiative) agencies have been participating and providing coordinated efforts to stimulate the existing and emerging projects. Some of the major agencies are-> NIOSH, NIH, NSF, FDA, NASA, NIST, and CPSI. Scientists have found a way to form porous metal nanostructures in thin films. The findings could lead to improved biosensing devices in the future. Further, nanotechnology can be extensively used to treat diseases and conditions such as diabetes, cancer, and various neuro/cardiovascular diseases. As for 2020, around 490 million people suffer from diabetes globally and around 18.1 million cancer cases have been prevalent in the world for 2020.

Biomedical Sensor Market Challenges

Security concerns related to the use and transfer of patient information to the providers, supplemented by long-product development cycles and other harms caused by energy to one’s body pose themselves as unique challenges.

The cases of data breaches from the afflicted medical condition have been increasing throughout the world. As per reports more than 40 million healthcare records have been exposed or have been impermissibly disclosed over the period of 12 months. Additionally, around 674 reported breaches resulted in the infringement of data. On average, between July 2020 and June 2021, an average of 3,343,448 healthcare records were breached each month. Furthermore, machines/ medical sensors such as ECG provides massive amounts of radiation which can increase the overall risk of cancer. Owing to such risks, the overall risks are multiplied.

Biomedical Sensors Market Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Biomedical Sensor Market. Biomedical Sensors top 10 companies include:

1. GE Healthcare
2. Honeywell International Inc.
3. STMicroelectronics N.V.
4. First Sensor AG
5. Medtronic PLC
6. Smith’s Medicals
7. Measurement Specialities
8. Analog Devices
9. Texas Instruments
10. NXP Semiconductor

Recent Developments

• In January 2022, Electronic Textile sensors have been studied to provide and decode vital body signals. The digitization of textiles (textronics) has created new opportunities for integration with conformable sensors to enable unobtrusive, noninvasive, and continuous decoding of vital body signals. it analyzes the performance characterization techniques currently used for these sensors and highlights the need for standardized test methods in the following aspects: biocompatibility, thermal and tactile comfort, aging, and operation of the biomedical sensing modality at a standard human stretch.
• In January 2022, Electroninks has expanded the line of particle-free conductive inks with new gold and platinum formulations. The addition of gold and platinum inks gives makers of consumer electronics, medical devices, sensors, and semiconductors the ability to make lighter, less expensive, and more environmentally friendly products.  The new gold and platinum metal inks consist of metal-organic precursors that decompose cleanly at lower temperatures than nanoparticle inks and can be UV-cured. 
• In December 2021, Pop-Up electronic sensors could now detect when individual heart cells would misbehave. Engineers at the University of California San Diego have developed a powerful new tool that monitors the electrical activity inside heart cells, using tiny "pop-up" sensors that poke into cells without damaging them. The device directly measures the movement and speed of electrical signals traveling within a single heart cell -- a first -- as well as between multiple heart cells. It is also the first to measure these signals inside the cells of 3D tissues.

Key Market Players:

The Top 5 companies in the Biomedical Sensor Market are:

1. NXP Semiconductor
2. Honeywell International Inc
3. Analog Devices
4. InfobionicKoninklijke Philips N.V
5. Koninklijke Philips N.V

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