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Medical Sensors Market Overview
Medical Sensors Market size is estimated to reach $ 4814.29 Million by 2030, growing at a CAGR of 9.20% during the forecast period 2024-2030. Medical sensors are utilized to discover vital signs from patients. Medical sensors are physically fastened to individuals enduring investigation or care and can record a count of key vitals and variables. These involve temperature, blood pressure, weight, pulse rate, and more. Temperature sensors are utilized in numerous industries like motorsport, heating, ventilation, and air conditioning (HVAC), agriculture, industrial, aerospace, and automotive. There are numerous distinct facets of motors and nearly all of them need temperature measurement to guarantee the motor itself does not overheat. Ring terminal temperature sensors are frequently utilized on surface plates owing to their capability to be mounted onto a flat surface and measure temperature efficiently. Pressure sensors are utilized in infusion pumps and sleep apnea medications. A majority of the pressure sensors are combined with embedded systems. Medical Monitor Sensors persist in permitting medical professionals and patients the capability to supervise and record conditions. Sensors are available for blood glucose monitoring. Glucose sensors arrive in either a discrete form (blood glucose meter test strips) or a wearable form (a continuous glucose monitor). The most typical kind of glucose sensor is enzyme-based.
The surging technological progress in low-power electronics, micro-electro-mechanical systems (MEMS), power harvesting, and smart materials together with the establishment of low-key sensing solutions and pressure sensors integrated with embedded systems is set to drive the Medical Sensors Market. The soaring research and development to boost the traditional diagnosis and treatment techniques across the world are set to propel the growth of the Medical Sensors Market during the forecast period 2022-2027. This represents the Medical Sensors Industry Outlook.
Medical Sensors Market Report Coverage
The report: “Medical Sensors Market Forecast (2024-2030)”, by Industry ARC, covers an in-depth analysis of the following segments of the Medical Sensors Market.
By Sensor Type: Pressure Sensor, Temperature Sensor, Flow Sensor, Biosensor, Others.
By Application: Surgical, Diagnostic, Therapeutic, Monitoring, Others.
By Geography: North America (U.S, Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia, Rest of South America), and Rest Of The World (Middle East, Africa).
Key Takeaways
- Geographically, North America Medical Sensors Market accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the existence of a massive count of makers of medical sensors like sensors for blood glucose monitoring in countries like U.S. and Canada in the North American region.
- Medical Sensors Market growth is being driven by the soaring technological progress and the accessibility of wearable sensors for everyday application including blood glucose monitoring for supervising patients with obesity, cardiovascular problems, and diabetes. However, binding regulatory processes are one of the major factors hampering the growth of the Medical Sensors Market.
- Medical Sensors Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Medical Sensors Market report.
Medical Sensors Market: Market Share (%) by Region, 2021
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Medical Sensors Market Segment Analysis – By Sensor Type:
The Medical Sensors Market based on sensor type can be further segmented into Pressure Sensor, Temperature Sensor, Flow Sensor, Biosensor, and Others. The Temperature Sensor Segment held the largest market share in 2021. This growth is owing to the soaring application of temperature sensors in medical applications worldwide. Temperature sensors are utilized for monitoring body temperature at the time of RF hyperthermia treatments. The surging application of temperature sensors for NMR/MRI (Nuclear Magnetic resonance/Magnetic Resonance Imaging) systems in research and development is further propelling the growth of the Temperature Sensor segment.
Furthermore, the Pressure Sensor segment is estimated to grow with the fastest CAGR of 9.1% during the forecast period 2022-2027 owing to the proliferating application of differential pressure sensors in oxygen therapy systems for supervision of efficiency of oxygen therapy.
Medical Sensors Market Segment Analysis – By Application:
The Medical Sensors Market based on the application can be further segmented into Surgical, Diagnostic, Therapeutic, Monitoring, and Others. The Monitoring Segment held the largest market share in 2021. This growth is owing to the soaring establishment of distinct kinds of monitoring devices employing different kinds of sensors like pressure sensors for providing different kinds of treatments. The integration of distinct kinds of monitoring devices with smart devices and additional wireless medical sensor instruments for patient care is further propelling the growth of this segment.
Furthermore, the Diagnostic segment is estimated to grow with the fastest CAGR of 9.2% during the forecast period 2024-2030 owing to the promising potential of transistor-based sensors for accelerated diagnosis and treatment for COVID-19 and additional infections in conjunction with the application of other medical sensors like pressure sensors.
Medical Sensors Market Segment Analysis – By Geography:
The Medical 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 (Medical Sensors Market) held the largest share with 41% of the overall market in 2021. The growth of this region is owing to the advanced healthcare infrastructure in the region. Temperature sensors and pressure sensors are extensively utilized in medical applications. The soaring attention on the semiconductor industry backing technological progress of sensors is further driving the growth of the Medical Sensors Market in the North American region.
Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2022-2027. This growth is owing to factors like the soaring population in conjunction with an increasing predominance of incessant ailments like diabetes, respiratory issues, and hypertension in the Asia-Pacific region. The proliferating application of wearable devices from healthcare monitoring in conjunction with the application of medical sensors like temperature sensors and pressure sensors is further fueling the progress of the Medical Sensors Market in the Asia-Pacific region.
Medical Sensors Market Drivers
Soaring Applications Of Temperature Sensors Are Projected To Drive The Growth Of Medical Sensors Market:
Temperature sensors are utilized in numerous medical applications. These applications involve supervision of body temperature at the time of RF hyperthermia treatments and measurement of patient surface temperature at the time of MRI, fMRI or additional specially designed electro-surgical processes. These sensors are also typically utilized for NMR/MRI systems in research and development. Moreover, these investigations are well suited for temperature sensing in animal testing processes or at the time of sterilization with RF and UV. Neoptix products are particularly planned for medical application with precision and lasting balance in mind. Their standard T1 temperature investigations are difficult and ruggedized to support accomplishing a secure and favorable project. The proliferating applications of temperature sensors are therefore fueling the growth of the Medical Sensors Market during the forecast period 2022-2027.
Surging Applications Of Pressure Sensors Are Expected To Boost The Demand Of Medical Sensors Market:
Pressure sensors are being utilized in life-saving medical applications. Numerous medical devices presently rely on precise and balanced pressure measurements to perform trustworthily. Patient care is extending beyond the hospital and the GP‘s surgery and appearing in patients’ homes, in the form of home health supervision. Accordingly, establishing pressure sensors has evolved into an integral portion of planning medical applications. A ventilator performs by blending air with pure oxygen to support the respiratory function of a patient. Differential or gauge pressure sensors are usually sited between valves and regulators to guarantee the air and oxygen are blended in the right quantities. In this type of application, small surface-mount sensors are perfect. They will normally be particularized for a pressure range of 2in or 5in H2O and are accessible with either analog or digital (I2C) outputs. In spite of being tiny and low power, these low-pressure sensors can frequently involve an integrated DSP (digital signal processor) for adjusting for non-linearity, offsets or the consequences of temperature. The surging usage of pressure sensors in medical applications is therefore driving the growth of the Medical Sensors Market during the forecast period 2022-2027.
Medical Sensors Market Challenges
Challenges In Manufacturing Superior Medical Sensors Are Hampering The Growth Of The Medical Sensors Market:
Testing sensors at the time of and consequent to production-level manufacturing is not like testing digital integrated circuits. While digital circuits are in sensors and get tested as such, sensors frequently have analog constituents that require calibration and testing. Additionally, sensors are becoming more complex. With multiple sensor types performing in the identical small form factor, the complicated design and testing progress up. The challenge in testing sensors is not regarding normal issues in advanced nodes. With these devices in the analog world, it is about 0.18 micron, moving to possibly 90nm. The larger issue is planning sensors at the system level to acquire adequate precision and good SNR (signal-to-noise ratio) out of a sensor. This issue is thus hampering the growth of the Medical Sensors Market.
Medical Sensors Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in this market. Medical Sensors top 10 companies include:
- GE Healthcare Inc.
- STMicroelectronics
- Honeywell Inc.
- Omron Corporation
- Siemens Corporation
- TE Connectivity
- Analog Devices
- Texas Instruments
- Medtronics PLC
- First Sensor
Recent Developments
- In January 2021, Texas Instruments introduced Wireless Battery Management System for Electric Vehicles. Lithium-ion batteries are the driving force behind the horsepower in electric vehicles, and the novel TI system will keep those lively mustangs regulated without weighing them down. The battery of an electric vehicle is an accumulation of 100 or greater independent cells.
- In December 2020, Medtronic plc declared the U.S. commercial introduction of the Carpediem™ Cardio-Renal Pediatric Dialysis Emergency Machine. Succeeding the U.S. Food and Drug Administration's (FDA) marketing endorsement, granted earlier in 2020, the earliest Carpediem™ systems in the U.S were fruitfully installed and are in the application at Cincinnati Children's Hospital Medical Center. The earliest of its type Carpediem™ system is designated for application in acute kidney injury or fluid overloaded patients needing hemodialysis or hemofiltration therapy.
- In November 2020, First Sensor introduced a 2-in-1 differential pressure product. First Sensor just brought out its novel LHD ULTRA range, with all sensor types presently accessible as samples – the earliest of which have already been delivered to consumers. The high-precision 2-in-1 differential pressure sensors integrate two sensing elements with distinct pressure series in a single housing.
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Key Market Players:
The Top 5 companies in Medical Sensors Market are:
1. STMicroelectronics
2. TE Connectivity
3. Analog Devices
4. Texas Instruments
5. Medtronic
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