April 20, 2024

Growing Demand Is Projected To Fueling The Medical Sensors Market Growth

Medical sensors play a vital role in measuring various vital body parameters like temperature, heart rate, blood pressure, oxygen saturation levels etc. These sensors help doctors and clinicians monitor patient health conditions and facilitate quick diagnosis and treatment. Medical sensors are either implanted inside the body or attached to the skin surface with the help of electrodes and transmit data to monitoring devices.

The global Medical Sensors Market is estimated to be valued at US$ 22620.05 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The rising popularity of home healthcare is driving innovation in wearable biosensors that can transmit vital health data to hospitals and clinics remotely. Leading manufacturers are developing bluetooth and cloud-based sensors that can monitor patients outside of healthcare facilities and ensure early detection of health issues. Wireless sensors integrated with mobile apps offer people-centric care and enable round-the-clock health monitoring without restrictions of movement. This remote patient monitoring technology has tremendous potential to lower healthcare costs while improving outcomes. The advancement of wireless biosensing is expected to significantly transform the medical sensors market over the next decade.

Segment Analysis
Medical sensors can be broadly classified into temperature sensors, pressure sensors, photoplethysmography (PPG) sensors, image sensors, motion sensors, electrocardiogram (ECG) sensors, electroencephalography (EEG) sensors, electromyography (EMG) sensors, and flow sensors. Among these, temperature sensors dominate the medical sensors market with the highest market share. This is majorly because temperature sensors are widely used in critical medical equipment like thermometers to measure patients’ body temperature.

Key Takeaways
The Global Medical Sensors Market Size is expected to witness high growth. The global Medical Sensors Market is estimated to be valued at US$ 22620.05 Mn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030.

North American region currently dominates the medical sensors market owing to rapid advancements in healthcare infrastructure and rising adoption of advanced medical devices in the region. Europe is also a prominent market for medical sensors due to presence of major medical devices companies and growing healthcare spending. Asia Pacific is expected to witness the fastest growth over the forecast period aided by rising medical tourism, increasing healthcare spending, and growing geriatric population.

Key players related content comprises
Key players operating in the Medical Sensors market include Texas Instruments, Honeywell, TE Connectivity, Medtronic, NXP Semiconductors, STMicroelectronics, and Analog Devices. Texas Instruments is a leading player in the medical sensors market, offering a wide range of sensors like pressure sensors, temperature sensors, ECG sensors, and PPG sensors used in various medical devices.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it