April 18, 2024
Medical Sensors Market

Medical Sensors are Expected to be Flourished by Internet of Medical Things (IoMT)

Medical sensors play a crucial role in monitoring patients’ vital signs and detecting medical conditions. They are widely used in applications ranging from diagnostics to therapeutics. Some common types of medical sensors include temperature sensors, pressure sensors, pacemakers, glucose monitors, image sensors and biosensors. The global medical sensors market encompasses a variety of segments including biosensors, temperature sensors, pressure sensors, image sensors, motion sensors and others.

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 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

The rapid growth of the Internet of Medical Things (IoMT) is fueling the demand for medical sensors. IoMT involves connecting medical devices to healthcare IT systems via internet to efficiently collect and share health data with physicians and medical staff. This enables remote patient monitoring and delivers improved patient care. The increasing adoption of telehealth solutions and remote patient monitoring during the Covid-19 pandemic has further boosted the IoMT revolution, driving the medical sensors market.

Market Dynamics
The medical sensors market is expected to be flourished by the growing Internet of Medical Things (IoMT) as mentioned in the heading. IoMT enables improved patient care through remote health monitoring and real-time patient data collection using various medical sensors. This offers significant advantages like early disease detection, reduced hospital visits and cost savings for payers as well as providers. Furthermore, connectivity of medical devices to healthcare IT systems allows physicians to timely intervene based on alerts and remotely manage chronic conditions of patients. The increasing government initiatives to implement digital healthcare infrastructure combined with rising penetration of connected devices are projected to propel the IoMT ecosystem, fueling the demand for medical sensors. Moreover, technological advancements enabling development of miniaturized, interoperable and accurate sensing solutions would also contribute to the market growth over the coming years. However, data privacy and security challenges pertaining to wireless medical sensors may hinder the full potential of IoMT to some extent.

Segment Analysis
The medical sensors market is segmented into diagnostic sensors and therapeutic sensors. The diagnostic sensors segment dominates the market and accounts for over 60% share. This is because diagnostic sensors are increasingly being used for patient monitoring in hospitals, home healthcare and medical clinics. Sub-segments of diagnostic sensors include biosensors, temperature sensors, motion sensors, image sensors, ECG sensors etc. Among these, biosensors have emerged as the largest segment owing to growing applications in testing blood glucose level, DNA sequencing etc.

PEST Analysis
Political: Regulations regarding data privacy and security are being strengthened globally which is positively impacting the market.

Economic: Growing healthcare spending across countries and increasing insurance coverage is fueling the demand for medical sensors.

Social: Rising awareness about prevention, early detection and treatment of diseases is driving the adoption of sensor-based medical devices.

Technological: Advancements in sensor technology, miniaturization, integration of AI and IoT is expanding applications of sensors in real-time monitoring as well as remote and self-care.

Key Takeaways
The Global Medical Sensors Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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 4.7% over the forecast period 2023 to 2030.

Regional analysis indicates that North America currently holds the largest share due to advanced healthcare infrastructure and growing chronic disease prevalence in the region. Asia Pacific is projected to be the fastest growing market owing to rising healthcare expenditure, increasing medical tourism and growing focus of global players on expanding presence in countries like China and India.

Key players operating in the medical sensors market include Cargill, Incorporated, Archer Daniels Midland Company (ADM), Skretting (a part of Nutreco), Aller Aqua Group, BioMar Group, Ridley Corporation Limited, Purina Animal Nutrition (a subsidiary of Land O’Lakes), Nutriad International NV (acquired by ADM in 2018), BENEO GmbH, Dibaq Aquaculture. Among these, Cargill, ADM and Skretting account for majority share due to their product diversification and global presence across key markets. These companies are focusing on developing advanced and customized solutions to increase operational efficiency for customers.

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