Medical sensors are devices or components that are used for monitoring physiological parameters and converting them into electrical signals. Various types of medical sensors are used for monitoring vital signs such as temperature, blood pressure, heart rate, pulse oximetry, blood glucose monitoring, respiratory functions, and other parameters. Increasing adoption of wireless medical sensors is expected to drive the growth of the medical sensors market. Wireless sensors play a key role in remote patient monitoring by transmitting medical parameters to caregivers. This allows for continuous monitoring of patients outside of healthcare facilities.
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.
Market Dynamics:
Growing adoption of wireless medical sensors is expected to drive the growth of the medical sensors market over the forecast period. Wireless sensors eliminate the need for wires and cables, allowing enhanced mobility and convenience for patients. They facilitate real-time monitoring and prevent errors arising from manual data transcription. This factor is increasing the demand for wireless sensors across various medical applications such as wireless BP monitors, glucose monitors, ECG patches, and others. Wireless connectivity also enables remote patient monitoring thereby reducing healthcare costs. Furthermore, increasing prevalence of chronic diseases is another major factor boosting the medical sensors market. According to the Centers for Disease Control and Prevention, in 2018, about 60% of American adults suffered from at least one chronic disease. Diseases such as cancer, diabetes, cardiovascular diseases, and respiratory diseases require long-term monitoring of vital signs which is further propelling the demand for medical sensors.
Segment Analysis
The medical sensors market can be categorized into three primary segments- diagnostic sensors, monitoring sensors and therapeutic sensors. The diagnostic sensors segment currently dominates the market share and is expected to continue its dominance during the forecast period. These sensors are used for diagnosis of various chronic diseases like diabetes and cardiovascular diseases. Factors such as growing prevalence of lifestyle diseases, increasing geriatric population and technological advancements are driving the growth of this segment
PEST Analysis
Political: Governments across the world are investing heavily in digitization of healthcare and promoting remote patient monitoring. Favorable medical reimbursement policies are boosting adoption of medical sensors.
Economic: Rising healthcare expenditure, growing per capita income and increasing demand forwireless and wearable health monitoring devices are fueling the market growth.
Social: Changing disease patterns, growing health awareness and increasing acceptance of self-health tracking tools are positively impacting the market.
Technological: Advancements in material science, sensor miniaturization, IoT integration and development of low-cost wireless sensors are expanding the application areas of medical sensors.
Key Takeaways
The Global Medical Sensors Market Growth is expected to witness high during the forecast period of 2023-2030. 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.
Regionally, North America dominates currently due to robust healthcare infrastructure and technological advancements. Asia Pacific is anticipated to be the fastest growing market owing to rising medical tourism, growing geriatric population and increasing healthcare spending.
Key players operating in the medical sensors market are 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. These players are focusing on new product launches, expansion of manufacturing facilities and acquisitions for strengthening their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it