San Francisco, 15 April 2024: The Report Medical Sensors Market Analysis, By Product (Pressure Sensors, Temperature Sensors, Image Sensors, Accelerometers, Biosensors), By Application Area, By End-use (Hospitals, Physician Offices, Nursing Homes, Home Healthcare) And Segment Forecasts To 2024

The medical sensors market is expected to reach USD 18.5 billion by 2024, according to a new report by Grand View Research, Incite upsurge in the number of patients afflicted with chronic conditions, such as diabetes and hypertension, is fueling the usage of monitoring as well therapeutic devices, thus boosting the market demand.

The target population for this market is patients with chronic illnesses, as such conditions necessitate regular checkups and intermittent or continuous patient monitoring. The rise in population of chronically ill patients further increases the uptake of the medical sensors.

The geriatric population is highly prone to developing chronic disorders and they pose a higher risk of developing age-related deformities and complications. Moreover, the adoption of unhealthy food habits and sedentary lifestyles and the resultant surge in the incidence of obesity has led to the increasing prevalence of lifestyle disorders including diabetes. The presence of a large target population base combined with the prevalence of lifestyle-related risk factors is likely to accelerate the growth of the medical sensors market during the forecast period.

Technological advancements in terms of accuracy, portability, and affordability associated with the new generation medical sensors resulted in the increased usage of these devices; for instance, the introduction of easy-to-operate, home-based diagnostic kits that are cost effective. 

The medical sensors monitor vital physiological parameters and provide alerts to the healthcare professionals when critical deviations are recorded in the vital signs. This ultimately improves the quality of care provided to patients by avoiding unnecessary complications. Hence, the demand for various medical sensors is rising owing to their huge number of applications in measuring and detecting a wide range of parameters and analytes, respectively.

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The healthcare IoT (Internet of Things) sector is booming with wearable devices playing an important role in this industry. These medical sensors enable the monitoring of vital signs, such as patient temperature and blood pressure that are directly recorded in the electronic format.

Further key findings from the study suggest: 

• The biosensors products segment held a lucrative share of over 40.0% in 2015. This is ascribable to the following attributes of the novel biosensors: durability, reliability, and accuracy. Moreover, their applications in the healthcare areas, such as the detection of drug abuse, glucose monitoring for diabetes, the detection of cholesterol, and others. All these elements governed the growth of this segment in 2015. 

• The surgical applications of the sensors dominated the market in 2015. Whereas, the monitoring applications segment is projected to be the fastest growing during the forecast period. Advancements, such as wearable technology are anticipated to boost the demand for the monitoring devices market. 

• The hospitals registered a remunerative growth in 2015; this can be attributed to the presence of a well-developed healthcare infrastructure, which yields faster and accurate diagnosis. Moreover, the availability of well-equipped infrastructure coupled with the presence of skilled personnel and technologically advanced equipments contribute towards the lucrative growth of this segment. 

• North America held a considerably large share of over 35.0% in 2015 owing to the presence of leading sensor manufacturers, a well-planned medical reimbursement network, and the increasing disposable income 

• On the contrary, Asia Pacific is anticipated to be the fastest growing region with a CAGR of over8.0% over the forecast period. The favorable economic developments and the advancing healthcare system with the aid of supportive government initiatives are anticipated to further assist the growth. Moreover, the increasing base of the aging population in this region also, additionally impels the demand. According to the report published by the Ministry of Statistics, in India, 8.6% of the total population is aged above 60; hence, presenting a profitable opportunity for the market players to invest in this region. 

• The leading players of the medical sensors market include Analog devices, Inc., Avago technologies Ltd., Danaher Corporation, GE Measurement &Control Solutions, Inc., Honeywell International, Inc., Stellar technologies, Inc., OmniVision Technologies, Inc., Sensation AG, TE Connectivity Ltd., Micro-Epsilon Messtechnik GmbH Co. & KG, and NXP Semiconductors N.V. 

Additionally, the escalating burden of chronic disorders as well as, the worldwide, surging geriatric population count has consequently propelled the demand for this equipment. Chronically ill patients and the large elderly population subset form the target population for the sensor-based devices as it is imperative for them to undergo routine checkups; thus, facilitating remote and point-of-care patient monitoring. Additionally, the demand for home healthcare devices, such as pregnancy kits and glucose monitoring kits, is increasing due to their cost-effectiveness and the easy operability of these products.

The medical sensors market, based on application areas is segmented into surgical, diagnostic, therapeutic, and monitoring. The surgical application area segment is expected to dominate over the forecast period.

The therapeutic and the monitoring segments are estimated to flourish at a profitable rate over the forecast period as a consequence of the technological advancements in the medical sensors that have rendered these products highly reliable and specific in their measuring capabilities. New easy-to-operate monitoring devices are being introduced, which deliver highly accurate results in less time.

Recent Developments

·         In June 2023, OmniVision Technologies Inc. announced the launch of the medical-grade OVMed® OCHTA Cable Module. The launch provides advanced sensing, analog, and touch facility for single-use endoscopes

Some key players operating in the medical sensors market include Analog Devices, Inc., Avago Technologies Ltd., Danaher Corporation, GE Measurement & Control Solutions, Inc., Honeywell International, Inc., Stellar technologies, Inc., OmniVision Technologies, Inc., Senserion AG, TE Connectivity Ltd., Micro-Epsilon Messtechnik GmbH Co. & KG, and NXP Semiconductors N.V.

New product launches and collaborative developments are the key strategic endeavors undertaken in this industry to sustain a competitive advantage. For instance, the Thermopile Infrared digital sensor by TE Connectivity Ltd. is a temperature sensor that measures temperature without physical contact and displays the results in the digital format.