PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401778
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401778
Medical Sensors Market size was valued at USD 7,112 Million in 2022, expanding at a CAGR of 10.5% from 2023 to 2030.
Medical sensors are devices that react to different physical stimuli, such pressure, heat, light, sound, or any specific motion, and then transmit the impulse that is generated so that it can be examined at the point of care. These gadgets transform physical sensations into electrical impulses. Medical sensors are very beneficial for managing, diagnosing, and treating illnesses.
Medical Sensors Market- Market Dynamics
Increasing applications of MEMS technology, smart materials in medical industries to propel market demand
The healthcare and medical industries are using low-power electronics, MEMS technology, power harvesting, and smart materials more frequently because of these advancements. Sensors have played a significant part in this industry, from basic medical equipment to sophisticated distributed healthcare systems, accurate detection, and early warning of patients' health issues. Moreover, the avenue for improved patient health has been cleared by the development of inconspicuous sensing systems. In August 2021, an Indian researcher created wearable, flexible, and inexpensive sensors that can be used to diagnose human heart rate variations. It can be utilized for both small- and large-scale motion monitoring because it is a flexible pressure and strain sensor with great sensitivity. These applications are expected to offer growth opportunities for market growth.
Medical Sensors Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 10.5% over the forecast period (2023-2030)
Based on Type segmentation, pressure sensors was predicted to show maximum market share in the year 2022, owing to high demand from healthcare monitoring application.
Based on Application segmentation, diagnostic segment was the leading type in 2022, mainly due to increasing demand for medical sensor in diagnostic solution.
Based on End-User segmentation, hospitals was the leading type in 2022, mainly due to growing demand from hospitalized treatment.
On the basis of region, North America was the leading revenue generator in 2022, owing to highly adopted advanced healthcare infrastructure.
The Global Medical Sensors Market is segmented on the basis of Type, Application, End-User, and Region.
The market is divided into five categories based on Type: flow sensor, image sensor, temperature sensor, pressure sensor, and others. The pressure sensor segment dominates the market. The temperature sensor witnessed significant demand due to recent COVID-19 crisis.
The market is divided into five categories based on Application: diagnostic, therapeutic, monitoring, wellness & fitness, and others. The diagnostic segment dominates the market and is likely to maintain its dominance during the forecast period. The monitoring applications are boosting the demand for medical sensor in multiple solution for different disease treatment.
The market is divided into three categories based on End-User: hospitals, clinics, and others. The hospitals dominate the market and is likely to maintain its dominance during the forecast period. The growing prevalence of chronic disorders and health monitoring is boosting the market growth.
Medical Sensors Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to lead the market during the forecast period. The industry is growing because of factors like a strong healthcare infrastructure, appropriate and advantageous reimbursement rules, quick adoption of cutting-edge medical technology, and important players in the area. A additional factor supporting the acceptability of modern medical devices and related sensors in recent years has been the increasing number of patients receiving diagnosis and treatment in the areas as a result of an increase in the incidence and prevalence of chronic illnesses.
Over the forecast period, the medical sensors market has grown at a signficant rate. Major players are drawn to areas with a well-developed healthcare infrastructure, favorable and sufficient reimbursement regulations, and quick adoption of cutting-edge medical technologies. The software development, instrumentation, microelectronics, telecommunications, biotechnology, and instrumentation sectors are among the businesses that the medical device industry depends on and where the United States has a competitive advantage. Recent developments brought about by collaborations by players include implantable electronic devices, biomarkers, stent technologies, neuro-stimulators, and robotic assistance.
In August 2022 - Sibel Health announced raising of USD 33 million in its Series B financing fund round as part of its investment.
The scope of this report covers the market by its major segments, which include as follows: