Medical Sensors Market - Forecasts from 2024 to 2029

Medical Sensors Market - Forecasts from 2024 to 2029

The medical sensors market is expected to grow at a CAGR of 5.94%, reaching a market size of US$3.027 billion in 2029 from US$2.250 billion in 2024.

Medical sensor’ demand is driven by major factors such as rising healthcare costs and the latest trend of home healthcare. The use of these sensors has surged across various geographies due to technological advancements. Healthcare professionals are also recommending them more frequently for efficient patient monitoring as they are now considered an effective method of diagnosing cancer, respiratory disorders, and cardiovascular diseases, thereby providing a significant boost to the medical sensors market growth. However, the stringent regulations for developing and approving medical devices may threaten to impede the market’s growth in the forecast period.

Wearable technology is a major factor in the growing IoT (Internet of Things) market for healthcare which is increasing the demand for medical sensors. Vital signs that are directly recorded in an electronic format, such as blood pressure and patient temperature, can be monitored due to these medical sensors. The demand for this equipment has been driven by the rising prevalence of chronic illnesses and the world's rapidly ageing population. The target population for sensor-based devices is the large elderly population subset and chronically ill patients, as they must have regular checkups, allowing for remote and point-of-care patient monitoring.

Medical Sensors Market Drivers:

Increasing demand for pressure medical sensors

Pressure sensors are essential for medical devices to continue improving the quality of a more efficient and secure operation. Furthermore, since they started playing a crucial role in the development of medical applications, they caused a noticeable rise in portable healthcare monitoring devices. Through precise and trustworthy diagnostics, pressure sensors can track how healthy a patient is. This may include taking blood pressure readings, automating drug infusion by delivering the proper amount of fluid at the desired rate via infusion pumps, or checking if oxygen therapy works in oxygen concentrators. Furthermore, many people also take inhalers during asthma attacks. Ineffective inhaler techniques prevent patients from receiving the full benefits of their treatment.

Moreover, the medical and healthcare industries are using low-power electronics, MEMS technology, power harvesting, and smart materials more frequently as a result of these advancements. Sensors have been essential to this industry, helping with everything from basic medical devices to sophisticated distributed healthcare systems, precise diagnosis, and early warning of patients' medical conditions. Moreover, the avenue for improved patient health has been cleared by the development of inconspicuous sensing solutions.
Increasing cases of chronic diseases

High demand for medical sensors is being fueled by increasing incidences of respiratory diseases such as asthma and chronic obstructive pulmonary disease (COPD), which is driving market growth. Wearable medical sensors are widely used in robotics to assist mechanical fingers in manipulating delicate objects and in medicine to monitor vital signs. Even basic apparel, like tight-fitting garments, can have an impact on performance because conventional soft capacitive pressure sensors are limited to operating at pressures lower than 3 kPa.
High demand for medical sensors in home healthcare

Throughout the forecast period, the home healthcare category is expected to experience lucrative growth. The escalating preference for home healthcare equipment, like diagnostic kits, over hospitals can be attributed to the high cost of diagnosis in hospitals and other healthcare facilities. These inexpensive diagnostic kits are easy to use and provide instant results. According to projections by the U.S. Bureau of Labor Statistics, more user-friendly diagnostic kits will encourage home testing increasing its frequency and subsequently impacting on home healthcare industry positively.

Medical Sensors Market Restraint:

Regulatory roadblocks & high initial cost.

Strong security measures, standardized communication and format protocols, battery life, functionality, accuracy, and comprehensive data privacy regulations are needed to preserve data privacy, interoperability, and market entry. These factors are hindering innovation and the broader use of medical sensors.

Furthermore, the high development costs associated with artificial intelligence (AI)-)-enabled sensors, implantable sensors, and other cutting-edge technologies are impeding their adoption by hospitals and financially strapped patients. The maintenance and subscription fees will also put additional brakes on the use of medical sensors.

Medical Sensors Market Geographical Outlook
North America is expected to hold a significant market share in the forecast period.

Due to the highest health spending in the United States, the medical sensors market is estimated to hold the highest market share. Healthcare is so expensive in the country; a good number of people have insurance, and the country lacks a universal healthcare system. Moreover, in the United States, people are moving from volume-based to value-based care. A shift in the healthcare market dynamics leads to improved patient outcomes at reduced costs. Hence, changing demographic factors such as an ageing population and the high prevalence of chronic disease sufferers will continue to act as major drivers for the medical sensors market growth during the forecast period.

Medical Sensors Market Developments:

In May 2023, Swiss sensor developer and manufacturer Greenteg introduced fever-tracking technology in association with the University Hospital of Basel. They plan to introduce the product at the Düsseldorf event. They also launched corsano, The Corsano Health Cardiowatch 287 Bracelet is a multi-sensor wristband that uses the CALERA® core body temperature sensor solution for continuous and non-invasive measurement of core body temperature. The device is a non-invasive, continuous cardio-respiratory function monitoring wrist instrument. In this way healthcare providers can have advanced early information about patients with cardio-respiratory diseases. It allows people to live better lives as a result of that advancement.
In January 2022, ICU Medical Inc. purchased Smiths Medical from Smiths Group plc. Through this acquisition, ICU Medical Inc. now offers the latter’s product line. The addition of Smiths Medical enhances the stability of the medical supply chain and creates a scaled global competitor based in the US that can expand as clinical care models change. It also fits in well with ICU Medical's current business.

Medical Sensors Key Market Segmentation:

The medical sensors market is segmented and analyzed as below:

By Type

Image Sensors
Pressure Sensors
Temperature Sensors
Motion Sensors
Flow Sensors
ECG Sensors
Others

By Application

Monitoring
Therapeutic
Surgical
Diagnostics

By End-User

Hospital
Nursing Home
Physician
Others

By Placement

Wearable Sensor
Invasive and Non-Invasive Sensor
Implantable Sensor
Ingestible Sensor

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
UK
Germany
France
Spain
Others
Middle East and Africa
UAE
Saudi Arabia
Others
Asia Pacific
Japan
China
India
South Korea
Others