Biomedical Pressure Sensors Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Biomedical Pressure Sensors Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The biomedical pressure sensors market was valued at USD 844.25 million in 2020 and expected to reach USD 1.6 billion by 2028, and grow at a CAGR of 8.63% over the forecast period. Integrating sensors with respiratory devices and patient monitoring for fully automating the processes, to the point of providing 24/7 information, has become a recent trend in the medical field.

Key Highlights

• The ultimate goal for medical device manufacturers is to continue the development of intelligent devices that enhance the effectiveness of patient care while keeping the cost of that care or treatment method at a level that the healthcare provider can justify to the insurance industry and the patient.
• Sensors, such as wedge pressure measure for cardiac diagnosis, provide a natural application for pressure sensing. An attempt is being made to develop permanently implanted sensors for devices, like optimum hemodynamic pacemakers, titrated drug dosages, or for combined treatment effects.
• The market for biomedical pressure sensors is primarily supported by small, low-cost devices. Patients can have increased mobility due to the smaller size of the devices, and therefore, not be required to be hospitalized during treatments, which is lowering the cost of healthcare.

Biomedical Pressure Sensors Market Trends

Fitness and Wellness Application Expected to Hold a Significant Share

• Wearable and implantable devices or electronics have rapidly entered the area of digital health in various biomedical applications, including monitoring, tracking, and recording aiming for the improvement of fitness and wellness, which is penetrating the adoption of a different biomedical pressure sensor device.
• For instance, Tajitsu et al. implemented a piezoresistive pressure sensor in a wristband for HR monitoring, which monitors the pressure variation in the radial artery that causes mechanical stress on the piezoelectric layer, resulting in potential variation across the electrodes.
• As the government is also putting more efforts into fitness and environmental purity. Many renowned companies are putting effort to develop new healthy fitness products to create a healthy environment.
• In March 2019, Fitbit launched a 'Fitbit Versa Lite Edition', which has relative SpO2 pressure sensor, that has the potential to estimate changes in blood oxygen levels and help track new health indicators about health, such as sleep apnea.

Asia-Pacific to hold Largest Market Share

• The Asia-Pacific region accounted for the major share because of growth in application areas of the healthcare sector. The escalating demand in the emerging economies of China, South Korea, and India is predicted to spur the regional demand for such sensors.
• Increase in government initiatives in mHealth products, rise in adoption of smartphones and other electronic devices with sensor technology, the surge in investment by public and private players to introduce sensors in mHealth, and rise in adoption of IoT and advanced technologies are the major factors driving the market.
• Asia-Pacific region is expected to gain market share due to the rise in prevalence of chronic disorders and a surge in awareness about medical sensors among the people. Increased focus on the development of medical sensors in the past few years, improvement in health care infrastructure, and early detection of diseases fuel the growth of the medical sensors market in these regions.
• The National Natural Science Foundation of China has funded E-skin, and the combination of biomedicine and sensing technology for human health monitoring are important components for biomedical pressure sensors.

Biomedical Pressure Sensors Industry Overview

The biomedical pressure sensors market is slightly fragmented and competitive. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

• May 2019 - FISO Technologies launched small innovative sensor FOP-M200, with a diameter of 200 microns and a lead-in fiber of 100 microns. This development of fiber optic sensors and signal conditioners used in medical, energy, process control, and R&D applications.
• January 2019 - All Sensors Corporation announced a low-pressure transmitter, the TLAX Series. This device series offers design engineers exceptional performance on pressure ranges of 0.5 to 30 inH2O differential and gauge and 1 to 150 PSI differential and gauge. The superior dual-die technology vastly improves position sensitivity compared to single die devices.

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