Medical Sensors Market

Medical Sensors Market generated a revenue of USD 1,455 Million in 2019 and is forecast to expand at 10.1% CAGR over the forecast period (2020-2027), owing to the growing demand for medical sensors across the therapeutic and diagnostic industries.

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Key Drivers

The significant factors which are responsible for propelling the growth of the market include several technological advancements in medical devices such as the introduction of fiber optics with real-time & monitoring capabilities and digital medical monitoring devices and increasing implementation of these sensors in the connected medical devices across the globe. For example, in 2018, Teva Pharmaceutical Industries Ltd. announced the approval of ProAirDigihaler by U.S FDA which has built-in digital sensors that offer inhaler usage information with a mobile application. In addition, the increasing cases of chronic diseases is another factor catalyzing the market growth. For instance, as stated by the American Cancer Society, in 2019, nearly 1,762,450 new cancer cases were diagnosed with approximately 606,880 cancer deaths in the U.S. Additionally, the rising demand for wearable devices such as fitness band, health & heart monitor, and increasing investment in the healthcare sector across several countries are some other factors bolstering the growth of the medical sensors in the market during the forecast period.

Moreover, increasing inclination towards homecare point of care devices is also paving the way for the medical sensors market as these devices provide flexibility and reduce time to travel to a physician. The growing geriatric population and increasing investment in research & development of such sensors by leading companies are further driving the market growth. The factors which are responsible for hampering the growth of the global medical sensors market include the slow adoption of the advanced medical system in developing regions and quality concern regarding medical sensors devices usage. Inadequate re-imbursement for new technologies might also hamper the market growth.

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Sensor Type Segment Analysis

Pressure sensors are anticipated to increase at a higher CAGR in the global medical sensors market during the forecast period owing to the rising penetration of this type of sensors in medical devices like blood pressure monitors, respiratory therapy devices, and heart rate monitors. Moreover, various medical applications of pressure sensors such as used for the monitoring of oxygen pressure in oxygen therapy system, provides positive pressure masks to treat sleep apnoea, and ensures the right amount of drug delivery by controlling & measuring the flow of fluids in the patient through drug delivery systems are some other factors which are bolstering the growth of the market in this segment.

Product Type Segment Analysis

Non-invasive segment is projected to grow at a higher CAGR over the forecast period in the global medical sensors market due to the rising implementation of IoT in medical devices and the growing demand for connected medical devices worldwide. The benefit offered by non-invasive monitoring devices to decrease the number of emergency visits & hospitalization by early detecting the problem is also a major factor bolstering the growth of the market in this segment.

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Regional Analysis

North America region is expected to increase at a higher CAGR in the global medical sensors market during the forecast period due to the rising demand for medical sensors in the region as a result of increasing investments in the healthcare sector across countries like the United States. Moreover, the presence of various manufacturers of medical sensors and medical devices, along with the growing technological advancements in the healthcare industry, are some other factors that are surging the demand for medical sensors in the region.

Increasing incidences of chronic diseases like hypertension, diabetes, and respiratory issues are anticipated to support the growth in the Asia Pacific region. As per the International Diabetes Federation, nearly 382 million people were diagnosed with diabetes globally. Additionally, the growing healthcare awareness among healthcare professionals and consumers will augment the market growth.

Various notable players operating in the market include TE Connectivity, Texas Instruments Incorporated, Medtronic, First Sensor AG, STMicroelectronics, Tekscan, Inc., Sensirion AG Switzerland, NXP Semiconductors, Proteus Digital Health, and Amphenol Advanced Sensors, among others. 

Key Developments: 

• • In 2021 – OMRON established Automation Center in Barcelona, to secure OMRON’s position as a leading vendor in factory automation technology to address various challenges. OMRON changes automation concepts into advanced solutions with the support of the Automation Center. The intent to showcase OMRON’s i-Automation and the concept of incorporated, interactive, and intelligent solutions, including its portfolio of control, motion, vision, safety, robotics technologies, and worldwide engineering and services capabilities.
  • In 2021 – Sensirion Holding AG, a leading vendor of environmental and flow sensor solutions, acquired AiSight GmbH, a pioneer in scalable, user-friendly machine diagnostics. AiSight, in Berlin, develops and supplies plug-and-play solutions for the expanding industrial condition monitoring and predictive maintenance sector. The technology makes use of vibration and temperature sensors and artificial intelligence data processing to help industrial organizations minimize unplanned downtime and improve the quality of their production processes
  • In 2020, TE Connectivity acquired a majority of share of 71.87% of First Sensor, a player in sensor technology. Through this acquistion, the company planned to offer a broad product base that includes innovative sensors, systems, and connectors with enhanced qualities, which will help to support the growth strategy of the company’s sensor business.
  • In 2019, Medtronic acquired Titan Spine, which is a titanium spine interbody implant and surface technology company. Through this acquisition, the company planned to strengthen its position in the procedural solutions for spine surgery.

The global medical sensors market has been segmented on the basis of sensors type, product type, application, end user, and regions. Based on sensors type, the market is segmented into temperature sensors, pressure sensors, blood oxygen sensors, blood glucose sensors, image sensors, electrocardiogram (ECG) sensors, ingestible sensors, motion sensors, heart rate sensors, and touch sensors. Based on product type, the market is segmented into invasive and non-invasive. Based on application, the market is segmented into patient monitoring, diagnostic imaging, and medical implants & endoscopy. Based on end user, the market is segmented into nursing homes, assisted living facilities, long-term care centers, & home care settings, hospitals & clinics, and others. 

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Key questions answered in this research report:

• • At what pace is the global medical sensors market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the medical sensors market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global medical sensors market?
  • Which sensors type generated maximum revenues in 2019 and identify the most promising sensors type during the forecast period?
  • What are the various application areas of the global medical sensors market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues (2019)	USD 1,445 Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Sensors Type, By Product Type, By Application, By End User, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	TE Connectivity, Texas Instruments Incorporated, Medtronic, First Sensor AG, STMicroelectronics, Tekscan, Inc., Sensirion AG Switzerland, NXP Semiconductors, Proteus Digital Health, and Amphenol Advanced Sensors, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Medical Sensors Market by Sensors Type

• • Temperature Sensors
  • Pressure Sensors
  • Blood Oxygen Sensors
  • Blood Glucose Sensors
  • Image Sensors
  • Electrocardiogram (ECG) Sensors
  • Ingestible Sensors
  • Motion Sensors
  • Heart Rate Sensors
  • Touch Sensors

Global Medical Sensors Market by Product Type

• • Invasive
  • Non-Invasive

Global Medical Sensors Market by Application

• • Patient Monitoring
  • Diagnostic Imaging
  • Medical Implants & Endoscopy

Global Medical Sensors Market by End User

• • Nursing Homes, Assisted Living Facilities, Long-Term Care Centers, & Home Care Settings
  • Hospitals & Clinics
  • Others

Global Medical Sensors Market by Region

• • North America Medical Sensor Market (Option 1: As a part of the free 25% customization)
    • By Sensors Type
    • By Product Type
    • By Application
    • By End User
    • US Market All-Up
    • Canada Market All-Up
  • Europe Medical Sensor Market (Option 2: As a part of the free 25% customization)
    • By Sensors Type
    • By Product Type
    • By Application
    • By End User
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Medical Sensor Market (Option 3: As a part of the free 25% customization)
    • By Sensors Type
    • By Product Type
    • By Application
    • By End User
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Medical Sensor Market (Option 4: As a part of the free 25% customization)
    • By Sensors Type
    • By Product Type
    • By Application
    • By End User
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Medical Sensors Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • TE Connectivity
  • Texas Instruments Incorporated
  • Medtronic
  • First Sensor AG
  • STMicroelectronics
  • Tekscan, Inc.
  • Sensirion AG Switzerland
  • NXP Semiconductors
  • Proteus Digital Health
  • Amphenol Advanced Sensors