Medical Sensor Market - Forecast(2021 - 2026)

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Medical Sensor Market Overview

The global Medical Sensor Market size is forecast to reach $4.2 billion by 2026, growing at CAGR of 8.8% from 2021-2026. The increasing adoption of medical sensors in developing portable and connected devices is set to be the major driver for the growth of the medical monitor market over the forecast period. Additionally, adoption of wireless patient monitoring devices increases among patients during the pandemic situation will accelerate the market growth scope for companies operating in the medical sensor industry during the forecast period 2021-2026. Moreover, rise in chronic diseases and technological advancement such as AI, IoT and others for developing advanced smart patient blood glucose monitoring, pressure sensor and temperature sensor solutions are the other factors that will assist the market growth in future. Furthermore, increasing government healthcare expenditure for drug delivery improvements has been contributing to the market growth in long run. Such factors are analyzed to drive the market during the forecast period 2021-2026.

Medical Sensor Market Report Coverage

The report based on: “Medical Sensor Market Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Medical Sensor Market industry outlook.

By Sensor Type: Temperature Sensors, Pressure Sensors, Biosensors, Blood Glucose Sensors, Blood Oxygen Sensors, Electrocardiogram (ECG) Sensors, Image Sensors, Motion Sensors, Heart Rate Sensors, Flow Sensors, Others.
By Product Type: Wearable Sensors, Implantable Sensors, Ingestible Sensors, Strip Sensors and Others
By Application: Monitoring, Diagnostics, Therapeutic, Imaging, Fitness, Others. 
By End-Users: Hospitals, Clinics, Nursing Homes, Homecare, Others 
By Geography: North America (USA, Canada and Mexico), Europe (U.K., Germany, Italy, France, Netherland & Rest of Europe), APAC (China, Japan, South Korea, India, Australia & Rest of APAC), South America (Brazil, Argentina & Rest of South America), RoW (Middle East & Africa)

Key Takeaways

  • Monitoring applications segment is analyzed to witness the highest growth rate in the Medical Sensor market during the forecast period 2021-2026, owing to factors such technological advancement and rise in chronic diseases.
  • Hospitals are anticipated to grow with a high CAGR of around 7.5% in the global Medical Sensor Market during the forecast period 2021-2026, owing to adoption of medical devices.
  • North America region is analyzed to witness the fastest growth in the global Medical Sensor market during 2021-2026, owing to rising government healthcare expenditure.

Global Medical Sensor Market Value Share, By Geography, 2020 (%)

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Medical Sensor Market Segment Analysis- By Application

Monitoring application segment is analyzed to account for the highest CAGR of 12.2% in the global Medical Sensor Market during the forecast period 2021-2026. The factors such as increasing advancements in wireless communication technology and growing internet penetration within healthcare sector to enable remote monitoring of patient’s vitals have been contributing to the market growth of Monitoring segment. Rise in chronic diseases and technological advances such as AI, IoT and others for developing advanced smart patient monitoring solutions act as major drivers for the growth of Monitoring Segment. Moreover, mobile cardiac telemetry has emerged as a necessary clinical tool for patients during the pandemic situation is also analyzed to boost the Medical Sensor market growth during the forecast period 2021-2026. Furthermore, increasing adoption of blood glucose meter and various portable healthcare devices is another factor analyzed to propel the Medical Sensor market growth. In November 2020, Carematix’s Blipcare launched Blip BP 800 Cellular Blood Pressure Monitor. It is designed to combine seamlessly with Carematix’s Remote Patient Monitoring portal for monitoring blood pressure at home. Such developments increase the demand of Medical Sensors among medical device manufacturing companies in the long run.

Medical Sensor Market Segment Analysis- By End-Users

Based on end-users segmentation, Hospitals held the highest Medical Sensor Market share of around 56.5% in the global Medical Sensor market in 2020. The factors such as increasing adoption of advanced medical devices for early disease diagnosis and government emphasis towards routine check-up as well as timely treatment have been contributing to the increasing awareness among people, thus boosting the growth of the market. Moreover, Covid19 pandemic has been increasing the demand for wireless patient monitoring devices in hospitals, which further accelerate the market growth scope for companies operating in the medical sensor industry. In May 2020, Royal Philips launched the next-generation wireless wearable biosensor i.e. BX100, in order to manage confirmed as well as suspected COVID-19 patients within the hospitals.  It is designed primarily to address new method to vital sign measurements, supports clinical surveillance of higher acuity patients shifting from ICUs to lower acuity general care units. Such developments can influence the market growth of Medical Sensor in the long run.

Medical Sensor Market Segment Analysis-By Geography

North America held the highest Medical Sensor Market share of around 36.5% in the global Medical Sensor Market in 2020 and is further set to grow at a significant rate during the forecast period 2021-2026. The factors such as high demand for wireless or portable systems, rising rate of chronic or cardiovascular diseases and others have been contributing to the market growth across the region in long run. Additionally, government healthcare spending in an annual budget will create opportunities for the growth of the market. For instance, According to U.S Department of Health and Human Services data, USA Healthcare Expenditure is estimated to reach $6.2 Trillion by 2028 and will account for 20% of the GDP.  Technological advancement in healthcare sector, penetration of smart fitness or wellness wearable devices along with investment in R&D activities for developing more advanced health monitoring products is set to create opportunities for the Medical Sensor Market. In September 2020, Tekscan Inc., a USA based medical sensor providing company, launched F-Scan64, a new easy-to-use wireless in-shoe pressure mapping system. The mapping technologies use ultra-thin pressure sensors to record pressure data while performing dynamic actions. Such developments can further influence the Medical Sensor market growth of in the long run.

Medical Sensor Market Drivers

Rise in chronic diseases

Rise in chronic diseases such as diabetes, cardiovascular diseases, cancer and others act as a major driver boosting the growth of patient monitoring devices, which further influences the growth of medical sensor market. Patients suffering from cardiovascular diseases require continuous monitoring of body parameters including heart rate, pulse rate, blood glucose levels, ECG and others in order to analyze current health status. According to International Diabetes Federation (IDF), there were approximately 463 million people living with diabetes in 2019, with the number projected to rise to 700 million by the year 2045. In April 2020, Alive Cor announced about its global strategic alliance with OMRON Healthcare Co Ltd., in order to combine its ECG technology with OMRON’s blood pressure devices, for facilitating patient monitoring owing to the pandemic. As people with chronic illness, including heart disease are at higher risk of COVID infections, this will help in improving telemedicine services through allowing patients to send personal health data to physicians, boosting the integration of medical sensors in health monitoring devices.

Technological advancement like development of smart medical devices is set to be one of the factors that can drive the market forward

Development of smart medical devices is set to be one of the factors that can drive the market forward during the forecast period 2021-2026. Smart medical devices have medical sensors integrated with advanced computing and communication technologies to monitor collect and transmit patient data to provide better diagnostics and treatment decisions. Moreover, smart devices such as wearable; transmit critical medical data in real time from hospital beds, private homes and so on to physicians. Smart medical devices are also widely used for therapeutic treatments, injury prevention as well as rehabilitation. Furthermore, Covid19 pandemic compels the manufacturer to produce smart devices to monitor patient blood pressure, glucose level and so on. In November 2020, Medtronic plc, leader in medical technology, launched first and only FDA-cleared smart insulin pen i.e. InPen, integrated with real-time Guardian Connect CGM data to provide real-time glucose readings along with insulin dose information given to patient’s everyday to manage their diabetes. Such developments can influence the market growth of Medical Sensors in the long run.

Medical Sensor Market Challenges

Stringent regulations by the Government

Increasing stringency in government regulations acts as a major challenge restraining the market growth of Medical Sensors. The manufacturers of medical sensors are facing country-specific regulatory procedures for mixing sensors with medical devices from US Food and Drug Administration. The commercialization of medical sensors takes plenty of time due to elaborate documentation processes and costly clinical trials. Additionally, the regulatory authorities authenticate the composition of materials required to manufacture medical sensors. To obtain such regulatory approvals, it’s a matter of time, thus slowing down the process of commercialization of medical sensors, hampering the market’s growth. Furthermore, development of advanced medical sensors which involves complexity in designing and testing is the other factor that impedes the growth of the market. Owing to the above mentioned factors, use of medical sensors will be significantly impacted, thus hampering its market growth. 

Medical Sensor Market Landscape

Partnership, Acquisitions, Collaboration, technology launches and R&D activities are key strategies adopted by players in the Medical Sensor Market. The Medical Sensor Market top 10 companies include TE Connectivity, Medtronic plc, Analog Devices, Texas Instruments, STMicroelectronics, Tekscan, NXP Semiconductors, Sensirion, ON Semiconductor Corporation and Amphenol Corporation.

Acquisitions/Technology Launches

  • In August 2021, Sensirion, world’s leading manufacturer of flow sensors for medical ventilation, expanding its flow sensors product portfolio for ventilators. The new three flow sensors are part of the SFM3xxx platform and share the same characteristics such as high accuracy, very low pressure drop and fast signal sampling.
  • In May 2020, TE Connectivity, a global leader in connectivity and sensors, developed SMI SO-10 pressure sensor package with vertical port which includes a MEMS pressure sensor and an advanced signal-conditioning IC to offer a fully pressure calibrated and temperature compensated output. It is designed for a wide range of applications from medical to HVAC.

Relevant Report Titles

Smart Medical Devices Market – Forecast (2021 - 2026)

Report Code: HCR 30669

Sensors in Healthcare Applications Market – Forecast (2021 - 2026)

Report Code: ESR 0278

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1.    Medical Sensor Market  - Overview

1.1    Definitions and Scope

2.    Medical Sensor Market - Executive Summary

2.1   Market Revenue, Market Size and Key Trends by Company

2.2   Key trends by type

2.3   Key trends segmented by Geography

3.    Medical Sensor Market– Industry Market Landscape

3.1   Comparative Analysis

3.1.1  Product/Company Benchmarking-Top 5 Companies

3.1.2  Top 5 Financial Analysis

3.1.3  Market Value Split by Top 5 Companies

3.1.4  Patent Analysis

3.1.5  Pricing Analysis

4.    Medical Sensor Market – Startup companies Scenario Premium Premium

4.1Top 10 startup company Analysis by

4.1.1      Investment

4.1.2     Revenue

4.1.3     Market Shares

4.1.4     Market Size and Application Analysis

4.1.5     Venture Capital and Funding Scenario

5.    Medical Sensor Market – Industry Market Entry Scenario Premium Premium

5.1 Regulatory Framework Overview

5.2New Business and Ease of Doing business index

5.3Case studies of successful ventures

5.4 Customer Analysis – Top 10 companies

6.    Medical Sensor Market - Market Forces

6.1Market Drivers

6.2Market Constraints/Challenges

6.3Porters five force model

6.3.1     Bargaining power of suppliers

6.3.2     Bargaining powers of customers

6.3.3     Threat of new entrants

6.3.4     Rivalry among existing players

6.3.5     Threat of substitutes

7.    Medical Sensor Market  – By Strategic Analysis  (Market Size -$Million/Billion)

7.1Value Chain Analysis

7.2Opportunities Analysis

7.3Product Life Cycle/Market Life Cycle Analysis

8.    Medical Sensor Market- By Sensor Type

8.1 Temperature Sensors

8.2Pressure Sensors

8.3Biosensor

8.4Blood Glucose Sensors

8.5Blood Oxygen Sensors

8.6Electrocardiogram (ECG) Sensors

8.7 Image Sensors

8.8Motion Sensors

8.9Heart Rate Sensors

8.10    Flow Sensors

8.11    Others

9.    Medical Sensor Market- By Product Type

9.1  Wearable Sensors

9.2Implantable Sensors

9.3Ingestible Sensors

9.4 Strip Sensors

9.5Others

10.Medical Sensor Market– By End-Users

10.1    Hospitals

10.2    Clinics

10.3    Nursing Homes

10.4    Homecare

10.5    Others

11.Medical Sensor Market -  By Geography (Market Size -$Million)

11.1    North America

11.1.1 U.S

11.1.2 Canada

11.1.3 Mexico

11.2    Europe

11.2.1 UK

11.2.2 Germany

11.2.3 Italy

11.2.4 France

11.2.5 Netherlands

11.2.6 Rest of Europe

11.3    Asia Pacific

11.3.1 China

11.3.2 Japan 

11.3.3 South Korea

11.3.4 India

11.3.5 Australia

11.3.6 Rest of Asia Pacific

11.4    South America

11.4.1 Brazil

11.4.2 Argentina

11.4.3 Rest of South America

11.5    ROW

11.5.1 Middle East

11.5.2 Africa

12.Medical Sensor Market  - Market Entropy

12.1    New product launches

12.2    M&A's, collaborations, JVs and partnerships

13.Medical Sensor Market – Industry / Segment Competition landscape Premium Premium

13.1    Market Share Analysis

13.1.1 Market Share by Country- Top companies

13.1.2 Market Share by type of Vehicle – Top 10 companies

13.1.3 Best Practices for companies

14.Medical Sensor Market – Key Company List by Country Premium Premium

15.Medical Sensor Market - Company Analysis

15.1    TE Connectivity

15.2    Medtronic plc

15.3    Analog Devices

15.4    Texas Instruments

15.5    STMicroelectronics

15.6    Tekscan

15.7    NXP Semiconductors,

15.8    Sensirion

15.9    ON Semiconductor Corporation

15.10                    Amphenol Corporation

LIST OF TABLES

1.Global MARKET SEGMENTATION Market 2019-2024 ($M)
1.1 By Type Market 2019-2024 ($M) - Global Industry Research
1.1.1 Flow Sensor Market 2019-2024 ($M)
1.1.2 Optical Sensor Market 2019-2024 ($M)
1.1.3 Temperature Sensor Market 2019-2024 ($M)
1.1.4 Pressure Sensor Market 2019-2024 ($M)
1.2 By Application Market 2019-2024 ($M) - Global Industry Research
1.2.1 Diagnostics Market 2019-2024 ($M)
1.2.2 Monitoring Market 2019-2024 ($M)
1.2.3 Drug Delivery Market 2019-2024 ($M)
1.2.4 Imaging Market 2019-2024 ($M)
2.Global COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
3.Global MARKET SEGMENTATION Market 2019-2024 (Volume/Units)
3.1 By Type Market 2019-2024 (Volume/Units) - Global Industry Research
3.1.1 Flow Sensor Market 2019-2024 (Volume/Units)
3.1.2 Optical Sensor Market 2019-2024 (Volume/Units)
3.1.3 Temperature Sensor Market 2019-2024 (Volume/Units)
3.1.4 Pressure Sensor Market 2019-2024 (Volume/Units)
3.2 By Application Market 2019-2024 (Volume/Units) - Global Industry Research
3.2.1 Diagnostics Market 2019-2024 (Volume/Units)
3.2.2 Monitoring Market 2019-2024 (Volume/Units)
3.2.3 Drug Delivery Market 2019-2024 (Volume/Units)
3.2.4 Imaging Market 2019-2024 (Volume/Units)
4.Global COMPETITIVE LANDSCAPE Market 2019-2024 (Volume/Units)
5.North America MARKET SEGMENTATION Market 2019-2024 ($M)
5.1 By Type Market 2019-2024 ($M) - Regional Industry Research
5.1.1 Flow Sensor Market 2019-2024 ($M)
5.1.2 Optical Sensor Market 2019-2024 ($M)
5.1.3 Temperature Sensor Market 2019-2024 ($M)
5.1.4 Pressure Sensor Market 2019-2024 ($M)
5.2 By Application Market 2019-2024 ($M) - Regional Industry Research
5.2.1 Diagnostics Market 2019-2024 ($M)
5.2.2 Monitoring Market 2019-2024 ($M)
5.2.3 Drug Delivery Market 2019-2024 ($M)
5.2.4 Imaging Market 2019-2024 ($M)
6.North America COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
7.South America MARKET SEGMENTATION Market 2019-2024 ($M)
7.1 By Type Market 2019-2024 ($M) - Regional Industry Research
7.1.1 Flow Sensor Market 2019-2024 ($M)
7.1.2 Optical Sensor Market 2019-2024 ($M)
7.1.3 Temperature Sensor Market 2019-2024 ($M)
7.1.4 Pressure Sensor Market 2019-2024 ($M)
7.2 By Application Market 2019-2024 ($M) - Regional Industry Research
7.2.1 Diagnostics Market 2019-2024 ($M)
7.2.2 Monitoring Market 2019-2024 ($M)
7.2.3 Drug Delivery Market 2019-2024 ($M)
7.2.4 Imaging Market 2019-2024 ($M)
8.South America COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
9.Europe MARKET SEGMENTATION Market 2019-2024 ($M)
9.1 By Type Market 2019-2024 ($M) - Regional Industry Research
9.1.1 Flow Sensor Market 2019-2024 ($M)
9.1.2 Optical Sensor Market 2019-2024 ($M)
9.1.3 Temperature Sensor Market 2019-2024 ($M)
9.1.4 Pressure Sensor Market 2019-2024 ($M)
9.2 By Application Market 2019-2024 ($M) - Regional Industry Research
9.2.1 Diagnostics Market 2019-2024 ($M)
9.2.2 Monitoring Market 2019-2024 ($M)
9.2.3 Drug Delivery Market 2019-2024 ($M)
9.2.4 Imaging Market 2019-2024 ($M)
10.Europe COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
11.APAC MARKET SEGMENTATION Market 2019-2024 ($M)
11.1 By Type Market 2019-2024 ($M) - Regional Industry Research
11.1.1 Flow Sensor Market 2019-2024 ($M)
11.1.2 Optical Sensor Market 2019-2024 ($M)
11.1.3 Temperature Sensor Market 2019-2024 ($M)
11.1.4 Pressure Sensor Market 2019-2024 ($M)
11.2 By Application Market 2019-2024 ($M) - Regional Industry Research
11.2.1 Diagnostics Market 2019-2024 ($M)
11.2.2 Monitoring Market 2019-2024 ($M)
11.2.3 Drug Delivery Market 2019-2024 ($M)
11.2.4 Imaging Market 2019-2024 ($M)
12.APAC COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
13.MENA MARKET SEGMENTATION Market 2019-2024 ($M)
13.1 By Type Market 2019-2024 ($M) - Regional Industry Research
13.1.1 Flow Sensor Market 2019-2024 ($M)
13.1.2 Optical Sensor Market 2019-2024 ($M)
13.1.3 Temperature Sensor Market 2019-2024 ($M)
13.1.4 Pressure Sensor Market 2019-2024 ($M)
13.2 By Application Market 2019-2024 ($M) - Regional Industry Research
13.2.1 Diagnostics Market 2019-2024 ($M)
13.2.2 Monitoring Market 2019-2024 ($M)
13.2.3 Drug Delivery Market 2019-2024 ($M)
13.2.4 Imaging Market 2019-2024 ($M)
14.MENA COMPETITIVE LANDSCAPE Market 2019-2024 ($M)

LIST OF FIGURES

1.US Medical Sensor Market Revenue, 2019-2024 ($M)
2.Canada Medical Sensor Market Revenue, 2019-2024 ($M)
3.Mexico Medical Sensor Market Revenue, 2019-2024 ($M)
4.Brazil Medical Sensor Market Revenue, 2019-2024 ($M)
5.Argentina Medical Sensor Market Revenue, 2019-2024 ($M)
6.Peru Medical Sensor Market Revenue, 2019-2024 ($M)
7.Colombia Medical Sensor Market Revenue, 2019-2024 ($M)
8.Chile Medical Sensor Market Revenue, 2019-2024 ($M)
9.Rest of South America Medical Sensor Market Revenue, 2019-2024 ($M)
10.UK Medical Sensor Market Revenue, 2019-2024 ($M)
11.Germany Medical Sensor Market Revenue, 2019-2024 ($M)
12.France Medical Sensor Market Revenue, 2019-2024 ($M)
13.Italy Medical Sensor Market Revenue, 2019-2024 ($M)
14.Spain Medical Sensor Market Revenue, 2019-2024 ($M)
15.Rest of Europe Medical Sensor Market Revenue, 2019-2024 ($M)
16.China Medical Sensor Market Revenue, 2019-2024 ($M)
17.India Medical Sensor Market Revenue, 2019-2024 ($M)
18.Japan Medical Sensor Market Revenue, 2019-2024 ($M)
19.South Korea Medical Sensor Market Revenue, 2019-2024 ($M)
20.South Africa Medical Sensor Market Revenue, 2019-2024 ($M)
21.North America Medical Sensor By Application
22.South America Medical Sensor By Application
23.Europe Medical Sensor By Application
24.APAC Medical Sensor By Application
25.MENA Medical Sensor By Application