The global biomedical sensors market is expected to grow at a compound annual growth rate of 4.68% over the forecast period to reach a market size of US$13.90 billion in 2026, from US$10.09 billion in 2019. The market is expected to surge in the coming years, because of the rise of advanced and innovative applications and products in the healthcare and pharmaceutical sector.
Biomedical and chemical sensors are used for monitoring and detecting the chemical and physical properties of various substances. Miniaturized biomedical sensors are used for measuring blood pressure, muscle displacement, blood flow, core body temperature, bone growth velocity, blood flow, and others. There are a plethora of companies worldwide, that have been manufacturing innovative and advanced biomedical sensors for healthcare applications. For Instance, Benatav, one of the key players in the market, provides biomedical sensors for advanced winding technologies and the healthcare sector. The company provides miniaturized biomedical sensors for various end uses and applications. Other players are also making significant developments in the market. With the rise in healthcare and R&D budgets, globally, the biomedical sensors market is expected to surge at an exponential rate, during the forecast period.
The market is expected to surge in the coming years, because of the rise in innovation, and advancement in the healthcare and pharmaceutical sector. For Instance, In April 2021, North Texas Biomedical Researchers developed a device that would be used to warn and alert doctors regarding the most fatal and harmful symptoms of COVID-19. A group of UT Dallas researchers with a biomedical sensor device firm, called EnLiSense, had unveiled a sensor that would be used to alert doctors of a looming cytokine storm. The novel device was funded in part by the Biomedical Advanced Research and Development Authority, and EnliSense. Other researchers, companies, and firms are also making significant developments in the market. For Instance, In April 2021, the team at the Interuniversity Microelectronics Centre in Leuven had shown that its highly sensitive optomechanical ultrasound detector had been 100 times more sensitive than piezoelectric detectors of the same and identical sizes. The novel design would be used in the enhancement of ultrasound detectors in a wide range of biomedical applications. In April 2021, the research team at the Korea Institute of Science and Technology’s Centre for Optoelectronic Materials and Devices announced the development of a novel thermostable sensor, which would apply to a smartphone camera to check body temperature. The novel device overcomes the problems of conventional microbolometers. In April 2021, a novel project by the Optoelectronics Research Centre at the University of Southampton aimed to extend silicon photonics products and devices into novel applications. The novel project had also been aimed to produce mass manufacturable and low-cost devices for environmental and biomedical sensing, and enhance by on-chip integration with detectors, sources, readout circuits, and microfluidic channels. The rise in the number of patients, with critical and major problems, such as Cancer, Diabetes, and others, is critical to the advancement of novel biomedical sensing devices and applications. With the continuous innovation in sensing devices, the market is expected to surge at an exponential rate, during the forecast period.
For decades, the United States has been the major and global leader in healthcare technology development and advancement, with a significant market size. The country has been investing a significant sum of capital into the advancement of biotechnology and its applications. According to the United States Government, in the year 2018, medical and health R&D spending in the country rose by 6.4%, reaching a total of US$194.2 billion. The investment in healthcare continues to surge at an exponential rate in the country. The industrial and federal investment in the country rose by US$36.5 billion, and US$9.1 billion, over the last six years, respectively. Other countries are also making significant developments in the market. Canada is also making significant developments in the market.
The country contains some of the best scientists and researchers in the healthcare sector. There has been a significant surge in investments in healthcare and medical services, in the Asia Pacific region. Countries like China and India, are expected to drive market growth in the Asia Pacific region. China has pushed for bigger medical innovation and advancement because of the demographic change. More than 70% of the country’s population would be urbanized by the year 2030. The country has been spending an equivalent of US$140 billion on the reformation of its biotech and health sectors. The country is also a major market for pharmaceuticals. Favourable government policies, with continuous emphasis on development, are expected to drive innovation in healthcare services, in the region. India is also making substantial developments in the market. The country boasts over 400 biotechnology firms. The Indian Government expected the technology market in the country, to top approx. US$73 billion, by the year 2020. In Europe, The United Kingdom is making significant developments in the market. The country has been focussing on the growth of public-private partnerships, which would be used to drive innovation. The country has also committed 150 million pounds to develop healthcare technology. Germany, one of the largest economies in the world, has been making significant developments in the market. According to the German Government, the country’s healthcare market is at the first position in Europe, in terms of the number of patients, market volume, healthcare providers, and medical technology manufacturers. In the year 2019, Healthcare spending in the country exceeds 400 billion euros.
The growth rate was at 4.1% over the past ten years, according to the German Government. France is also one of the major players in the market. In the year 2019, the country had been preparing to implement multi-year research and a national plan for the novel for and first time. Publicly funded research in the country is being conducted mostly in university-affiliated labs run by the country’s major research agencies, like CNRS and INSERM for biomedical science. This development is expected to have a positive effect on the country’s biomedical sensors market, during the forecast period.
|Market size value in 2019||US$10.09 billion|
|Market size value in 2026||US$13.90 billion|
|Growth Rate||CAGR of 4.68% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Sensors, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Analog Devices, IDEXX Laboratories, Illumina Inc., Abbott Laboratories, Masimo Corporation, Becton Dickinson, GE Healthcare, Honeywell International, Medtronic PLC, Smiths Medical|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the biomedical sensor market size by 2026?
A1. The biomedical sensors market is expected to reach a market size of US$13.90 billion by 2026.
Q2. What is the size of the global biomedical sensor market?
A2. Biomedical Sensor Market was valued at US$10.09 billion in 2019.
Q3. What are the growth prospects for the biomedical sensor market?
A3. The global biomedical sensors market is expected to grow at a CAGR of 4.68% over the forecast period.
Q4. What factors are anticipated to drive the global biomedical sensor market growth?
A4. The biomedical sensor market is expected to surge in the coming years, because of the rise of advanced and innovative applications and products in the healthcare and pharmaceutical sector.
Q5. Which region holds the maximum market share of the biomedical sensor market?
A5. North America holds a significant share in the global biomedical sensor market.
4.3.Porters Five Forces Analysis
4.3.1.Bargaining Power of Suppliers
4.3.2.Bargaining Power of Buyers
4.3.3.The threat of New Entrants
4.3.4.Threat of Substitutes
4.3.5.Competitive Rivalry in the Industry
4.4.Industry Value Chain Analysis
5.Global Biomedical Sensors Market Analysis, By Type
6.Global Biomedical Sensors Market Analysis, By Sensor
7.Global Biomedical Sensors Market Analysis, by Geography
7.2. North America
7.2.1.North America Biomedical Sensors Market Analysis, By Type, 2021 to 2026
7.2.2.North America Biomedical Sensors Market Analysis, By Sensor, 2021 to 2026
184.108.40.206. United States
7.3.1.South America Biomedical Sensors Market Analysis, By Type, 2021 to 2026
7.3.2.South America Biomedical Sensors Market Analysis, By Sensor, 2021 to 2026
7.4.1.Europe Biomedical Sensors Market Analysis, By Type, 2021 to 2026
7.4.2.Europe Biomedical Sensors Market Analysis, By Sensor, 2021 to 2026
7.5.The Middle East and Africa
7.5.1.Middle East and Africa Biomedical Sensors Market Analysis, By Type, 2021 to 2026
7.5.2.Middle East and Africa Biomedical Sensors Market Analysis, By Sensor, 2021 to 2026
220.127.116.11. Saudi Arabia
18.104.22.168. South Africa
7.6.1. Asia Pacific Biomedical Sensors Market Analysis, By Type, 2021 to 2026
7.6.2.Asia Pacific Biomedical Sensors Market Analysis, By Sensor, 2021 to 2026
7.6.3. By Country
8. Competitive Environment and Analysis
8.1.Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
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