The medical sensors market is projected to grow at a CAGR of 5.60% to reach US$2.675 billion by 2027, from US$1.827 billion in 2020.

Rising healthcare costs and the latest trend of home healthcare are the major factors driving the demand for medical sensors. Advancements in technology have led to a surge in the usage of these sensors across different geographies. Healthcare professionals are also increasingly recommending these sensors for efficient patient monitoring as they have become an effective way of diagnosis of cancer, respiratory disorders, and cardiovascular diseases, thereby providing a significant boost to the medical sensors market growth. However, the stringent regulations for the development and approval of medical devices may pose a threat to impeding the market’s growth in the forecast period. Based on geography, North America is expected to hold a major share owing to the early adoption of technology, and the highest health expenditure of the United States among all the developed regions of the world. While the Asia-Pacific region is expected to be the fastest growing due to the prevalence of chronic diseases in the APAC region, the market for medical sensors is expected to thrive due to rising consumer awareness of early disease detection, which will lead to more effective treatment procedures.  Moreover, the growing trend of remote patient monitoring is further providing an impetus for the growth of the global medical sensors market during the forecast period and in the coming years.

The presence of stringent regulatory procedures for the development and approval of medical devices may hamper the growth of the global medical sensors market in the forecast period.

The concept of designing a medical device is based on two indicators. The first is to check its clinical effectiveness for the assessment of the ability of the device to work. For example, if a device is meant to provide relief from pain, it is expected that the device should relieve pain. The other indicator checks a device’s performance which may include some technical function, for example, an alarm, in the case of abnormality detection. This proves the sensitivity of a medical device and also contributes to the safety of a patient. According to the procedure-related risks associated, medical devices are categorized into types or classes of medical devices, and it varies from region to region. All medical devices have to pass through certain phases during their life, namely conception and development, manufacturing, packaging and labeling, and advertising among others. All the steps involved undergo certain checkpoints, failing which would lead to the disqualification of the product. Misleading or fraudulent advertisements may tend to increase sales, but the buyer may experience a loss of money and reputation as it may harm the patient or the user. Therefore, strict regulations protect against such fraudulent cases and may pose a threat to hampering the market’s growth in the case of rejection of the medical device leading to its disqualification for further use.

North America is expected to hold a significant market share in the forecast period.

The medical sensors market is estimated to hold the largest market share owing to the highest health spending in the United States. Healthcare services are very expensive, most of the people in the country have medical insurance, and the country does not have a universal healthcare system. Additionally, there is a rising trend in the United States where individuals are moving from volume-based to value-based care. A shift in the healthcare market dynamics is being observed, which is further leading to better patient outcomes at lower costs. Changing demographics like an aging population, and a high prevalence of people with chronic diseases are further driving the growth of the medical sensors market in the forecast period.

Key development

• In January 2022, ICU Medical Inc. acquired Smiths Medical from Smiths Group plc. This acquisition integrates the product portfolio offered by Smiths Medical into ICU Medical Inc.
• In November 2021, OMNIVISION Technologies, Inc. partnered with Diaspective Vision GmbH, a developer of high-quality hyperspectral and multispectral camera systems for medical applications. This partnership announced the development of a new type of endoscopic camera named the MALYNA system. The new camera system is based on proprietary multispectral imagining technology, that provided users with indocyanine green-based perfusion visualization.

COVID-19 Impact on Medical Sensors Market

The spread of COVID-19 resulted in a higher demand for ventilators, oxygen concentrators, and respiratory devices to treat patients suffering from breathing issues. Moreover, these medical devices are equipped with numerous medical sensors. For instance, Ventilators have airflow sensors, Pressure sensors with Low Pressure and Ultra-Low pressure, Humidity sensors, etc. Consequently, the rising demand for these devices during the time of the pandemic led to higher demand for medical sensors globally. Hence, the overall medical sensor market witnessed positive growth during the pandemic.

Medical Sensors Market Scope:

Segmentation:

• 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