According to the report, the global medical sensors market was valued at US$ 15.23 Bn in 2020 and is projected to expand at a CAGR of 9.9% from 2021 to 2028. Medical sensors are used to make medical devices more effective and simple to operate. Recent technological advancements in medical sensors enhance the use of smart sensors for various diseases and conditions. Some of these include smart watch for heart rate and sleep apnea, diabetic care devices, orthopedic care devices, and surgery-specific sensory devices.
mHealth services or applications require a smart, easy to use user interface (UI) electronic devices, such as smartphones, tablets, and PDAs, which use sensors and high-speed network for quick access. Hence, rise in adoption rate of smartphones, high-speed networks, and sensors is anticipated to propel the global mHealth services industry and the global medical sensors market during the forecast period.
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Increase in government initiatives for the adoption of mHealth products is projected to drive the global medical sensors market during the forecast period.
Biosensors Segment to Dominate Medical Sensors Market
In terms of product, the global market has been classified into biosensors, temperature sensors, motion sensors, image sensors, flow sensors, pressure sensors, and others. The biosensors segment is projected to expand at a high CAGR during the forecast period from 2017 to 2028. Growth of the segment can be attributed to advancements in technology such as fiber optics with real-time diagnosis and monitoring capabilities.
Wellness & Fitness Segment to Expand at Highest CAGR
Based on application, the global medical sensors market has been categorized into diagnostics, monitoring, therapeutics, wellness & fitness, and others. The diagnostics segment has been split into imaging diagnostics and analytical equipment diagnostics. The monitoring segment has been bifurcated into invasive monitoring and non-invasive monitoring. The therapeutics segment has been segregated into surgery/minimally invasive surgery, drug delivery/infusion, and others.
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The wellness & fitness segment is anticipated to expand at a high CAGR due to rise in awareness about healthy lifestyle and increase in acceptance of fitness devices.
Wearable Sensors and Implantable Sensors to be Highly Lucrative Segment
In terms of placement, the global medical sensors market has been split into wearable sensors, wireless sensors, implantable sensors, and others. Wearable sensors and implantable sensors are major segments of the global medical sensors market. The wearable sensors segment is driven by increase in acceptance of smartphones and connectivity devices for monitoring and tracking. Implantable devices are gaining popularity, as these are the most recent and advanced technology sensors. These also offer convenience of usage.
Hospitals to Lead Global Medical Sensors Market
Based on end-user, the global medical sensors market has been divided into hospitals, clinics, home care settings, and others. The hospitals segment held the largest share of the global market in 2020, owing to the usage of advanced multi-purpose sensors in hospitals.
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North America to Dominate Global Market; Asia Pacific to Offer Significant Opportunities
In terms of region, the global medical sensors market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to account for a leading share of the global medical sensors market during the forecast period. The medical sensors market in Asia Pacific is projected to grow at a rapid pace in the near future. India and China are likely to be lucrative markets for medical sensors in the region during the forecast period.
Key players operating in the global medical sensors market include Cardiomo, Honeywell International, Inc., TE Connectivity, Dexcom, Inc., Medtronic, Danaher Corporation, First Sensor AG, Sensirion AG, Smiths Groups plc, and GluSense Ltd. These companies are engaged in the development of medical sensors in order to expand product offerings and customer base.
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