Westford, USA, Oct. 18, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Medical Sensors Market will reach a value of USD 4.14 Billion by 2031, with a CAGR of 8.1% during the forecast period (2024-2031). Medical sensors market is witnessing substantial growth owing to improvements in technology, growing focus on patient diagnostics and monitoring, and growing healthcare needs. The leading drivers of the market comprise the growing geriatric population that demand medical sensors, rising incidences of chronic illnesses, and mounting demand for home-based solutions. Furthermore, innovations in wearable and IoT technology are significantly impacting the market progress.
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Medical Sensors Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 2.22 Billion |
| Estimated Value by 2031 | USD 4.14 Billion |
| Growth Rate | Poised to grow at a CAGR of 8.1 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | End-Use Products, Medical Device Classification, Medical Facility, Sensor Type, Medical Procedure, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Mounting Adoption of Surgical Robots |
| Key Market Drivers | Growing Demand for Wearable Medical Devices |
Medical Sensors Market Segmental Analysis
Global Medical Sensors Market is segmented on the basis of end-use products, medical device classification, medical facility, medical procedure, sensor type, and region.
By end-use products, the market is segmented into Diagnostic Imaging Devices, Patient Monitoring Devices, Medical Implantable Devices, and Other End-Use Products.
By Medical Device Classification, the market is segmented into Class I, Class II, and Class III.
By Medical Facility, the market is segmented into Hospitals & Clinics, Nursing Homes, Assisted Living Facilities, Long-Term Care Centers, and Home Care Settings, and other medical facilities.
By Medical Procedure, the market is segmented into Noninvasive Medical Procedures, Minimally Invasive Medical Procedures, and Invasive Medical Procedures.
By Sensor Type, the market is segmented into temperature sensors, Pressure Sensors, Blood Glucose Sensors, Blood Oxygen Sensors, Electrocardiogram (ECG) Sensors, Image Sensors, Motion Sensors, Heart Rate Sensors, Flow Sensors, Ingestible Sensors, Touch Sensors, Piezo Film Sensors, and Position Sensors.
By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
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Pressure Sensors to Dominate Market Owing to Vital Applications for Monitoring
By sensor type, the pressure sensors segment led the medical sensors market with maximum share and will continue dominance over the forecast period owing to crucial applications and improvements in sensors. Pressure sensors are crucial solutions for monitoring major signs like respiratory functions and blood pressure, which increases their importance in clinics. The segment is also being fueled by enhancements in miniaturization and integration with wearables. This has improved their reliability and usability, thus impacting the segment’s growth.
However, the temperature sensors segment is the fastest-growing segment observed in the market due to its importance for patient monitoring and broader applications. For diagnosing and monitoring infections, measurement of accurate body temperature is important. These sensors offer great efficiency for such applications, thus the segment’s growth. Temperatures are also used in different settings like home healthcare and hospitals for infants and adults.
Diverse Applications in Monitoring and Diagnosis to Support Growth of Class II Segment
By medical device classification, the class II segment is projected to led the market owing to its importance in several crucial healthcare applications, aiding their popularity. They are utilized in several diagnostic and monitoring purposes like temperature and pressure sensors that majorly need regulatory controls. They are also broadly used in multiple applications like key sign monitoring, treatment, and diagnosis, thus increasing their market demand.
Nonetheless, the class I segment is observed to be the fastest-growing owing to their simplicity and minimal regulatory needs. They comprise primary sensors and are largely used in numerous applications but lack advanced functionalities. Hence, their simplified usage is supporting the growth for Class I devices.
Mounting Demand for Medical Sensors to Drive Market in North America
North America held a larger share of the market owing to advanced healthcare infrastructure and growing demand for monitoring devices. North America holds technologically advanced and developed healthcare systems with superior technologies. The regional growth is also impacted by heavy investments in healthcare research and development. Also, increasing incidences chronic illnesses is majorly driving the need for constant monitoring devices and solutions.
Asia-Pacific is the fastest-growing region and is projected to lead the market over the forecast period owing to speedy progress in healthcare and favorable government initiatives. Asia-Pacific is witnessing notable growth in investment in healthcare and infrastructure. This increases access to medical technologies for patients. Several nations are adopting initiatives and health policies that encourage the use of medical technologies, thus impacting the market growth in the region.
Medical Sensors Market Insight
Drivers:
- Growing Incidences of Chronic Diseases
- Growth of Remote Patient Monitoring
- Emphasis on Preventive Healthcare
Restraints:
- Lengthy Approval Processes
- Significant Development Costs for Advanced Medical Sensors
- Concerns Associated with Data Privacy
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Prominent Players in Medical Sensors Market
- TE Connectivity
- Medtronic
- Analog Devices, Inc.
- Texas Instruments Incorporated
- STMicroelectronics
- Tekscan, Inc.
- NXP Semiconductors
- Sensirion AG
- ON Semiconductor Corporation
- Amphenol Corporation
- Koninklijke Philips N.V.
- AMS-OSRAM AG (Austria)
- Abbott
- Honeywell International Inc.
- Cirtec
- Innovative Sensor Technology IST AG
- Keller Druckmesstechnik AG
- Omnivision
- Merit Medical Systems, Inc.
- Infineon Technologies AG
- Masimo
- VivaLNK, Inc.
- Microchip Technology Inc.
- Siemens Healthineers AG
- Renesas Electronics Corporation
Key Questions Answered in Global Medical Sensors Market Report
- What is the growth rate and size of the Medical Sensors Market, according to SkyQuest Technology?
- What are the major trends and advancements reshaping the Medical Sensors Market?
- What are the key opportunities observed in the Medical Sensors Market?
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This report provides the following insights:
Analysis of key drivers (rise of telemedicine, supportive policies and funding in healthcare technologies, growing health awareness), restraints (technical complexity, low awareness in progressing markets, heavy reliance on healthcare infrastructure), opportunities (innovations in implantable and wearables, growth of home healthcare, integration with big data and AI), and challenges (intensified market competition, disturbances in supply chain of components, regulatory hurdles) influencing the growth of medical sensors market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the medical sensors market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the medical sensors market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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