New Castle, Delaware, Sept. 20, 2023 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Medical Sensors Market By Type (Flow Sensor, Image Sensor, Temperature Sensor, Pressure Sensor, Other Types), By Application (Diagnostic, Therapeutic, Monitoring, wellness and Fitness, Others), By Technology (Wearable Sensors, Implantable Sensors, wireless, Others), By End User (Hospitals, Clinics, Home Care Settings, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global medical sensors market generated $16.4 billion in 2022, and is anticipated to generate $30.1 billion by 2032, witnessing a CAGR of 6.7% from 2023 to 2032.
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Prime Determinants of Growth
The aging population, rising life expectancy, and rapid adoption of IoT-based medical technologies are the factors expected to drive the growth of the global medical sensors market in the forecast period from 2023 to 2032. However, low reimbursement rates and strict government regulations may hamper the medical sensors market growth in the coming future. On the contrary, advancements in medical equipment and software that enable patient data collection and transfer are expected to offer remunerative opportunities for the expansion of the medical sensors market during the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $16.4 billion |
| Market Size in 2032 | $30.1 billion |
| CAGR | 6.7% |
| No. of Pages in Report | 320 |
| Segments covered | Technology, End User, Type, Application, and Region |
| Drivers | Growing healthcare spending and increased need for ventilators An increase in chronic diseases and rising utilization of home healthcare |
| Opportunities | Advancements in digital and sensor technologies An increasing number of people are being diagnosed and treated |
| Restraints | The difficulty in designing appropriate medical sensors |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic had a positive impact on the growth of the global medical sensors market. The COVID-19 pandemic increased the demand for medical sensors worldwide.
- The ability of medical sensors to collect data such as ECG, body temperature, heart rate, and other signs aids in the prevention of diseases such as COVID-19. As a result, wearable technology is predicted to advance rapidly in order to assist patients exposed to the novel coronavirus (COVID-19).
- Moreover, the COVID-19 pandemic benefited the global medical sensors market through the launch of new devices.
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Technology: Wearable Sensors Sub-segment to Flourish Immensely by 2032
The wearable sensors sub-segment of the global medical sensors market accounted for the largest share of 44.3% in 2022 and is expected to dominate the market during the forecast period. The prominent growth of the sub-segment is mainly because wearable sensors provide continuous, real-time data on a wide range of physiological parameters like oxygen saturation, blood pressure, heart rate, and activity levels. This continuous monitoring is highly useful in tracking changes in the individual's health status over time.
End User: Hospitals Sub-segment to Hold Majority of Market Share by 2032
The hospitals sub-segment of the global medical sensors market accounted for the largest share of 48.1% in 2022 and is predicted to grow at the highest CAGR of 7.4% by 2032. The significant growth of the hospitals sub-segment is mainly due to increased financial capacities, high patient numbers, and the accessibility of sufficient staff.
Type: Temperature Sensor Sub-segment to be the Most Dominant During the Forecast Period
The temperature sensor sub-segment of the global medical sensors market accounted for the largest share of 28.2% in 2022 and is expected to dominate the market during the forecast period. The prominent growth of the sub-segment is mainly because temperature sensors are vital in healthcare for monitoring individual body temperature, particularly in critical care units and during the COVID-19 pandemic for disease detection.
Application: Monitoring Sub-segment to Hold Majority of Market Share by 2032
The monitoring sub-segment of the medical sensors market accounted for the largest share of 28.4% in 2022 and is expected to hold the major market share during the forecast period. The significant growth of the monitoring sub-segment is mainly because monitoring sensors give real-time data and enable speedy response and decision-making. This is especially beneficial in applications where quick changes must be noticed and managed, like industrial processes and environmental monitoring.
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North America Market to Grab Highest Share by 2032
The medical sensors market in the North America region accounted for the largest share of 35.0% in 2022 and is expected to dominate the market during the forecast period. This growth is mainly due to the region's strong healthcare infrastructure, the availability of favorable reimbursement policies, the rapid adoption of advanced medical technologies, and significant corporate presence.
Leading Players in the Medical Sensors Market:
- Analog Devices
- Texas Instruments
- Amphenol Corporation
- NXP Semiconductors
- Sensirion
- STMicroelectronics
- TE Connectivity
- Medtronic,
- ON Semiconductor Corporation
- Tekscan
The report provides a detailed analysis of the key players of the global medical sensors market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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