Medical Sensors Market to Expand with Increase in Use of Smartphones, High-Speed Networks, and Sensors, States TMR Study

Surge in the use of medical sensors in homecare settings is expected to result in the expansion of the medical sensors market, which is prognosticated to be valued at US$ 32.15 Bn by 2028

Increase in understanding on health and fitness among the global population is generating business prospects in the medical sensors market

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Transparency Market Research

Mar 10, 2022, 08:30 ET

ALBANY, N.Y., March 10, 2022 /PRNewswire/ -- The global medical sensors market is estimated to register growth at a CAGR of 9.9% during the forecast period from 2021 to 2028, as per a study by Transparency Market Research (TMR).

Medical sensor refers to an electronic device used in the medical equipment, devices, and probes. These devices are crucial in patient care, as sensors signal allow healthcare professionals for precise diseases diagnosis, treatment, and control over major activities pertaining to a patient. The rise in the use of these devices in various activities, including diseases diagnosis and other health-related applications such as remote patient monitoring is driving the sales in the global medical sensors market.

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Major companies operating in the global medical sensors market are increasing research to develop technologically advanced and highly efficient products. Moreover, they are focusing on new product launches in order to expand their product offerings. Such efforts are anticipated to favor the growth of the global medical sensors market in the years to come, note analysts at TMR.

Medical Sensors Market: Key Findings

In order to use mHealth applications or services, an individual needs smart and easy-to-use user interface (UI) electronic devices, including tablets, smartphones, and PDAs. As these devices utilize sensors and high-speed network for quick access, surge in the use of these devices is bolstering the global mHealth services industry, thereby generating lucrative prospects in the global medical sensors market.
Due to rise in the expenses needed for medical treatments at healthcare centers, a large number of patient pool from across the globe is inclining toward adoption of home-based healthcare services. Moreover, sensor-based medical devices are being increasingly utilized for patients taking treatments at home. Hence, an increasing number of patients using this treatment option are expected to boost the demand in the global medical sensors market during the forecast period.

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Demand for wearables and portables has been on the rise amid the COVID-19 pandemic, as people from across the globe are increasing efforts to maintain their health in order to avoid disease infection. Hence, rise in understanding on importance of fitness and health among global populace is boosting the expansion of the medical sensors market. Hence, the market is prognosticated to gain the valuation of US$ 32.15 Bn by 2028.

Medical Sensors Market: Growth Boosters

Rise in government support and initiatives that encourage people to adopt different mHealth products is fueling the growth of the global market
Surge in the number of patients suffering from chronic health disorders, including cardiovascular diseases and diabetes is resulting in revenue-generation opportunities in the global medical sensors market

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Medical Sensors Market: Regional Analysis

The medical sensors market in North America is projected to maintain its prominent position during the forecast period, owing to the presence of sturdy healthcare infrastructure, increased use of technologically advanced devices such as wearables by regional populace, and sizable number of patients with critical health issues
The Asia Pacific medical sensors market is anticipated to expand in upcoming years, owing to the existence of emerging economies such as China and India, which are focusing on the development of top-class healthcare infrastructures

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Medical Sensors Market: Key Players

Some of the key players profiled in the report are:

Cardiomo
Honeywell International, Inc.
TE Connectivity
Dexcom, Inc.
Medtronic
Danaher Corporation
First Sensor AG
Sensirion AG
Smiths Groups plc
GluSense Ltd

Medical Sensors Market Segmentation

Product

Biosensors
Temperature Sensors
Motion Sensors
Image Sensors
Flow Sensors
Pressure Sensors
Others

Application

Diagnostics

Imaging Diagnostics
Analytical Equipment Diagnostics

Monitoring

Invasive Monitoring
Non-invasive Monitoring

Therapeutics

Surgery/Minimally Invasive Surgery
Drug Delivery/Infusion
Others

Wellness & Fitness
Others

Placement Type

Wearable Sensors
Wireless Sensors
Implantable Sensors
Others

End-user

Hospitals
Clinics
Home Care Settings
Others

Region

North America
Europe & Middle East
Asia Pacific

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