The medical sensors market size is estimated to be worth USD 1.2 billion in 2020 and is projected to reach USD 1.7 billion by 2025, at a CAGR of 6.8% from 2020 to 2025. The medical sensors industry is expected to witness substantial growth in the next six years, mainly due to the growing geriatric population, increasing demand for home-based medical care, technological advancements in the medical device industry, increasing adoption of IoT-based medical devices and rising expenditure on healthcare across the world.
The medical sensors market for pressure sensors is expected to hold the largest share during the forecast period
The major factor contributing towards a large market share for pressure sensors includes are increasing adoption of these sensors in medical devices such as heart rate monitors, inhalers and ventilators, blood pressure monitors, patient monitoring systems, laparoscopic devices, and respiratory therapy devices.
Other factors fueling the growth of this market include increasing adoption of patient monitoring devices, rising adoption of IoT-based medical devices across the globe, Other factors fueling the growth of pressure sensors are the growing adoption of invasive devices like peacemaker, spinal cord stimulator, gastric electric stimulator, and endoscope.
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Non-invasive products are expected to hold the largest market share from 2020 to 2025
Non–invasive products to account for the largest market size during the forecast period owing to rising demand for connected medical devices, increasing penetration of IoT-based medical devices, and advancement in medical technology. Some of the other factors propelling the growth of sensors for non-invasive product includes the rising demand for portable monitoring devices, and increasing adoption of IoT-based medical devices across the globe.
Patient monitoring application is expected to hold the largest market share from 2020 to 2025
Increasing adoption of remote monitoring systems, mobile cardiac telemetry devices, mobile personal digital assistant (PDA) systems, ambulatory wireless EEG recorders, and ambulatory event monitors are some of the major factors attributing to the growth of this market. Factors such as the easy availability of wireless monitoring devices and the rising incidence of lifestyle and chronic diseases are further expected to drive market growth during the forecast period. The growing demand for patient monitoring devices in non-hospital settings is also expected to provide attractive growth opportunities for players in the medical sensors market. The integration of monitoring technologies in smartphones and wireless devices is a critical trend in patient care, resulting in high growth for patient monitoring applications during the forecast period.
Americas to account for the largest market share from 2020 to 2025
The Americas is expected to hold the largest market share of the global medical sensors market between 2020 and 2025. Higher expenditure on healthcare as a percentage of total GDP in countries like the US and Canada and the presence of a large number of medical device manufacturers in this reason, are some of the major factors contributing towards the growth of the market. The market has seen robust growth in terms of technological advancements, increased healthcare expenditure as a percentage of total GDP, and integration of health information technology (IT) into primary care for this reason. The presence of a large number of medical device and medical sensors manufacturers in this region is further expected to boost the demand for market in this region. Some of the major players in this region include Johnson & Johnson (US), Medtronic (US), Texas Instrument (US), TE Connectivity (Switzerland), First Sensor (Germany), and Cardinal Health Inc. (US).
Key Market Players
The major players in medical sensors market are Texas Instrument (US), TE Connectivity (Switzerland), First Sensor (Germany), Medtronics Plc (Ireland), NXP Semiconductors (Netherlands), Tekscan Inc (US), Amphenol Advanced Sensors (US), Proteus Digital Health (US), Sensirion (Switzerland), Cirtec Medical (US), Sensirion (Switzerland), Innovative Sensor Technology (Switzerland), Keller America (US), OmniVision Technologies (US), Masimo (US), TDK Sensors (Japan), Stanley Healthcare (US), EnviteC (Germany), and Merit Medical Systems (US).