Emphasis on Sensor Type (Blood Glucose Sensor, Temperature Sensor, Pressure Sensor, Blood Oxygen Sensor, Motion Sensor, and Others); Product Type (Diagnostic Imaging Devices, Patient Monitoring Devices, and Others); and Region/Country
The Medical sensors market is predicted to grow at a CAGR of ~10% between 2021 and 2027. The medical sensors market is predicted to grow at a significant rate between 2021 and 2027. This is mainly due to the market are the growing aging population coupled with the rising number of patients with cardiovascular diseases. According to WHO, 17.9 million people died from Cardiovascular Disorders in 2019, representing 32% of all global deaths. An increasing number of patients increases the demand for various medical equipment for diagnostics, monitoring, or treatment purpose. Medical sensors become an integral part of medical science because it has application in every sector of health care such as imaging, patient monitoring, and surgical procedures. Furthermore, rising demand for wearable medical devices, the surging adoption of IoT-based medical devices, and collaborations among key market players to develop healthcare solutions are some of the major factors driving the market growth. For instance, in March 2020, TE Connectivity acquired First Sensor, a global player in sensor technology. First Sensor has expertise in chip design, production, and micro-electric packaging. With this acquisition, TE Connectivity aims to provide customers with a high level of product innovation in sensor technology.
Furthermore, owing to the advancement in the industry, increasing efficiency, and better treatment the companies are developing more efficient and effective sensors. For instance: In April 2022, LivaNova the commercial launches the Essenz patient monitor system. The device is perfusion data management system that uses a patient-tailored approach to improve clinical efficiency and the quality of patient care during cardiopulmonary bypass (CPB) procedures.
Insights Presented in the Report
“Amongst Sensor Type, pressure sensor segment dominated the market in 2020
Based on sensor type, the market is categorized into a blood glucose sensor, temperature sensor, pressure sensor, blood oxygen sensor, motion sensor, and others. In 2020, pressure sensors accounted for the major share of the medical sensors market. The pressure sensor has a broad range of applications such as use in blood pressure measuring devices, automatic drug infusion pumps to control the flow of the drug inside the body, and wearables devices for the regular monitoring of the body and the blood pressure. Additionally, continuous advancements in pressure sensors becoming the key factors for the growth of the pressure sensor category. For instance, in March 2019, Fitbit launched a ‘Fitbit Versa Lite Edition’, which has relative SpO2 pressure sensor, that has the potential to estimate changes in blood oxygen levels and help track new health indicators about health, such as sleep apnea.
“Amongst Product Type, the patient monitoring devices segment is likely to capture significant market share during the foreseeable future
On the basis of product type, the market is categorized into diagnostic imaging devices, patient monitoring devices, and others. Amongst them, patient monitoring devices are expected to witness strong growth during the forecast period. Growing concern about proper monitoring of lifestyle-associated diseases such as blood hypertension, heart attack, and monitoring the health of the individual leads to a significant increase in the market size of the patient monitoring devices. Furthermore, the ease of monitoring the condition of the patient by doctors with some devices such as phones and computers also become a contributing factor to the growth of the market. Additionally, the increasing awareness among people about the advantages offered by patient monitoring devices such as live monitoring, easily operable and lightweight sensors along with the celebrity endorsement of the wearable patient monitoring devices encourages the market growth of the patient monitoring devices.
“North America holds the lion’s share in the Medical sensors market”
During the forecast period, North America is expected to have a higher CAGR due to ongoing industrialization and growing consumer inclination toward healthcare, which have fueled manufacturing output levels, positively influencing the global medical sensor industry landscape. This has also forced developed countries like U.S. and Canada to focus on development of technologically advances medical devices, thus increasing healthcare expenditure. Moreover, developed nations focus more on health care and the public health sector therefore the presence of proper infrastructure leads to the growth of the medical sensors market in the region. Additionally, the growing number of people undergoing diagnosis and treatments due to the rise in chronic diseases also promotes the growth of the industry. For instance, in Canada, costs associated with cardiovascular disease, including physician services, hospitalizations, lost wages, and decreased productivity, were recently estimated to be more than $22.2 billion per year. Thus, increasing spending by governments on the development of healthcare infrastructure is expected to further boost the medical sensors market of the region.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Impact Of Covid-19 On The Medical Sensor Market
6. Medical Sensor Market Revenue (usd Bn), 2019-2027f
7. Market Insights By Sensor Type
8. Market Insights By Product Type
9. Market Insights By Region
10. Medical Sensor Market Dynamics
11. Medical Sensor Market Opportunities
12. Medical Sensor Market Trends
13. Policy And Regulatory Landscape
14. Demand And Supply-side Analysis
15. Competitive Scenario
16. Company Profiled
17. Disclaimer
Analyzing the historical market, estimation of the current market, and forecasting the future market of the medical sensors market were the three major steps undertaken to create and analyze the adoption of medical sensors in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the medical sensors market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the medical sensors through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the medical sensors market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as sensor type and product type. Further country-level analyses were conducted to evaluate the overall adoption of medical sensors in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of medical sensors. Further, we conducted factor analysis using dependent and independent variables such as the increasing digitalization of industries and urbanization in developing countries. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Medical Sensor sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the medical sensors market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the medical sensors market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type and sensor type of the medical sensors market.
The main objective of the Medical Sensors Market Study
The current & future market trends of Medical Sensor were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
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