MEDICAL SENSORS MARKET ANALYSIS

Sensors are devices that detect biological, physical, and chemical signals and provide a way for those signals to be measured and recorded. Physical signals that can be sensed include pressure, temperature, vibration, sound level, weight and concentration of many substances in gaseous, liquid or solid form. Sensors offer the ability to monitor and track medical conditions. Sensors have played a major role in many industries by providing the mechanical vision used in counting, reading, sorting and robotic guidance. Medical sensors play a critical role in the safe operation of many medical devices across a wide range of applications.

The primary sensors used within medical devices are pressure, force, airflow, oxygen, pulse oximetry, temperature, and barcode sensing

The global medical sensors market is estimated to be valued at US$ 20,545.0 million in 2022 and is expected to exhibit a CAGR of 10.1% during the forecast period (2022-2030).

Figure 1. Global Medical Sensors Market Share (%), by Product Type, 2022

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Increasing product launch by key market players for global medical sensors market is expected to drive the global medical sensors market over the forecast period.

In August 2020, Ams, a supplier of high performance sensor solutions, provided the latest sensor technology to Midge Medical, a German-based medical technology startup, to develop a disruptive technology for science-backed rapid genetic and blood testing in a home and professional healthcare environment at a lower cost.

Figure 2. Global Medical Sensors Market Value (US$ Million), by Region, 2022

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Development of new technologies by researchers is expected to drive the global medical sensors market during the forecast period.

Various researchers are focused on development of new technologies, which is expected to drive the global medical sensors market over the forecast period. For instance, in July 2020, researchers at University of Minnesota announced that they had developed a new technique that allows the 3D printing of hydrogel-based sensors directly on to organs such as the lungs.

Global Medical Sensors Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

COVID-19 can affect the economy in three main ways: by directly affecting production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, U.A.E., Egypt, and others, are facing problems with regards to the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the global medical sensors market, due to launching of new technologies.

For instance, in May 2020, GOQii, a healthcare company, announced that they had launched Vital 3.0 with temperature sensors which can measure heart rate, body temperature, and blood pressure. The temperature sensors in Vital3.0 minimized the frequent contact between COVID-19 Patients and care givers. These sensors helped to find out the early COVID-19 symptoms.

Global Medical Sensors Market: Key Developments

For instance, in August 2022, Sibel Health, a medical technology company, announced that they had raised US$ 33 Mn in Series B funding. This new series B funding of US$ 33 million will advance Sibel's ANNE, a monitoring system, which is  approved by U.S. Food and Drug Administration and scale up the advanced wearable sensors for remote patient monitoring and hospital care. Moreover, this funding will advance bio-integrated sensors and wireless data collection which promote better care to newborns and mothers in developing countries.

Global Medical Sensors Market: Restraint

The major factors that hinder growth of the global medical sensors market include increasing number of product recalls by regulatory authorities such as the U.S. Food and Drug Administration over the forecast period. For instance, in April 2019, the U.S. Food and Drug Administration recalled a class 2 device DEXIS Titanium Intraoral Sensor which is intended to acquire dental intraoral radiographic images, which is manufactured by KaVo Dental Technologies LLC., a dental products manufacturer. The product was recalled due to incorrect sensor’s look up calibration files programmed during manufacturing which reduced the quality of image.

Key Players

Major players operating in the global medical sensors market include Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, FreeScale Semiconductors, Omnivision Technologies, Inc., Smiths Medical, Analog Devices, Inc., Honeywell International, Inc., Broadcom Limited, Danaher Corp., LORD Corporation, OSI Systems, Inc., Avago Technologies Limited, Measurement Specialties, Micro-Epsilon Messtechnik, Amphenol Advanced Sensors, and Sensirion AG