Medical Sensors Market to Surpass US$ 44,507.6 Mn by 2030 - Coherent Market Insights

Global Medical Sensors Market, by Product Type (Biosensors, Temperature Sensors, Image Sensors, Accelerometers, Pressure Sensors, Flow (Air and Fluid) Sensors, SQUID, Others (Chemical, Position, Level, Force, etc.)), by Application (Surgical, Diagnostic, Therapeutic, Monitoring), by End Users (Hospitals, Specialty Clinics, Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.

Increasing inorganic growth strategies such as product launches by key market players to increase the product portfolio and strengthen their position in the market is expected to drive the global medical sensors market over the forecast period. For instance, in January 2021, Swift Sensors, a leading sensor monitoring company, announced that they had launched sub-zero temperature sensor to meet covid-19 vaccine monitoring and storage requirements. Sub-zero temperature sensor is a wireless vaccine storage unit monitoring and alert system that enables medical facilities to remotely monitor COVID-19 vaccine storage temperatures, automate data logging, and quick response.

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

The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been significantly impacted by the COVID-19 pandemic.

However, the COVID-19 pandemic had a positive impact on the global medical sensors market. For instance, in May 2020, Koninklijke Philips N.V., a health technology company announced that they had launched next generation wearable biosensor for early patient deterioration detection and clinical surveillance for COVID-19 patients in the hospital. This wearable biosensor increases clinical surveillance in the patients and help to detect the risks of exposure of healthcare workers during acquiring frequent patient vitals, and easing the demand for personal protective equipment.

Global Medical Sensors Market: Key Developments

For instance, in January 2022, Highmark Health, a health and wellness organization, and Bosch GmbH, a technological company, announced that they had entered into a research collaboration which will explore the innovative sensor technology. This technology will help to capture audio which is analyzed by using artificial intelligence to detect pediatric pulmonary conditions, such as asthma, through the noise emitted via various breathing patterns from patients.

Browse 35 Market Data Tables and 37 Figures spread through 180 Pages and in-depth TOC on “Global Medical Sensors Market”- Forecast to 2030, Global Medical Sensors Market, by Product Type (Biosensors, Temperature Sensors, Image Sensors, Accelerometers, Pressure Sensors, Flow (Air and Fluid) Sensors, SQUID, Others (Chemical, Position, Level, Force, etc.)), by Application (Surgical, Diagnostic, Therapeutic, Monitoring), by End Users (Hospitals, Specialty Clinics, Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/medical-sensors-market-578

Key Takeaways of the Global Medical Sensors Market:

• The global medical sensors market is expected to exhibit a CAGR of 10.1% during the forecast period due to the increasing organic strategies such as funding by the key players in the market over the forecast period. For instance, in October 2022, Acurable, a medical device company, announced that they had raised US$ 10.67 Million in Series, A funding round. These funding will be used in increasing the international expansion of AcuPebble SA100. AcuPebble SA100 is a sensor attached at the base of the neck and used to record the sounds generated by the patient's respiratory and cardiac functions.
• Among product type, Biosensors is estimated to hold a dominant position in the medical sensors market over the forecast period owing to the increasing adoption of inorganic strategies such as product approval by key market players. For instance, in April 2022, Biosensors International Group, Ltd., a developer and manufacturer of innovative medical devices, announced that they had received approval from Japanese Pharmaceuticals and Medical Devices Agency for Biofreedom Ultra, and also received an approval from the U.S. Food and Drug Administration for Biofreedom, Biolimus A9. Biofreedom is biosensor, a novel polymer and carrier-free drug carrier system.
• Among regions, North America is estimated to account for the largest market share in the global medical sensors market over the forecast period. For instance, in November 2021, Acurable, a medical device company, announced that they had received 510(k) clearance for AcuPebble SA100 as a Class II medical device from the U.S. Food and Drug Administration. AcuPebble SA100 is a sensor attached at the base of the neck and used to record the sounds generated by the patient's respiratory and cardiac functions.
• 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