Sensors play an ever more important role in medical technology with the aim of making medical devices even more effective and safer, while simplifying their operation. Sensors are used in respiratory devices, sleep diagnostic devices, sleep apnea therapy devices, spirometers, anesthetic devices, dialysis machines, infusion pumps, oxygen concentrators, vacuum suction pumps, insufflators, videoscopes, blood sugar measuring devices, pulse oximeters, computer tomographs (CT), and gamma probes.
The global medical sensors market was estimated to account for US$ 15,543.4 Mn in terms of value by the end of 2019.
Global Medical Sensors Market: Drivers
Increasing demand for optical sensors for use in medical devices is expected to propel growth of the global medical sensors market over the forecast period. For instance, in July 2020, OSI Systems, Inc. announced that its Optoelectronics division received an order for approximately US$ 5 million from a leading healthcare original equipment manufacturer (OEM) to provide optical sensors for use in medical devices.
Global Medical Sensors Market: Opportunities
R&D in medical sensors is expected to offer lucrative growth opportunities for players in the global medical sensors market. For instance, in July 2020, researchers from North University of China, China, reported development of a novel refractive index sensor composed of a metal–insulator–metal waveguide with two rectangular stubs coupled with an elliptical ring resonator.
Global Medical Sensors Market: Restraints
Increasing complexity of medical sensors offers challenges regarding design and testing of these sensors, thereby hindering growth of the global medical sensors market.
The global medical sensors market was valued at US$ 15,543.4 Mn in 2019 and is forecast to reach a value of US$ 25,635.3 Mn by 2027 at a CAGR of 6.5% between 2020 and 2027. Increasing demand for optical sensors for use in medical devices is expected to propel growth of the global medical sensors market over the forecast period.
Surgical Applications segment held dominant position in the global medical sensors market in 2019, accounting for 33.0% share in terms of value, followed by diagnostic and motoring application, respectively. Increasing research and development in medical sensors is expected to assist the segment growth during the forecast period.
Emergence of Covid-19 is expected to boost demand for medical sensors in rapid test devices. For instance, globally, as of 11:38am CEST, 16 August 2020, there have been 21,260,760 confirmed cases of COVID-19, including 761,018 deaths, reported to WHO.
Moreover, increasing adoption of mHealth is also expected to boost demand for medical sensors. For instance, in August 2020, researchers from University of Massachusetts Amherst concluded that mobile health (mHealth) technologies are a viable option to monitor COVID-19 patients at home and predict which ones will need medical intervention.
Global Medical Sensors Market: Competitive Landscape
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.
Global Medical Sensors Market: Key Developments
Major players in the global medical sensors market are focused on approval and launch of new products to expand their product portfolio. For instance, in December 2019, VivaLNK, the U.S.-based startup, received a Class IIa medical device CE Mark for its multi-vital medical wearable sensor and software development kit.
Scope of the report
Joining thousands of companies around the world committed to making the Excellent Business Solutions.