Medical sensors market is estimated to be valued at USD 24.59 Bn in 2024 and is expected to exhibit a CAGR of 10.4% over the forecast period (2024-2031). Advancements in sensor technology have led to the development of compact, lightweight, and more accurate sensors that can efficiently monitor various health parameters. Furthermore, the growing demand for home healthcare is also propelling the demand for various medical sensors such as blood glucose sensors, Electrocardiography (ECG) sensors, and pulse oximeters that allow for remote patient monitoring.
Market Dynamics:
The growth of the global medical sensors market is driven by two key factors. Firstly, the rising geriatric population globally is augmenting the demand for various healthcare devices and medical equipment for the real-time monitoring of chronic conditions. This is positively impacting the sales of medical sensors. Secondly, growing investments by both public and private players in digital health and remote patient monitoring technologies are creating new opportunities for medical sensors in applications beyond hospitals and clinical settings. This is broadening the scope of adoption for medical sensors.
Increasing Prevalence of Chronic Diseases is Driving the Demand for Medical Sensors
The growing prevalence of chronic diseases such as cancer, diabetes, cardiovascular diseases, and respiratory diseases is one of the major drivers propelling the growth of the global medical sensors market. According to the World Health Organization, chronic diseases are estimated to account for over 60% of all deaths globally. Furthermore, chronic diseases are becoming more common even in developing and underdeveloped nations due to changing lifestyles and increased life expectancy. The rising disease burden has increased the demand for advanced healthcare services and technologies for effective diagnosis and treatment. Medical sensors play a crucial role in monitoring vital health parameters, detecting diseases at an early stage and providing continuous patient monitoring. This is expected to significantly drive the demand for various types of medical sensors in the coming years.
Growing Geriatric Population is Increasing the Need for Remote Patient Monitoring
The global population is aging rapidly with over 703 million people aged 65 years and over according to the United Nations. The aging population is more susceptible to chronic diseases and disabilities which limit their mobility. This has boosted the demand for remote patient monitoring devices fitted with medical sensors to allow continuous monitoring of vital signs from the comfort of home. Remote patient monitoring allows the early detection of health complications and reduces the need for frequent hospital visits, thereby improving quality of life of elderly patients. It also helps in managing the rising healthcare costs associated with aging populations. As a result, the growing geriatric demographics around the world is regarded as a major driver augmenting the medical sensors market.
Lack of Standardization Hampers Technological Integration
Despite the growing need for medical sensors, the lack of standardization continues to restrain the market growth to some extent. The absence of common standards has made it difficult to integrate medical sensors into healthcare IT systems in a seamless manner. Each sensor technology has its own proprietary protocols and communication interfaces. This limits data sharing and interoperability between different sensor brands and products. Establishing standardized protocols, interfaces and data formats is still a challenge hampering wider technological integration. Addressing these standardization issues is crucial for advancing sensor technology and optimizing clinical workflow through digitalization.
High Cost of Advanced Medical Sensors Inhibit Uptake
The high costs associated with technologically-advanced medical sensors also acts as a barrier restricting their widespread adoption, especially in developing nations with limited healthcare budgets. Integrating sensors with wireless connectivity and data analytics capabilities significantly adds to production costs. The high costs are eventually passed on to healthcare providers and patients. This factor deters the uptake of advanced sensor technologies among cost-sensitive consumers. Strategies to reduce manufacturing costs through economies of scale and standardization of components can help address the cost restraint to some extent in the long run.
Rising Investments in Wireless Connected Sensors Present Lucrative Opportunities
Growing investments in wireless health technologies and wireless connected sensors are projected to present substantial opportunities for medical sensor manufacturers. The integration of advanced connectivity allows continuous remote monitoring without physical restrictions. Leveraging wireless connectivity through technologies such as Bluetooth, WiFi, and low-power wide-area networks (LPWANs) can unlock new use cases and care delivery models. This is expected to considerably expand the scope and applications of medical sensors. The increasing collaboration between sensor producers and communication technology providers reflects the lucrative prospects in the domain of wireless medical sensors.
*Link: https://www.coherentmarketinsights.com/market-insight/medical-sensors-market-578
Key Development
- In December 2023, Neuranics Lab Pvt Ltd., a medical technology company, announced the launch of new magnetic sensor development kit. The new kit is designed to record the heart’s magnetic activity and transmit it wirelessly via Bluetooth for round-the-clock recording and analysis on a smartphone, tablet, or laptop.
- In October 2023, a researcher from the University of Glasgow has received an EPSRC, announced that it had received funding of US$ 1.93 (£1.8Mn) to develop a new wearable sensor system capable of measuring the progress of neuromuscular diseases
- In August, 2023, Bontara, a healthtech startup company, announced that it had launched Wearable Smart Rings. The newly launched Smart Rings are designed to continuously monitor a range of health parameters, empowering users to live longer and healthier lives.
- In June 2023, STAT Health, a U.S. based digital health company, announced that it had launched a 24/7 in-ear wearable general wellness product that measures blood flow to the head to allow a better understanding of conditions in the body that occur upon standing
Key Players: Medtronic, SteadySense GmbH, Koninklijke Philips N.V. (Philips), GE Healthcare, Honeywell International Inc, F. Hoffmann-La Roche Ltd, Texas Instruments Incorporated, Analog Devices, Inc. , VitalConnect, Bardy Diagnostics, Neuralink, PreTel Health, Sensirion AG, Sensium Healthcare, Omron Healthcare, Inc., Bontara, and STAT Health