Medical Sensors Market

[230 Pages Report] The medical sensors market is valued at USD 2.4 billion in 2024 and is projected to reach USD 3.6 billion by 2029; it is expected to grow at a CAGR of 8.1% from 2024 to 2029. Factors such as increased adoption of surgical robots, and advancements in sensors and digital technologies create lucrative opportunities whereas complexity in designing compatible medical sensors is a major restraint for the growth of the medical sensors market.

Medical Sensors Market Forecast to 2029

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Market Dynamics:

Driver: Rising demand for wearable medical devices

In recent years, there has been a significant increase in the adoption of wearable sensors due to their simplified design, the comfort offered, and the ability to provide access to patient care from any location.

The advancements in wireless technologies have provided opportunities for people to track and monitor their health and reduce the expenditure incurred in medical facilities for treatment. The increased use of wearable sensors can be attributed to the consumers who prefer to improve their health by having easy access to healthcare professionals through remote monitoring facilities. For instance, many people are using the automated device for asthma monitoring and management (ADAMM), a wearable smart asthma monitor that detects the symptoms of an asthma attack before its onset, allowing the user to take preventive measures.

Wearable sensors are also being extensively used to monitor chronic diseases such as diabetes and cardiovascular diseases. For instance, continuous glucose monitors are wearable sensors that detect and measure blood glucose levels for the entire day. The increased use of wearable sensors for various patient monitoring applications is driving the growth of the medical sensors market globally.

Restraint: Low penetration of medical devices in developing countries

Procurement and maintenance of advanced medical devices incur high costs. The expenditure on healthcare depends on factors such as the elderly population, per capita disposable income, and lifestyle. The developing countries are not as economically strong as the developed countries. Low per capita income and poor quality of life make it difficult for developing economies to spend more on healthcare.

South Asia is home to many developing countries, and according to WHO, the expenditure on healthcare as a percentage of GDP in South Asia is expected to reach 4.8% in 2024, which is very less compared with North America, which comprises developed countries such as the US and Canada. Expenditure on healthcare as a percentage of GDP in North America is expected to reach 19.5% in 2024. The increased expenditure on healthcare in North America can also be attributed to the higher population of people above 60 years of age.

Advanced medical technologies such as IoT-based medical devices and sensors need stable internet connectivity. The penetration and adoption of the Internet in developing countries are lower than that of developed countries. Hence, advanced devices are not accessible to the majority of the population in developing countries. Inferior economic conditions and technology penetration are reducing the accessibility of medical devices in developing countries, thereby impeding the market's growth.

Opportunity: Increased adoption of surgical robots

In the last decade, general surgeries and their subspecialties have witnessed an increase in minimally invasive procedures being performed with the assistance of robots. The adoption of robots for surgeries provides advantages such as increased surgeon control and autonomy, improved 3D visualization, and superior instrument dexterity. According to a report by MnM, the global surgical robots market is projected to reach USD 18.5 billion. Surgical robots are generally used in minimally invasive and low-risk procedures such as colorectal surgery, gastric surgical oncology, hernia repairs, and spine surgeries. Different kinds of sensors, such as image sensors and force sensors, are used in the manufacturing of surgical robots. The increasing adoption of surgical robots for minimally invasive procedures is providing a significant growth opportunity for the market.

Challenges: Data leakages associated with connected medical devices

Industry 4.0 has brought digitalization in the field of manufacturing by providing opportunities for the integration of technologies such as AI, IoT, and robotics, among others. However, data security and privacy have become the major areas of concern due to the adoption of wireless medical devices, especially after the cyberattack on National Healthcare Service in 2017, which paralyzed the healthcare computer systems in the UK.

With the rapidly increasing use of IoT-based connected medical devices in the global healthcare sector, the risk of being exposed to the threats of cyberattacks has also increased. Connected medical devices are prone to hacking. IoT-based medical devices are hardware systems that operate over the Internet. The data collected by these devices is stored on the cloud. Since there is an increased chance of data hacking, significant attention is required toward patient data security, which incurs a significant amount of additional spending. Therefore, the manufacturers of these medical devices must adhere to stringent standards to ensure patient data privacy and safety.

Medical Sensors Market Map:

Class II medical devices segment accounts for the largest market share of the medical sensors market during the forecast period.

Most medical devices in the scope of the medical sensors market fall under the Class II category. Hence, the market for medical sensors used in Class II devices is not only expected to hold the largest share in the medical sensors market but also expected to register the highest growth during the forecast period. Investments by governments and other organizations in healthcare, adoption of advanced technologies, including IoT, and the exponential increase in the demand for ventilators due to the global pandemic and post-pandemic scenario have provided sensor manufacturers with new growth opportunities in various noninvasive and minimally-invasive medical devices.

Patient monitoring devices in Americas accounts for the largest market share of the medical sensors market during forecast period.

The Americas, which includes North America and South America, hold the largest market share of the medical sensors market for patient monitoring devices during the forecast period. North America has a well-established healthcare system that performs a large number of medical procedures, resulting in a higher demand for patient monitoring devices. Major medical device manufacturers are present in the region, which stimulates innovation and the development of advanced patient monitoring technologies. Several countries in North America have reimbursement policies that encourage the adoption of new and advanced medical technologies, including patient monitoring devices. The high prevalence of chronic diseases in the region creates a need for continuous patient monitoring solutions. The trend towards remote patient monitoring has led to a market for wearable and implantable devices for continuous health data collection.

The Asia Pacific region is expected to grow at the highest growth rate during the forecast period.

The market in Asia Pacific is projected to register the highest growth during the forecast period. This region consists of Asian countries and Pacific countries such as Australia and New Zealand. Market players are expanding their presence in emerging economies such as India, China, and other Southeast Asian countries. The increase in awareness about advanced medical systems is expected to drive market growth in this region.

Chia accounted for the largest share of the global medical sensors market in 2023, and a similar trend is expected to continue during the forecast period. Some of the important factors driving the market growth in China include the growing elderly population and support from the government for healthcare services. An increase in discretionary income is also propelling the growth of the market.

The medical sensors market in Asia Pacific is driven by the increasing demand for diagnostic imaging and patient monitoring devices. India is projected to register the highest growth during the forecast period. In developing countries such as India, there has been an increase in demand for advanced and connected devices, especially for patient monitoring purposes, for reducing the expenses incurred in hospitals. Due to expensive treatment in hospitals, there has been an increase in the adoption of remote monitoring systems, leading to a rise in demand for medical sensors.

Medical Sensors Market by Region

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Key Market Players

Analog Devices, Inc. (US), TE Connectivity (Switzerland), Medtronic (Ireland), STMicroelectronics (Switzerland), Texas Instruments Incorporated (US) , among others, are some key players operating in the medical sensors companies.

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Scope of the Report

Medical Sensors Market Highlights

This research report categorizes the medical sensors market based on Sensor Type, End-use Product, Medical Procedure, Medical Facility, Medical Device Classification, and Region

Recent Developments

• In August 2023, NXP Semiconductors (Netherlands), Taiwan Semiconductor Manufacturing Company Limited (Taiwan), Robert Bosch GmbH (Germany), and Infineon Technologies AG (Germany) are investing in European Semiconductor Manufacturing Company (ESMC) GmbH to provide advanced semiconductor manufacturing services. ESMC aims to build a 300mm fab to support fast-growing automotive and industrial sectors with a production capacity of 40,000 300mm (12-inch) wafers. The fab will use advanced FinFET transistor technology and is expected to start production by the end of 2027.
• In July 2023, Tekscan, Inc. (US) announced partnerships with DigiKey (US), and Mouser Electronics (US) to increase product availability for FlexiForce sensors in the electronics marketplaces.
• In March 2023, Sensirion AG (Switzerland) has joined the ST Partner Program by STMicroelectronics. This brings Sensirion's latest humidity and temperature technology to ST’s customers, enriching ST’s portfolio and enabling more customers to benefit from high-quality components for innovative and reliable applications.

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