Medical Sensors Market Growth & Trends
The global medical sensors market size is expected to reach USD 142.2 billion by 2030, registering a CAGR of 19.1% from 2024 to 2030. it's upsurge in the number of patients afflicted with chronic conditions, such as diabetes and hypertension, is fueling the usage of monitoring as well therapeutic devices, thus boosting the market demand.
The target population for this market is patients with chronic illnesses, as such conditions necessitate regular checkups and intermittent or continuous patient monitoring. The rise in population of chronically ill patients further increases the uptake of the medical sensors.
The geriatric population is highly prone to developing chronic disorders and they pose a higher risk of developing age-related deformities and complications. Moreover, the adoption of unhealthy food habits and sedentary lifestyles and the resultant surge in the incidence of obesity has led to the increasing prevalence of lifestyle disorders including diabetes. The presence of a large target population base combined with the prevalence of lifestyle-related risk factors is likely to accelerate the growth of the medical sensors market during the forecast period.
Technological advancements in terms of accuracy, portability, and affordability associated with the new generation medical sensors resulted in the increased usage of these devices; for instance, the introduction of easy-to-operate, home-based diagnostic kits that are cost effective.
Medical Sensors Market Report Highlights
- The biosensors products segment held a lucrative share of over 44.0% in 2023. This is ascribable to the following attributes of the novel biosensors: durability, reliability, and accuracy. Moreover, their applications in the healthcare areas, such as the detection of drug abuse, glucose monitoring for diabetes, the detection of cholesterol, and others. All these elements governed the growth of this segment in 2023.
- The surgical applications of the sensors dominated the market in 2023. Whereas, the monitoring applications segment is projected to be the fastest growing during the forecast period. Advancements, such as wearable technology are anticipated to boost the demand for the monitoring devices market.
- The hospitals registered a remunerative growth in 2023; this can be attributed to the presence of a well-developed healthcare infrastructure, which yields faster and accurate diagnosis. Moreover, the availability of well-equipped infrastructure coupled with the presence of skilled personnel and technologically advanced equipments contribute towards the lucrative growth of this segment.
- North America held a considerably large share of over 34.6% in 2023 owing to the presence of leading sensor manufacturers, a well-planned medical reimbursement network, and the increasing disposable income
- On the contrary, Asia Pacific is anticipated to be the fastest growing region with a CAGR of over 20.6% over the forecast period. The favorable economic developments and the advancing healthcare system with the aid of supportive government initiatives are anticipated to further assist the growth. Moreover, the increasing base of the aging population in this region also, additionally impels the demand. According to the report published by the Ministry of Statistics, in India, 8.6% of the total population is aged above 60; hence, presenting a profitable opportunity for the market players to invest in this region.
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players worldwide.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- COVID-19's impact and how to sustain in these fast-evolving markets
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Global Medical Sensors Market Variables, Trends, & Scope
Chapter 4. Global Medical Sensors Market: Product Estimates & Trend Analysis
Chapter 5. Global Medical Sensors Market: Application Estimates & Trend Analysis
Chapter 6. Global Medical Sensors Market: End Use Estimates & Trend Analysis
Chapter 7. Global Medical Sensors Market: Regional Estimates & Trend Analysis
Chapter 8. Competitive Landscape
Companies Mentioned
- Analog Devices Inc.
- Avago Technologies Ltd.
- Danaher Corporation
- G.E. Healthcare
- Honeywell International Inc.
- Micro-Epsilon Messtechnik.
- Stellar Technology.
- OmniVision Technologies, Inc.
- Sensirion AG
- Stryker Corporation
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 100 |
| Published | August 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 42.6 Billion |
| Forecasted Market Value ( USD | $ 142.2 Billion |
| Compound Annual Growth Rate | 19.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
