The Medical Sensors Market worldwide is anticipated to grow rapidly, reaching an estimated value of $20,747.4 million by 2031 and rising at a CAGR of 9.6% between 2021 and 2031. This increase is mostly attributable to the increased use of smart sensors in healthcare institutions, the rise in chronic disease prevalence, and the fast expanding older population. This huge market expansion is also being driven by the emergence of IoT-based medical devices, major healthcare spending, and the increased need for wearable equipment like ventilators in the context of the current COVID-19 pandemic.
The use of smart sensors in healthcare facilities has transformed patient care by providing precise tracking, disease diagnosis, and treatment. Real-time data collecting and analysis provided by these sophisticated sensors aid healthcare professionals’ decision-making and enhance patient outcomes. Additionally, the prevalence of chronic diseases such as cardiovascular problems, diabetes, and respiratory conditions is on the rise, which has increased the need for medical sensors by enabling early detection and preventive treatments.
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Another significant element fueling the global market for medical sensors is the increasing senior population. There is a greater need for remote patient management and continuous health monitoring as the elderly population grows. Vital signs including heart rate, blood pressure, and glucose levels are monitored by medical sensors, which is essential for prompt treatments and individualised care for the elderly.
The introduction of IoT-based medical devices has also contributed to the market’s expansion. These interconnected gadgets make it possible for patients, healthcare professionals, and medical institutions to seamlessly share data, enhancing remote monitoring, diagnosis, and communication. Medical sensors can communicate real-time health data when IoT technology is integrated, enabling healthcare personnel to remotely monitor patients’ states and make appropriate prompt interventions.
The COVID-19 pandemic has increased interest in the market for medical sensors, especially the need for portable devices like ventilators. Patients with respiratory problems can now obtain the essential support while putting less stress on the healthcare system because to these lightweight, simple-to-use devices. As a result, throughout the current health crisis, demand for wearable medical sensors—including ventilators—has increased.
Global medical sensors market will reach $20,747.4 million by 2031, growing by 9.6% annually over 2021-2031, driven by the increasing adoption of smart sensors in medical facilities, rising incidents of chronic diseases along with the growing elderly population, emerging IoT-based medical devices, burgeoning expenditure on healthcare, and the accelerating demand for wearable devices such as ventilators amid COVID-19.
Highlighted with 84 tables and 90 figures, this 174-page report “Global Medical Sensors Market 2021-2031 by Mechanism (Physical, Biomedical, Chemical), Product Type (Force, Airflow, Pressure, Temperature, Humidity, Motion, Image, Others), Application (Diagnostics & Imaging, Patient Monitoring, Medical Implants & Endoscopy, Wellness & Fitness, Others), Procedure (Noninvasive, Minimally Invasive, Invasive), End User, and Region: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire global medical sensors market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2019-2021 and provides forecast from 2022 till 2031 with 2021 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
In-depth qualitative analyses include identification and investigation of the following aspects:
- Market Structure
- Growth Drivers
- Restraints and Challenges
- Emerging Product Trends & Market Opportunities
- Porter’s Fiver Forces
The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify global medical sensors market in every aspect of the classification from perspectives of Mechanism, Product Type, Application, Procedure, End User, and Region.
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Based on Mechanism, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2031 included in each section.
- Physical Sensors
- Biomedical Sensors
- Chemical Sensors
Based on Product Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2031 included in each section.
- Force Sensors
- Airflow Sensors
- Pressure Sensors
- Temperature Sensors
- Humidity Sensors
- Motion Sensors
- Image Sensors
- Other Product Types
By Application, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2031 included in each section.
- Diagnostics & Imaging
- Patient Monitoring
- Medical Implants & Endoscopy
- Wellness & Fitness
- Other Applications
By Procedure, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2031 included in each section.
- Noninvasive Medical Procedures
- Minimally Invasive Medical Procedures
- Invasive Medical Procedures
By End User, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2031 included in each section.
- Hospitals
- Clinics
- Home Care Centers
- Assisted Living Facilities
- Other End Users
Geographically, the following regions together with the listed national/local markets are fully investigated:
- North America (U.S., Canada, and Mexico)
- Europe (Germany, UK, France, Spain, Italy, Netherlands, Rest of Europe; Rest of Europe is further segmented into Russia, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Norway, Denmark, and Finland)
- APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (UAE，Saudi Arabia， South Africa and Rest of MEA)
For each aforementioned region and country, detailed analysis and data for annual revenue ($ mn) are available for 2021-2031. The breakdown of all regional markets by country and split of each national market by Mechanism, Product Type and Application over the forecast years are also included.
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The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Selected Key Players:
Amphenol Corporation
Analog Devices, Inc.
GE Healthcare Inc.
Honeywell International Inc.
Medtronic PLC
NXP Semiconductors
ON Semiconductor Corporation
Sensirion AG
Servoflo Corporation
Siemens AG
Smiths Group plc (Smiths Medical)
STMicroelectronics
TE Connectivity Ltd (First Sensors AG)
Tekscan Inc.
Texas Instruments Inc.
View Report Scope and Latest Developments in the Market: https://www.marketwatch.com/press-release/medical-sensors-market-to-surpass-207474-million-by-2031-fueled-by-rising-adoption-of-smart-sensors-in-healthcare-facilities-and-growing-elderly-population-2023-06-02?mod=search_headline
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