CHICAGO, May 1, 2024 /PRNewswire/ -- 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 according to a new report by
MarketsandMarkets™. Rising demand for wearable medical
devices, growing elderly population and increasing life expectancy,
burgeoning expenditure on healthcare, increasing adoption of
sensors in portable and connected medical devices, and surging
adoption of IoT-based medical devices.
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Browse in-depth TOC on "Medical Sensors
Market"
160 – Tables
70 – Figures
230 – Pages
Medical Sensors Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 2.4 billion
|
Estimated Value by
2029
|
$ 3.6 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 8.1%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Sensor Type, End-Use
Product, Medical Procedure, Device Classification, Medical Facility
& Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Data leakages
associated with connected medical devices
|
Key Market
Opportunities
|
Increased adoption of
surgical robots
|
Key Market
Drivers
|
Rising demand for
wearable medical devices
|
The medical sensors market for hospitals & clinics in
Asia Pacific is expected to grow
at the highest CAGR during the forecast period.
The medical sensors market for hospitals & clinics in
Asia Pacific is expected to grow
at the highest CAGR during the forecast period. The rising elderly
population in countries such as Japan and China have led to the increased adoption of
advanced medical devices. The rise in the elderly population has
led to an increased number of people suffering from multiple
chronic diseases such as diabetes and cardiovascular diseases.
Hence, hospitals and clinics in such countries are extensively
using advanced medical equipment integrated with sensors for
improved patient monitoring and treatment. The increasing number of
initiatives taken by the governments in developing countries, such
as India and China, to support the manufacturing of
advanced medical devices is also expected to drive the growth of
the medical sensors market for hospitals & clinics in
Asia Pacific.
Americas held the largest share of the medical sensors market
for minimally invasive procedures in 2023.
The Americas held the largest share of the medical sensors
market for minimally invasive procedures in 2023. The increasing
elderly population, rapidly evolving healthcare infrastructure, and
growing expenditure on healthcare are the major factors driving the
market growth in the Americas. However, the market in Asia Pacific is expected to register the
highest growth during the forecast period due to the increasing
number of reforms to enhance the healthcare ecosystem in developing
countries such as India and
China.
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Europe holds the
second-largest market share in medical sensors market in
2023.
Europe holds the second-largest
market share in the medical sensors industry in 2023 and is
expected to have a nominal growth during the forecast period. The
market growth in Europe can be
attributed to the increasing population of elderly people and the
subsequent increase in the number of people suffering from chronic
diseases in this region. According to Eurostat, in 2024, 21.3% of
the EU population was aged 65 and over on January 1, 2023. This means that more than
one-fifth of the EU's population was aged 65 and over. Increasing
healthcare expenditures, the high adoption of advanced medical
devices, increasing investments in healthcare, and the growing
demand for user-friendly patient monitoring devices for diabetes
and chronic diseases are expected to drive the market growth in
Europe during the forecast period.
Europe also comprises several key
medical sensors market players such as TE Connectivity
(Switzerland), Medtronic
(Ireland), and STMicroelectronics
(Switzerland).
Key Players
Some of the leading companies operating in the medical sensors
companies are TE Connectivity (Switzerland), Medtronic (Ireland), Analog Devices, Inc. (US), Texas
Instruments Incorporated (US), STMicroelectronics (Switzerland), Tekscan, Inc. (US), NXP
Semiconductors (Netherlands),
Sensirion AG (Switzerland), ON
Semiconductor Corporation (US), and Amphenol Corporation (US) are
the key players in the medical sensors market. Koninklijke Philips
N.V. (Netherlands), ams-OSRAM AG
(Austria), among others.
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