Medical Sensors Market with COVID-19 Impact Analysis by Sensor Type, End-use Product, Medical Procedure, Device Classification and Geography - Global Forecast to 2026 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Medical Sensors Market with COVID-19 Impact Analysis by Sensor Type (Pressure, Temperature, Blood Oxygen, Image, Flow Sensor), End-use Product, Medical Procedure (Invasive, Non-invasive), Device Classification, and Geography - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global medical sensors market is estimated to be worth USD 1.8 billion in 2021 and is projected to reach USD 3 billion by 2026, at a CAGR of 10.3%.
Increasing adoption of sensors in portable and connected medical devices, growing elderly population and increasing life expectancy, rising demand for wearable medical devices, surging adoption of IoT-based medical devices, burgeoning expenditure on healthcare and accelerating demand for ventilators due to COVID-19 are some of the key factors driving the growth of the medical sensors market globally.
The market for flow sensors could grow at the highest CAGR during the forecast period
The medical sensors market is expected to witness strong growth in the next 5 years mainly due to the rising incidents of chronic diseases; increasing adoption of medical imaging, monitoring, and implantable devices; rising expenditure on healthcare across the world; and a growing elderly population.
Due to the COVID-19 pandemic, there has been a rise in demand for ventilators, oxygen concentrators, and respiratory devices, as these devices are used to assist COVID-19 patients suffering from breathing problems and reduced blood oxygen levels. This sudden increase in the demand has led to a rise in the demand for flow sensors which are used in these devices. The miniaturization of sensors and the adoption of MEMS technology have opened new application areas for pressure sensors, thereby surging the demand for these sensors.
The market for patient monitoring devices is estimated to account for the largest share between 2021 and 2026 in medical sensors market
The integration of patient monitoring devices with smartphones and other wireless devices has led to the increased adoption of remote monitoring systems. The growing awareness about advanced medical devices among people, along with the development of innovative and advanced patient monitoring devices that are capable of real-time monitoring, enables healthcare professionals and users to take preventive measures before the severity of the illness is intensified.
Medical sensors market in the APAC region is expected to witness a robust growth during 2021-2026
The medical sensors market in APAC is projected to grow at the highest CAGR during the forecast period. Factors such as rising elderly population, flourishing medical tourism in countries such as China, India and Indonesia, and increasing government initiatives for modernizing the healthcare infrastructure in developing countries are supporting the growth of the medical sensors market in the APAC. Further, surging demand for quality medical care in APAC is expected to propel the medical sensors market growth in this region.
- Increasing Adoption of Sensors in Portable and Connected Medical Devices
- Growing Elderly Population and Increasing Life Expectancy
- Rising Demand for Wearable Medical Devices
- Surging Adoption of IoT-based Medical Devices
- Burgeoning Expenditure on Healthcare
- Accelerating Demand for Ventilators due to COVID-19
- Low Penetration of Medical Devices in Developing Countries
- Complexity in Designing Compatible Medical Sensors
- Advancements in Sensors and Digital Technologies
- Growth Outlook of Healthcare Industry
- Collaborations Among Key Market Players to Develop Healthcare Solutions
- Increased Adoption of Surgical Robots
- Stringent Regulatory Environment and Requirement of Product Approvals
- Data Leakages Associated with Connected Medical Devices
- Amphenol Corporation
- Analog Devices
- Cirtec Medical Corporation (Cactus Semiconductor)
- Innovative Sensor Technology IST AG
- Keller America (Subsidiary of Keller AG Druckmesstechnik)
- Maxim Integrated (Acquired by Analog Devices)
- Merit Sensor Systems (Subsidiary of Merit Medical Systems)
- Microchip Technology Inc.
- NXP Semiconductors
- OmniVision Technologies, Inc.
- ON Semiconductor Corporation
- Peak Sensors
- Promet Optics
- Renesas Electronics Corporation
- Siemens Healthineers
- Stanley Healthcare (Part of Stanley, Black & Decker)
- TE Connectivity
- Texas Instruments
- Zoll Medical
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