March 5, 2024
Medical Sensors Market

Medical Sensors Market Driven by Growing Demand for Wireless and Wearable Medical Devices

Medical sensors play a pivotal role in monitoring vital health parameters and assist medical professionals in identifying health abnormalities at an early stage. From simple thermometers measuring body temperature to complex biosensors detecting biomarkers in blood or urine, medical sensors have transformed patient care and clinical decision making. Advancements in material science, microfabrication, and wireless technology have led to the development of innovative implantable, wearable, and remote medical sensors. Sensors integrated into devices such as glucose monitors, blood pressure cuffs, ECG monitors, pulse oximeters, and temperature patches provide real-time health insights without hospital visits. The growing prevalence of chronic diseases, rapid digitization of healthcare, and increasing focus on preventive care are driving demand for connected medical devices and remote patient monitoring solutions enabled by medical sensors.

The global Medical Sensors Market is estimated to be valued at US$ 22620.05 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Wireless and wearable medical sensors are gaining popularity due to the convenience of remote monitoring. Major players are focusing on developing novel wearable biosensors that can continuously track vital health parameters without restraints. For instance, flexible glucose sensors integrated into smartwatches and skin patches are being tested for continuous non-invasive glucose monitoring. These advancements will allow for early disease detection and management of chronic conditions. 3D printed and flexible sensors also offer design flexibility and potential for multi-parametric sensing. Integration of MEMS technology and development of system-on-chip solutions can further minimize sensor size and facilitate development of smart sensor platforms for simultaneous monitoring of multiple health indicators. Data analytics capabilities are also being enhanced to generate clinically relevant insights from the vast amounts of sensor data being collected through digital health tools and telehealth systems. This will enable personalized healthcare through predictive, preventive and pre-emptive clinical interventions based on individual health patterns.

Porter’s Analysis
Threat of new entrants: The medical sensors market presents medium threat of new entrants due to high manufacturing and R&D costs. However, new companies can enter by offering innovative products.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternative suppliers but rely on quality certifications and approvals of established players.
Bargaining power of suppliers: Suppliers of raw materials have low to moderate bargaining power as raw materials are commonly available and industry players source from multiple suppliers.
Threat of new substitutes: Threat of substitutes is low as medical sensors are an integral part of patient monitoring systems and are difficult to replace.
Competitive rivalry: The market is highly competitive due to presence of large multinational players. Companies compete based on product innovation, performance improvement and price.

Key Takeaways
The Global Medical Sensors Market Demand is expected to witness high growth over the forecast period.

Regional analysis:

North America currently dominates the market due to advanced healthcare infrastructure and presence of major players. Asia Pacific is expected to grow at the fastest pace due to improving medical facilities, rising healthcare expenditure and growing geriatric population.

Key players:

Key players operating in the medical sensors market are Amcor plc,3M,DuPont,Tetra Laval International S.A.,Mondi,Berry Global Inc.,Ardagh Group S.A.,Bemis Manufacturing Company,Graham Packaging Company,Crown,BALL CORPORATION,Constantia Flexibles,CKS Packaging, Inc.,Sonoco Products Company,ProAmpac,Alcoa Corporation,Huhtamäki Oyj,Sealed Air,WINPAK LTD,DS Smith.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it