Global Medical Sensors Market Size, Share, Analysis, Growth and Demand Forecast by 2027 | Key Players TE Connectivity, First Sensor AG, Medtronic, NXP Semiconductors, Sensirion AG Switzerland, etc.

The global medical sensors market size is projected to reach USD$ 28.9 billion by 2027, experiencing a CAGR of 10.02% during the forecast period 2021-2027 The medical sensor industry is anticipated to witness significant growth due to the growing geriatric population, the increase in demand for home healthcare devices such as pregnancy kits and glucose monitoring kits, technological development in the medical device industry, increase usage of IoT-based medical devices, and rising expenditure on the medical sector will propel the growth of the medical sensor market.

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The COVID-19 pandemic has increased the demand for medical sensors. In this outburst, there is a need for robust disease detection, monitoring of individuals and population health which could be aided by wearable sensors. Many metrics derived from heart rhythm like heart rate, heart rate variability, resting heart rate, and respiratory rate are potential markers for coronavirus infection and are measured by wearable devices such as Apple Watch, WHOOP Strap, Fitbit, etc.

Based on application, the global medical sensors market is categorized into diagnostics, monitoring, drug delivery, imaging, therapeutics, and wellness and fitness. The monitoring segment is projected to have the largest market share during the forecast period 2021-2027. There is an increase in the development of different types of monitoring devices such as remote monitoring systems, mobile personal digital assistant (PDA) systems, ambulatory wireless EEG recorders, and ambulatory event monitors are driving the growth of the medical sensors market.

Based on sensor type, the market is segmented into pressure sensors, temperature sensors, blood oxygen sensors, blood glucose sensors, touch sensors, image sensors, ingestible sensors, motion sensors, ECG sensors, and heart rate sensors.

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By placement, the market is divided into strip sensors, wearable sensors, implantable sensors, ingestible sensors, and invasive/non-invasive sensors. Non- invasive sensors have the largest market share and include imaging devices, x-ray scanners, CT scanners, ultrasound scanners, nuclear imaging systems, and spect scanners. Implantable sensors are an emerging segment due to advancements in sensor technology and a rise in demand continuous monitoring systems such as continuous glucose monitoring (CGM) are anticipated to propel the growth during the forecast period.

The hospital segment is accounted to have the largest share due to greater financing capabilities, high patient volumes, and the availability of adequate staff.

The healthcare industry has to deal with providing quality healthcare to patients, complying with stringent regulations, and privacy concerns are the factors leading to research and development globally. The intelligent distributed healthcare system, accurate detection, and early warning of the medical conditions of the patients have played a significant role in the development of the medical sensor market globally.

The miniaturization of sensors will lead to easy integration is one of the growth drivers for the medical sensors market. The increase in chronic diseases, availability of advanced monitoring devices, development of wearable technology such as fits parts, smartwatches, and wearable sensors, and an increase in health expenditures are the driving factors that will propel the market growth for the medical sensors market globally.

North America is having the largest market share owing to the increased healthcare infrastructure in the region. The Asia-pacific region is anticipated to have a remunerative growth over the forecast period 2021-2027 due to the large population and people suffering from chronic diseases like diabetes, respiratory problems, and hypertension. Europe is also set to have grown because of the increase in personal health care and the usage of medical sensors to track self-health.

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Medtronics announced the acquisition of Titan Spine (Germany), a privately held titanium spine interbody implant and surface technology company. Medtronic's acquisition of Titan Spine strengthens its position as a leading innovator in procedural solutions for spine surgery.

Some of the major players in the global medical sensor market include Texas Instruments Incorporated, TE Connectivity, First Sensor AG, Medtronic, NXP Semiconductors, Sensirion AG Switzerland, OmniVision Technologies, Inc., STM icroelectronics, Honeywell International Inc., and Koninklijke Philips N.V.

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