Biomedical Sensors Market Growth Sturdy at 7.4 % CAGR to Outstrip USD 15,338.57 Million by 2027 - COVID-19 Impact and Global Analysis by The Insight Partners

The biomedical sensors market is expected to reach US$ 15,338.57 million by 2027 from US$ 8,688.63 million in 2019. The market is estimated to grow at a CAGR of 7.4% from 2020 to 2027.

According to our new market research study on "Biomedical Sensors Market to 2027 - COVID-19 Impact and Global Analysis - by Type, Sensor Type, Product, and Application". The growth of the market is attributed to factors such as increase in geriatric population, rise in demand for home-based medical care, technological advancements in the medical device industry, rise in adoption of IoT-based medical devices, and increase in healthcare expenditure worldwide.

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The growth of the market is attributed to factors such as increase in geriatric population, rise in demand for home-based medical care, technological advancements in the medical device industry, rise in adoption of IoT-based medical devices, and increase in healthcare expenditure worldwide.

Rising Incidence of Lifestyle-Based Diseases
Factors such as antimicrobial resistance, adoption of unhealthy lifestyles, alcohol consumption, and smoking contribute to rising prevalence of lifestyle-based diseases, such as diabetes. As per the International Diabetes Federation, in 2019, ~463 million adults had diabetes, and this number is expected to reach 700 million by 2045. Therefore, the demand for biomedical sensors is increasing for regular health monitoring.

Technological advancements in biomedical sensors incorporating microtechnology and nanotechnology are resulting in the development of compact, innovative, robust, as well as cost-effective sensors that are adaptable to the individual genetic formulation. These biomedical sensors are set for triggering alerts when these sensors record unpredictable readings, screen the existence of toxic agents in the blood, as well as empower drugs straight into the circulatory system. Increasing investments in developing such advanced sensors are driving the biomedical sensors market. Active participation of government bodies and research universities to promote research and clinical trials with advanced biomedical sensors is propelling the development of innovative biomedical sensors. In addition, emerging applications of biomedical sensors in the field of nanotechnology and increasing innovations are leading to the development of advanced non-invasive sensor-based medical procedures. These factors are likely to increase the demand for biomedical sensors, thereby fueling the growth of the market.

Additionally, rising number of geriatric population and increasing cases of obesity are the factors promoting the health awareness among population. Various established players in the medical device industry have been investing a significant amount in R&D activities to develop better and advanced solutions to cater to the needs of their customers. With the regulations laid down by the government bodies, it is possible to obtain better and reliable health management solutions, ensuring quality care, patient safety, and disease management. For instance, the Centers for Disease Control and Prevention leads efforts to control communicable and infectious disease outbreaks and promote immunization to the people. The federal government also aids states with funding and guidance for emergency preparedness. Thus, the above factors are expected to drive the biomedical sensors market during the forecast period.

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Based on sensor type, the biomedical sensors market is segmented into temperature, pressure, image sensor, biochemical, inertial sensor, motion sensor, electrocardiogram (ECG), and other sensor types. In 2019, the temperature segment accounted for the largest share in the market owing to easy availability and high demand for these sensors. The growing demand for patient monitoring devices in non-hospital settings is also providing attractive growth opportunities for players in the biomedical sensors market. The integration of monitoring technologies in smartphones and wireless devices is a critical trend in patient care, resulting in high growth for patient monitoring applications. This, in turn, is boosting the demand for temperature sensors during the forecast period.

Based on type, the biomedical sensors market is segmented into wired and wireless. The wireless segment held larger share of the market in 2019, and the same segment is anticipated to register higher CAGR in the market during the forecast period.

In terms of product, the biomedical sensors market is segmented into invasive sensors and non-invasive sensors. The non-invasive sensors segment held larger share of the market in 2019 and is estimated to register the highest CAGR of 7.5% in the market during the forecast period.
Based on application, the biomedical sensors market is segmented into medical diagnostic, clinical therapy, personal healthcare, and imaging. The medical diagnostic segment held the largest share of the market in 2019; however, the personal healthcare segment is expected to register the highest CAGR of 8.2% in the market during the forecast period.

Biomedical Sensors Market: Competitive Landscape and Key Developments
Analog Devices, Inc.; GE Healthcare; STMicroelectronics; Honeywell International; Medtronic; NXP Semiconductors N.V.; Pinnacle Technology Inc.; Sensirion AG; TE Connectivity; and Texas Instruments Incorporated are among the leading companies operating in the Biomedical Sensors market.

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