The Global Medical Sensors market accounted for $1.04 billion in 2018 and is expected to reach $2.23 billion by 2027. Increasing healthcare spending of various countries, increasing prevalence of obesity in high-income countries and the growing geriatric population are the major factors propelling the market growth. However, slow penetration rate of smart medical devices in developing regions are hampering the market growth.
The sensor is a device or module used to diagnose, monitor or treat diseases in the medical domain are said to be medical sensors. They decrease human errors, respond to physical stimulus, and also find application in various forms, like checking and monitoring alcohol level in blood, biomechanics, blood analysis, breath analysis, eye parameters, and many others. The medical sensors are used in various applications such as blood pressure monitoring, body temperature measurement, medical pump technology, dialysis equipment, and sleep monitoring.
Based on the product type, the non-invasive segment is going to have a lucrative growth during the forecast period due to growing demand for connected medical devices, increasing adoption of IoT-based medical devices, and developments in medical technology. By geography, North America is going to have a lucrative growth during the forecast period due to higher expenditure on healthcare and the presence of a large number of medical device manufacturers.
Some of the key players: Sensirion AG, Merit Sensor Systems, First Sensor, STMicroelectronics, Omnivision Technologies, Inc, Proteus Digital Health, Texas Instruments, NXP Semiconductors, Tekscan Inc., Medtronics, Keller America, Innovative Sensor Technology, TE Connectivity, Envitec, Amphenol Advanced Sensors and Cirtec Medical Corp.