Biomedical Sensors Market Size

Statistics for the 2023 & 2024 Biomedical Sensors market size, created by Mordor Intelligence™ Industry Reports. Biomedical Sensors size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Biomedical Sensors Industry

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Biomedical Sensors Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 6.00 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Low

Major Players

Biomedical Sensors Market Key Players

*Disclaimer: Major Players sorted in no particular order

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Biomedical Sensors Market Analysis

The biomedical sensors market was valued at USD 10.79 billion in 2020 and expected to reach USD 15.13 billion by 2026 and grow at a CAGR of 6% over the forecast period (2021 - 2026). Technological advancements in the field of biomedical sensors using microtechnology and nanotechnology are expected to bring tiny, robust, smart and cost-effective sensors that are adaptable to the individual genetic formulation. These sensors can be set to trigger alerts when they enlist unpredictable readings, screen the existence of toxic agents in the blood, or empower drug directly into the circulatory system. Investments in developing sensors with such capabilities will act as a significant factor for the growth of the market and eventually, these products are expected to have a huge demand in the healthcare industry.

  • Increased demand for patient monitoring applications, technological innovations in MEMS enabling the design of low-cost, high-performance sensors, that can be easily integrated into other applications is some of the key drivers for the growth of the market. Further, the increased incidence of lifestyle based diseases, a growing proportion of the aging population and new forms of diseases have also played a significant role in market growth for biomedical sensors globally.
  • Emerging applications for biomedical sensors in the field of nanotechnology and continual innovations leading to the development of innovative non-invasive sensor-based medical applications will open up several growth opportunities in this market. However, security concerns related to the use of biomedical sensors, long product development cycles and stringent regulatory procedures required for operating in the medical sector remain major challenges impeding growth in the overall market.
  • Even though biomedical sensors are playing a major role in life-saving situations, the market faces certain challenges such as patient's safety and comfort due to strong electromagnetic fields, transferring energy from external to internal parts with high efficiency and high data rates, limited computation and data storage, and ultra-low power consumption.

Biomedical Sensors Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)