Biomedical Pressure Sensors Market Size

Biomedical Pressure Sensors Market Analysis

The biomedical pressure sensors market was valued at USD 974.81 billion the previous year and is expected to grow at a CAGR of 7.47%, reaching USD 1.473 trillion over the forecast period.

• Biomedical pressure sensors are special electronic devices that may transduce pressure signals into measurable electric signals. These sensors are the critical component in various medical diagnostic and therapeutic equipment and instruments. Over the years, sensor technology has evolved significantly, leading to the incorporation of these sensors in advanced medical devices. Moreover, this has also facilitated the development of miniaturized and portable yet effective medical devices.
• Biomedical pressure sensors may monitor a patient's condition by providing reliable diagnostics in a broad range of conditions. This may include monitoring oxygen therapy effectiveness in oxygen concentrators, automating drug infusion by administering the correct volume and rate of fluid in infusion pumps, or even measuring blood pressure.
• A significant factor driving the growth of the market studied is the growing demand for enhanced patient care, which results from growing consumer awareness and increasing healthcare expenditure globally. For instance, according to the Organisation for Economic Co-operation and Development (OECD), in 2022, the United States (16.6%) was the leading country in terms of healthcare expenditure as a percentage of GDP, followed by countries such as Germany (12.7%), France (11.9%), and Japan (11.5%), among others.
• As higher healthcare expenditure positively influences investments in advanced medical devices and medical infrastructure wherein pressure sensors widely find their application, the growing healthcare expenditure is anticipated to positively influence the studied market's growth.
• However, the technical limitations of biomedical pressure sensors, such as the environmental influence on the detection capabilities and reading of the sensor, remain among the major restraining factors for the studied market's growth. Additionally, the need for product differentiation and awareness, especially in the developing regions, as well as the cost of the sensors, also challenges the studied market's growth.
• The global outbreak of COVID-19 had a major impact on the growth of the studied market as the demand for advanced medical devices, especially in the portable and personal use segment, grew significantly. Such trends, despite issues such as supply chain disruptions, held the market demand for biomedical pressure sensors intact. The post-COVID-19 period also appears promising for the studied market as the pandemic highlighted the shortcomings of the healthcare industry globally, driving the attention of the industry stakeholders, which is expected to drive investments in the healthcare industry, creating opportunities in the market studied.