|Study Period:||2019- 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The medical sensors market is expected to grow at a CAGR of 10.1% over the forecast period (2021-2026). People infected with SARS-CoV-2 and other respiratory viruses generally seek diagnostic tests after exhibiting symptoms. Companies are developing solutions for detecting the infection, especially in high-risk individuals, before the onset of noticeable symptoms, thereby reducing infection transmission. During the initial time of the outbreak, Shanghai Public Health Clinical Center (SPHCC) used California-based connected health startup VivaLNK's continuous temperature sensor to monitor COVID-19 patients, which reduces the risks of caregivers being exposed to the virus.
- The healthcare industry is faced with the constant challenge of providing quality healthcare to patients while complying with the stringent regulations and privacy concerns, which have been the major factors increasing research and development to augment the conventional diagnosis and treatment methods globally.
- Advances in low power electronics, MEMS technology, power harvesting, and smart materials have increased the applications of these technologies in the healthcare and medical industries. From simple medical devices to intelligent distributed healthcare systems, accurate detection, and early warning of the healthcare conditions of patients, sensors have played a major role in this industry. Furthermore, the development of unobtrusive sensing solutions has paved the path for more enhanced patient health.
- Miniaturization of sensors leading to ease in integration acts as a driver to the medical sensor market. This can help in diagnosing diseases that require very detailed sensing techniques.
- Using machines or different kinds of sensors in medical practices needs the trust of the patient. While in the developing countries getting sensors into the practices, patients need knowledge of the sensors before they can come to practice. Therefore market penetration is very low in the developing regions.
- With patient care moving from hospitals to homes, the sensors employed in wearable products are expected to witness a shift toward a more integrated medical approach slowly. For instance, in the recent past, major players, like Google, Apple, and Amazon, have highlighted challenging projects, i.e., measuring blood glucose via smartwatches or smart lenses. Such products are anticipated to create ample opportunities for the medical sensors market over the forecast period.
Scope of the Report
Medical sensors are sophisticated sensors that create a monitoring system and have a higher significance value. They decrease human errors, respond to physical stimulus, and find application in various forms, like checking/monitoring alcohol levels in the blood, biomechanics, blood analysis, breath analysis, eye parameters, and many others. The use of sensors is not limited to patient care; it is also used in tracking the movement of pharmaceutical and other test materials related to patients.
|Middle East and Africa|
Key Market Trends
Pressure Sensors Play a Significant Role in Medical Sensor Market
- Pressure sensors play a vital role for efficient performance in respiratory breathing circuits (nebulizers, spirometers, patient monitoring), flow/pressure control (therapeutic hospital beds), gas collection (hospital gas supply, oxygen concentrators), and sampling/gas flow (blood analysis, gas chromatography, analytical instrument sampling systems).
- Due to high sensitivity and accuracy, pressure sensors are well suited for use in CPAP (continuous positive airway pressure) respiratory therapy equipment. For instance, Honeywell manufactures TruStability RSC Series, a pressure sensor that offers a digital output for reading pressure over the specified full-scale pressure span and temperature range. It is widely used in sleep apnea machines.
- Moreover, many people suffer from asthma attacks and use inhalers as a solution. Poor inhaler techniques prevent patients from receiving their full therapeutic benefits. In order to counter this situation, leading medical equipment manufacturers are employing pressure sensors in inhalers, and individuals are starting to receive proper asthma care measures.
- The region is also marked with consortiums that encourage the growth of the medical sensors market by directly supporting medical devices. For instance, in November 2020, California was scheduled to host the Healthcare Sensor Innovations 2020 convention to focus on the latest developments in the use of wearables and sensors in continuous monitoring of individuals and point-of-care diagnostics, but it was canceled due to the COVID-19 pandemic.
- Using advanced machines with sensors in medical practices needs the trust of the patient. While in the United States, with increased awareness about sensors in the practices, patients have considered the sensors' knowledge. This states the readiness that the region poses in terms of adopting such technologies.
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North America to Record a Significant Growth Rate Over the Forecast Period
- US-based All Sensors Corporation is one of the manufacturers of medical pressure sensors. In February 2020, the company launched a new series of analog and digital pressure sensors: the ELV Series for Medical Devices and Pneumatic and used Ultra Low-Pressure CoBeam2 Technology. The series offers pressure ranges of 0.5 inH2O up to 150 PSI, including millibar calibrations from 2.5 mbar to 10 bar.
- The market is driven by the increased focus on the semiconductor industry, which supports technological advancement in the sensors market. According to the Semiconductor Industry Association, the United States will represent 12% of the global semiconductor industry in 2020.
- Furthermore, new bipartisan legislation called the CHIPS for America Act was introduced in June 2020 to strengthen the country’s position. Such favorable legislation and government initiatives allow large investments in semiconductor manufacturing incentives and research initiatives over the next 5-10 years, which is expected to drive the growth of the sensors market of the country, with medical sensors benefiting largely from it.
- Over the forecast period, the country is expected to witness a significant increase in demand for miniaturized medical sensors. Miniaturization is a stable trend across the chip industry and is expected to substantially impact the studied market, with manufacturers focusing on the smaller size.
- In addition, the country is marked with high healthcare spending, which significantly exceeds several countries globally. According to Altarum Institution, the annual healthcare spending registered a 2% decline in 2020 for the first time in sixty years, and it is expected to increase with federal backing over the forecast period. The increasing healthcare expenditure positions the country to largely contribute to the growth of the studied market.
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The major players in the market are GE Healthcare Inc., STMicroelectronics, Honeywell Inc., Omron Corporation, Siemens Corporation, and others. The market is dominated by these players; hence the market is consolidated. Therefore, the market concentration will be high.
- September 2021: Sensirion Holding AG, a prominent provider of environmental and flow sensor solutions, has completed the purchase of AiSight GmbH, a pioneer in scalable, easy-to-use machine diagnostics. AiSight, situated in Berlin, develops and sells plug-and-play solutions for the rapidly increasing industrial condition monitoring and predictive maintenance sector. AiSight's technology uses vibration and temperature sensors and artificial intelligence data processing to help industrial organizations reduce unplanned downtime and improve the quality of their production processes.
- November 2020: OMRON Healthcare Co., Ltd. stated that its parent company, OMRON Corporation, has made an additional investment in AliveCor as part of a USD 65 million series E funding round for the leader in AI-based personal electrocardiogram (ECG) technology. This round of funding was sponsored by OMRON, reinforcing a cross-company relationship that began in 2017. The firms are extending their global partnership to speed the development of ECG-based products for cardiovascular disease management and remote patient monitoring.
- March 2021: TTI, Inc., one of the leading specialized electronic component distributors, is pleased to provide Honeywell Advanced Sensing Technologies' electromechanical and sensor solutions for medical applications such as ventilators, oxygen concentrators, patient monitoring systems, and laboratory test equipment. Airflow, magnetic, oxygen, pressure, and temperature sensors, as well as simple switches, are among the technologies available.
- November 2020: Amphenol Corporation announced that it had reached a definitive deal to purchase GE's Advanced Sensors Business for USD318 million (subject to a post-closing working capital adjustment). The transaction is expected to close before the end of the year, subject to regulatory clearances and other standard closing conditions.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Assessment of Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Miniaturization of Sensors Leading to Ease in Integration
5.1.2 Increasing Advancement in Medical Devices and Accessories
5.2 Market Challenges
5.2.1 Slower Rate of Penetration of Advanced Medical Systems in Developing Regions
5.2.2 Stringent Regulatory Environment For Product Approvals
6. MARKET SEGMENTATION
6.1 By Component
6.1.1 Flow Sensor
6.1.3 Temperature Sensor
6.1.4 Pressure Sensor
6.1.5 Other Types
6.2 By Application
6.2.1 Clinical Applications
6.2.2 Consumer Applications
6.3 By Geography
6.3.1 North America
6.3.3 Asia Pacific
6.3.4 Latin America
6.3.5 Middle East and Africa
7. COMPETITIVE LANDSCAPE
*List Not Exhaustive
7.1 Company Profiles
7.1.1 GE Healthcare Inc.
7.1.3 First Sensors AG
7.1.4 Honeywell Inc.
7.1.5 TE Connectivity Ltd
7.1.6 Omron Corporation
7.1.7 Servoflo Corporation
7.1.8 Sensirion Holding AG
7.1.9 Siemens Corporation
7.1.10 NXP Semiconductors (Freescale Semiconductor)
7.1.11 Amphenol Advanced Sensors (Amphenol Corporation)
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Global Medical Sensor Market market is studied from 2019 - 2026.
What is the growth rate of Global Medical Sensor Market?
The Global Medical Sensor Market is growing at a CAGR of 10.1% over the next 5 years.
Which region has highest growth rate in Global Medical Sensor Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Medical Sensor Market?
North America holds highest share in 2020.
Who are the key players in Global Medical Sensor Market?
GE Healthcare Inc., STMicroelectronics, Honeywell International Inc., Omron Corporation, Siemens Corporation are the major companies operating in Global Medical Sensor Market.