“Medical Sensors Market is expected to reach USD 3.0 billion by 2026 from USD 1.8 billion in 2021, at a CAGR of 10.3% during 2021-2026 period. The rapid growth of the global medical sensors market is attributed to some of the driving factors such as the increasing adoption of sensors in portable and connected medical devices, growing elderly population and increasing life expectancy , rising demand for wearable medical devices, surging adoption of IoT-based medical devices, burgeoning expenditure on healthcare and accelerating demand for ventilators due to COVID – 19.
Major players in the market are:TE Connectivity (Switzerland), Medtronic (Ireland), Analog Devices (US), Texas Instruments (US), STMicroelectronics (Switzerland), Tekscan (US), NXP Semiconductors (Netherlands), Sensirion (Switzerland), ON Semiconductor Corporation (US), Amphenol Corporation (US). among others.
Flow sensors to hold the largest market share in the medical sensors market during the forecast period; Due to the COVID–19 pandemic, there has been a surge in demand for ventilators, oxygen concentrators, and respiratory devices, as these devices are used to assist COVID-19 patients suffering from breathing problems and reduced blood oxygen levels. This sudden increase in the demand has led to a rise in the demand for flow sensors that are used in these devices.
Patient monitoring devices to hold the largest market share in the medical sensors market during the period 2021 and 2026; The integration of patient monitoring devices with smartphones and wireless devices has led to the increased adoption of remote monitoring systems, mobile cardiac telemetry devices, ambulatory wireless EEG recorders, and ambulatory event monitors. The growing awareness about advanced medical devices among people, along with the development of innovative and advanced patient monitoring devices that are capable of real-time monitoring, enables healthcare professionals and users to take preventive measures before the severity of the illness is intensified.
Americas to account for the largest share of medical sensors market during the forecast period; The Americas holds the largest share in the global medical sensors market. The major factors driving market growth include the increasing adoption of advanced medical devices, the rising influence of disruptive technologies such as IoT and AI in the healthcare sector, the increasing geriatric population and the subsequent rise in the number of people suffering from chronic diseases. Factors such as presence of advanced healthcare infrastructure, support from local governments and high healthcare expenditure are driving the growth of the medical sensors market in the Americas.