The increasing integration of artificial intelligence (AI) and machine learning (ML) technologies in healthcare is a major driving factor shaping the market growth
Rockville , Oct. 30, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of market research and competitive intelligence, the global medical sensors market is looking to rise at a CAGR of 10.2% to reach US $6.59 Bn by late 2033.
Medical sensors are specialized devices used in healthcare to monitor a patient’s vital signs and collect important health data. They are superior to alternative methods for several reasons. They provide real-time and continuous monitoring, offering immediate feedback to healthcare providers. Many sensors are non-invasive, causing minimal discomfort to patients. They deliver precise and objective measurements, reducing potential human error. Additionally, sensors enable remote monitoring, making it easier to track patients’ progress from a distance.
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An aging global population with increasing healthcare needs, leading to a higher demand for continuous monitoring and diagnostic tools, primarily drives the expansion of the medical sensors market. Additionally, technological advancements in sensor capabilities, such as improved accuracy, miniaturization, and wireless connectivity, fuel market expansion.
Ensuring the security and privacy of patient data collected by medical sensors is crucial as healthcare becomes more connected. This data includes sensitive information like vital signs and health records. Keeping patient data collected by medical sensors secure is crucial as healthcare becomes more connected. Unauthorized access or breaches can lead to serious privacy issues.
| Report Attribute | Details |
| Value Projection (2033) | US$ 6.59 Billion |
| Growth Rate (2023-2033) | 11% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 80 Tables |
| No. of Figures | 227 Figures |
Key Takeaways:
- China market is expected to witness a growth of 14.5% CAGR during the forecast period. Moreover, the Japanese market is predicted to witness a CAGR of 8%.
- Japan is the leading nation in the medical sensors market due to the rapidly rising aging population in the country. As per the World Data 2022, about 29% of Japan’s population was 65 or older in 2021.
- Pressure sensors are widely used in the manufacturing of various medical devices. Moreover, there has been a noticeable rise in the popularity of portable healthcare monitoring devices.
Increasing demand for remote patient monitoring and telemedicine, ongoing technological advancements in sensor capabilities such as miniaturization and wireless connectivity, and the rising prevalence of chronic diseases coupled with an aging global population are some factors driving the industry – Says FACTMR Expert
Key Companies Profiled in This Report
- Amphenol Advanced Sensors
- Cirtec Medical
- EnviteC
- First Sensor
- Innovative Sensor Technology
- Keller America
- Masimo
- Medtronic Plc
- Merit Medical Systems
- NXP Semiconductors
- OmniVision Technologies
- Proteus Digital Health
- Sensirion
- Stanley Healthcare
- TDK Sensors
- TE Connectivity
- Tekscan Inc
- Texas Instruments
Market Competition
Prominent players in the medical sensors industry are developing cutting-edge sensor devices tailored to meet the specific preferences and requirements of end-users. They are also placing a significant emphasis on improving local supply chain management, and product quality standards, and adapting to shifts in pricing trends.
- In September 2021, Gator Bio Inc. unveiled the GatorPlus, a cutting-edge bio-layer interferometry (BLI) instrument, along with two new biosensor offerings: the Gator Flex SA Kit and Gator AAVX probe.
Winning strategies
- Developing wearable sensors and integrating them into healthcare platforms is a wise move in the market. This taps into the trend of people taking a more active role in monitoring their health. Wearable devices collect important health data conveniently.
- Leading companies in the medical sensors market can greatly benefit from incorporating artificial intelligence (AI) and machine learning (ML) into their sensor technology. This advanced approach can significantly improve diagnostic accuracy and clinical decision-making.
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National-level Analysis
Why does the US have a significant market share in medical sensors?
“Advanced healthcare systems and favourable healthcare policies are present.”
The U.S. medical sensors industry is one of the largest in North America and is expected to grow rapidly in the next years. This is due to a number of things, such as a highly developed healthcare system, favourable and appropriate reimbursement laws, the swift adoption of innovative medical technology, and top-tier businesses in the country.
Due to the growing incidence and prevalence of chronic illnesses in the country, more patients are obtaining diagnosis and treatment, which has led to an increase in the adoption of sophisticated medical equipment and related sensors in recent years.
Instrumentation, biotechnology, microelectronics, telecommunications, and software development are just a few of the businesses where the United States has a competitive edge. These industries are all vital to the medical device industry. Collaborations have resulted in recent inventions such as neuro-stimulators, stent devices, biomarkers, robotic intervention, and implantable sensors.
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Next Generation Patient Monitoring Devices Market: North America dominates the global market with 26.3% share.
Remote Patient Monitoring Systems Market: North America reigns in terms of the high market share at present due to technological advancements in 2023.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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