Medical Sensors Market

Market Overview

The global medical sensors market size is expected to grow at a CAGR of 10.01% during the forecast period (2023–2031). Factors such as growing use of biomedical sensors and increased miniaturization of sensors into medical devices, significantly drives the medical sensors market demand by 2031.

Sensors used in the medical sector include temperature sensors, pressure detectors, flow sensors, acoustic sensors, gas sensors, cameras, image sensors, and magnetic field sensors. These sensors collect multi-source physiological data of patients, such as temperature, blood glucose, blood pressure, blood oxygenation, heart rate, breathing rate, pulse rate, movement, and electrocardiogram. From simple medical devices to intelligent distributed healthcare systems, sensors play a vital role in the medical industry. In addition, sensors are utilized in various medical devices due to advantages such as accuracy, stability, configurability, and others. Such sensors are integrated into multiple medical equipments with five to 10 years of warranty.

Sensors play an essential role in medical technology in making devices more effective and safer while simplifying their operation. Deploying sensors and sensing technology has multiple benefits, including predictive and preventive maintenance. These ensure that measurement data is transmitted faster and more accurately, improving process control and asset health. The key advantages of sensors include improved sensitivity during data capture, faster transmission, and continuous, real-time analysis.

Highlights

• Force sensors dominate the product type segment
• Physical dominates the application segment
• Diagnostics and imaging dominate the cooling type segment
• North America is the highest shareholder in the global market

Market Dynamics

Medical Sensors Market Drivers

Increased Miniaturization of Sensors into Medical Devices

Miniaturized sensors incorporated in wearable and point-of-care devices can transform the perception and treatment of various diseases. This can lead to inhibition, enhanced management of several diseases, and simultaneous effective usage of personalized medicine. These miniaturized sensors play a vital role in the field of nanotechnology. In addition, sized nanomaterials are used to make sensors embedded with various properties, including superior electrochemical, photonic, and magnetic properties. Several miniaturized sensors are being developed for measuring key biomarkers, eliminating the need for invasive procedures.

Furthermore, the primary focus of current researchers is developing miniaturized and wearable sensors that can replicate the selectivity and sensitivity of these bulky lab-scale analytical tools. Several non-invasive sensors that measure the concentration of biomarkers in readily available body fluids such as sweat, tears, and saliva are based on miniaturized, planar electrochemical cell technology. Device manufacturers are leveraging miniaturization processes and techniques to improve the efficacy of current products and developing new and common disruptive devices, driving medical sensors market growth.

Growing Use of Biomedical Sensors

In biotechnology and medicine, biomedical sensors are being adopted to detect specific physical, chemical, or biological processes transmitting the monitored data. Biomedical miniaturized sensors measure blood flow, core body temperature, blood pressure, cerebrospinal fluid pressure, muscle displacement, and bone growth velocity. With several people embracing home healthcare services, there is an increased demand for medical devices, including biomedical sensors.

Biomedical sensors are special sensors used for detecting specific processes and reporting data for medical purposes. Currently, several easy-to-use and non-invasive biomedical sensors are available in the market. Microneedle/nanoneedle and lateral flow sensors are witnessing increased demand in the market. Since the use of lateral flow sensors in pregnancy tests (human chorionic gonadotropin) in the early 1980s, the need for sensors has grown significantly. Such factors are predicted to drive medical sensors market growth.

Medical Sensors Market Restraint

Security Issues with Wireless Medical Sensors

Deploying the latest technologies in health applications without proper security can make patients' privacy vulnerable. Sensor networks share patients' data with physicians, health coaches, and insurance companies. Hence, illegal data collection and use by potential adversaries can lead to life-threatening risks or make private matters of the patient publicly available. Medical sensors transmit a patient's sensitive data over more susceptible wireless channels than wired networks. Therefore, the physiological variables of patients must be private and secure from threats. Furthermore, a malicious individual can steal and interrogate a medical sensor electronically to extract a patient's information through the sensor mode. Although wireless healthcare supports patient monitoring, the high vulnerability of patients' data and lack of privacy and security are significant challenges hindering the market's growth.

Medical Sensors Market Opportunities

AI-based Medical Sensors for Clinical Decisions

Patients are frequently misdiagnosed or given late-stage diagnoses because there is a restricted selection of traditional methods and diagnostics. Due to this, nanotechnology-based medical sensors are being integrated with artificial intelligence (AI) for advanced clinical decision support systems (CDSS). This will help decision-makers and healthcare systems improve their approach and insights and promote the uptake of personalized medicine individually. The development and implementation of precision medicine based on AI-enabled medical sensors have already begun to revolutionize diagnosis and clinical decision-making.

An integrated set of innovative sensing tools and data fusion algorithms powered by AI and sensing technologies will be able to detect a broad spectrum of physical and biochemical markers of age-related conditions and disorders in a continuous, real-time, and personalized manner, offering a promising approach for in-hospital and remote patient monitoring. The expected sensing tool would include nonobtrusive electronic sensory devices in the form of wearable biomedical patches. Such a capable AI-assisted system could be used for ongoing medical decision-making to overcome diagnostic errors, thereby providing lucrative opportunities for market growth.

Regional Analysis

North America Dominates the Global Market

Based on region, the global medical sensors market share is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America is the most significant global medical sensors market shareholder and is anticipated to exhibit a CAGR of 9.52% during the forecast period. The market in the North American region is growing majorly due to the increase in adoption of sensors in medical devices, constant growth in the aging population with rising life expectancy, increase in the number of hospitals and related medical diagnostic services, a surge in adoption of healthcare IoT devices, growth in demand for wearable medical devices and increase in the use of infusion pumps and ventilators that are integrated with sensors. In addition, advances in sensor technologies in devices, wearables, or any other equipment used for medical purposes are mainly contributing to the market's growth. There has been a rising demand for medical sensors due to the increased usage of ventilators during COVID-19. Furthermore, the US and Canada have experienced large-scale adoption of ventilators. The rise in pollution rate and the growing number of cases related to respiratory diseases, even in neo-natal care, is one of the primary reasons that have boosted the overall demand for ventilators in North America, thereby driving the market's growth.

Europe is estimated to exhibit a CAGR of 9.75% over the forecast period. The latest advancements in sensors in portable and digital technologies for assessing various healthcare parameters further drive the market in this region. Multiple types of sensors are incorporated into medical devices. These include pressure sensors, force sensors, oxygen sensors, airflow sensors, and many others. In addition, wearables and smart patches for medical purposes incorporated with sensors are also witnessing immense growth in the region. The growing demand for medical imaging and patient monitoring devices has contributed to the market growth in the region. Moreover, the continuously changing lifestyle and expanding geriatric population demand advancements in medical imaging solutions to help in the effective and early diagnosis of diseases. Likewise, R&D activities and government initiatives aid such requirements in the medical imaging sector.

Asia-Pacific accounted for the third-highest share in the medical sensors market in 2022. This region has a significant prevalence of chronic diseases with a growing number of aging populations, increasing the need for advanced medical devices to assess and monitor patients' health. Health professionals are increasingly adopting sensor-based medical devices in medical settings. In addition, this region has a good base for medical sensor manufacturers, another factor that has maintained the region's dominance in the global market.

Latin American countries have used their economic growth to improve healthcare technologies. A significant increase followed the economic development in Latin American countries in the medical technology sector, led by Brazil, Mexico, and Argentina. In the coming years, medical technology will likely witness several advancements to cater to the rising patient population. These advancements in IoT-based healthcare and wearable medical devices are expected to contribute to the growth of the medical sensors industry in Latin America.

Growing advances in healthcare infrastructure and the increased demand for medical equipment have fueled market growth in the Middle East and Africa. Factors such as the growth in the elderly population, prevalence of chronic diseases, increasing hospitalization rates, high demand for medical devices, and growing medical awareness have also contributed to the growth of the medical sensors industry in the region.

Segmental Analysis

The global medical sensors market is segmented by product type, mechanism, and application.

Based on product type, the global market is bifurcated into force sensors, airflow sensors, pressure sensors, temperature sensors, humidity sensors, and others. 

The force sensors segment dominates the global market and is projected to exhibit a CAGR of 9.93% over the forecast period. Most therapeutic and drug delivery devices need a forced change to work. The device changes the force automatically, or the patient does it manually. For some devices, capturing and monitoring such changes in force can streamline or automate specific processes and make the device smarter. Consequently, meeting the needs of patients can be significantly improved by adding force-sensing technology to drug delivery and treatment devices. Significant advantages of force sensors include precise flow rate measurement to ensure the correct dosage, early detection of blockages, enhancing long-term performance, and minimizing the need for cleaning/sterilization.

Airflow sensors are designed to measure the flow of gas, air, or oxygen. This data is converted into measurable signals and transmitted to the system's computer to monitor flow rate, volume, and other essential factors. These sensors are used in ventilators and oxygen concentrators to measure and control airflow. They can also detect the presence of low airflow or even the absence of it. They enable precise airflow measurements in demanding applications. Airflow sensors in ventilators help monitor a patient's breathing and ensure air/oxygen delivery.

Based on mechanism, the global market is divided into physical, chemical, and biomedical. 

The physical segment is responsible for the largest market share and is anticipated to exhibit a CAGR of 9.48% over the forecast period. Physical sensors measure temperature, pressure, humidity, shear, and torsion. These can be converted into signals for measuring physical quantities by an instrument. Physical sensors used for biomedical applications are broadly classified based on their signals. They are segmented into radiation sensors comprising X-ray and gamma ray-based sensors; mechanical sensors that include ultrasound and pressure sensors; thermal sensors including a range of sensors such as thermocouple, thermistor, optical fiber devices, thermopile, P-N junction diode, and infrared sensors; and magnetic sensors that include blood flow monitoring sensors and magnetic resonance imaging systems. In addition, a physical sensor could measure body temperature, blood pressure, blood viscosity, blood flux, bone growth velocity, biological magnetic field, etc.

Biomedical sensors are analytical devices that convert a biological response into an electrical signal. Various biosensors include enzyme-based, tissue-based, immunosensors, DNA biosensors, and thermal and piezoelectric biosensors. Biosensors are being adopted pervasively in the medical field to diagnose infectious diseases. Glucose biosensors are widely utilized in clinical applications to diagnose diabetes mellitus, which requires precise control over blood glucose levels. Blood glucose biosensors used at home account for 85% of the world market.

Based on application, the global market is segmented into diagnostics and imaging, patient monitoring, medical implants and endoscopy, and others. 

The diagnostics and imaging segment owns the highest market share and is estimated to exhibit a CAGR of 9.68% during the forecast period. Medical diagnostics serve to investigate the causes of various diseases or functional disorders. A wide range of physical sensors is used in multiple imaging systems. These include pressure sensors, force sensors, humidity sensors, temperature sensors, image sensors, touch sensors, and many more. In computerized and positron emission tomography systems, different types of sensors are used for various functions. Humidity, temperature, and image sensors are applied in these systems. Touch sensors are also used to operate the touch screens of these systems. Magnetic and image sensors are used in a magnetic resonance imaging system.

Patient monitoring solutions enhance patient care while helping clinicians across the spectrum of care. Vital sign monitoring is among the most commonly performed evaluations in healthcare settings. Severe health conditions can go undetected or unnoticed without proper essential sign monitoring. Sensors are at the center of measuring and monitoring vital sign levels. In addition, sensor devices can collect data in different necessary sign-monitoring applications. Instead of the conventional one or multiple in-person visits to a medical setting, a patient can be monitored in real-time and remotely by their doctor.

Recent Developments

• November 2022- Fujitsu and Wakayama Medical University started testing a device designed to aid nurses and carers in visually monitoring patients in privacy-sensitive environments, such as hospital rooms and nursing homes. The device utilizes Fujitsu's method for reliably measuring human body postures using a millimeter-wave sensor and Fujitsu's Actlyzer artificial intelligence technology for analyzing complicated human actions.

• November 2022- CardieX Limited, a global health tech firm focused on cardiovascular disease, announced that it acquired all of the assets of Blumio, Inc., a Silicon Valley developer of advanced algorithms and technology for cardiovascular sensors. This acquisition demonstrates the company's continued investment in cardiovascular health monitoring technologies.