Medical sensors play a crucial role in the healthcare industry by detecting, monitoring, and recording vital signs and physiological parameters. Medical sensors are available in a wide range and find applications in diagnostic imaging, patient monitoring, prosthetics, and therapeutics. Devices such as blood pressure monitors, ECG sensors, implantable pacemakers, and glucose monitors incorporate medical sensors to measure key vital signs non-invasively, thereby avoiding patient discomfort. The growing geriatric population & prevalence of chronic diseases have increased the demand for remote patient monitoring. Medical sensors facilitate remote monitoring of patients by transmitting patient medical data to healthcare providers, allowing them to track patient health status from a distance. This has enabled the growth of telemedicine and tele-health services which have witnessed increased adoption amidst the Covid-19 pandemic.
The global Medical Sensors Market is estimated to be valued at US$ 22620.05 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Technological advancements continue to augment market growth as advanced medical sensors provide accurate readings and real-time diagnoses. Miniaturization and development of wearable, flexible, and printable sensors will drive widespread applications in personalized healthcare. Furthermore, integration of IoT and wireless data transmission capabilities enables remote health monitoring, allowing patients to remain connected with healthcare providers from the comfort of their homes. This has substantially increased demand for medical sensors during the pandemic. However, data privacy and security concerns associated with connected medical devices may restrain market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barriers to enter means threat is high for new players to disrupt current market dynamics.
Bargaining power of buyers: Buyers have significant bargaining power due to availability of substitutes. Medical sensors being a commodity product means switching costs are low.
Bargaining power of suppliers: Suppliers have moderate to high bargaining power due to lack of alternatives and suppliers control over raw materials and components.
Threat of new substitutes: Moderate threat from emerging substitutes like wearables and AI based diagnostic technologies. However, medical sensors hold an advantage due to low cost and wide acceptance.
Competitive rivalry: Highly competitive market with focus on pricing strategies, innovation and brand.
Key Takeaways
The Global Medical Sensors Market Size is expected to witness high growth. The global Medical Sensors Market is estimated to be valued at US$ 22620.05 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030.
North America dominates the global market owing to developed healthcare infrastructure and presence of leading medical sensor manufacturers in the region. Asia Pacific is expected to witness fastest growth during the forecast period spearheaded by China and India on back of improving healthcare access, rising urbanization and growing medical tourism.
Key players related content comprises Key players operating in the Medical Sensors market are Cargill, Incorporated, Archer Daniels Midland Company (ADM), Skretting (a part of Nutreco), Aller Aqua Group, BioMar Group, Ridley Corporation Limited, Purina Animal Nutrition (a subsidiary of Land O’Lakes), Nutriad International NV (acquired by ADM in 2018), BENEO GmbH, Dibaq Aquaculture. Focus on product innovation, cost efficiency and strategic mergers & acquisitions are prime strategies adopted by these key players to gain competitive edge in the market.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it