Medical Sensors Market to be Worth $3.0 Billion by 2026

According to the new market research report “Medical Sensors Market with COVID-19 Impact Analysis by Sensor Type (Pressure, Temperature, Blood Oxygen, Image, Flow Sensor), End-use Product, Medical Procedure (Invasive, Non-invasive), Device Classification, and Geography – Global Forecast to 2026,” published by MarketsandMarkets, the global medical sensors market is expected to reach $3.0 billion by 2026 from $1.8 billion in 2021, at a compound annual growth rate of 10.3 percent. 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.

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 are expected to hold the largest market share in the medical sensors market over the next five years. 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.
 
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 the Internet of Things (IoT) and artificial intelligence (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.
 
The report profiles key players such as TE Connectivity (Switzerland), Medtronic (Ireland), Analog Devices (U.S.), Texas Instruments (U.S.), STMicroelectronics (Switzerland), Tekscan (U.S.), NXP Semiconductors (Netherlands), Sensirion (Switzerland), ON Semiconductor Corporation (U.S.), and Amphenol Corporation (U.S.).