Medical Sensors Market expected to be worth $1.7 billion by 2025

(IT-NEWSWIRE.COM, February 15, 2020 ) According to the new market research report on the "Medical Sensors Market by Sensors Type (Pressure, Temperature, Blood Oxygen, Blood Glucose, Ingestible), Application (Monitoring, Diagnostic Imaging, Medical Implants), Product (Invasive, Non-Invasive), and Geography - Global Forecast to 2025", The medical sensors market is estimated to be worth USD 1.2 billion in 2020 and is expected to reach USD 1.7 billion by 2025, at a CAGR of 6.8% from 2020 to 2025.

Increasing demand for early disease diagnosis and widening scope of clinical applications, technological advancements in diagnostic imaging modalities, and rising investments, funds, and grants by public-private organizations are the factors driving the growth of this market.

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“Medical sensors market for pressure sensors to hold the largest share during the forecast period.”

Growing demand for pressure sensors in patient monitoring devices, respiratory devices, and drug delivery systems are major factors attributing to the higher adoption of pressure sensors. Pressure sensors are further expected to witness attractive growth due to the increasing adoption of invasive devices like peacemaker, spinal cord stimulator, gastric electric stimulator, and endoscope.

“Non-invasive medical devices are expected to hold the largest market share from 2020 to 2025.”

The major factors contributing towards the growth of medical sensors for non–invasive product includes rising demand for connected medical devices, increasing penetration of IoT-based medical devices, and advancement in medical technology. Other factors accelerating the growth of sensors for non-invasive product includes the rising demand for portable monitoring devices, and increasing adoption of IoT-based medical devices across the globe.

“Patient monitoring application held the largest share of the medical sensors market in between 2020 and 2025.”

The integration of monitoring technologies in smartphones and wireless devices is a critical trend in patient care, resulting in increasing adoption of remote monitoring systems, mobile cardiac telemetry devices, mobile personal digital assistant (PDA) systems, ambulatory wireless EEG recorders, and ambulatory event monitors. Factors such as the easy availability of wireless monitoring devices and the rising incidence of lifestyle and chronic diseases are expected to drive market growth during the forecast period. The growing demand for patient monitoring devices in non-hospital settings is also expected to provide attractive growth opportunities for players in the medical sensors market.

Americas expected to hold the largest share of the medical sensors market during the forecast period

The Americas accounted for the largest share of the global medical sensors market in 2020. The major factors contributing towards the larger market size of the Americas include higher expenditure on healthcare as a percentage of total GDP in countries like the US and Canada and the presence of a large number of medical device manufacturers in these region. The medical sensors market has seen tremendous growth in terms of technological advancements, increased healthcare expenditure as a percentage of total GDP, and integration of health information technology (IT) into primary care. The region is home to a few of the leading medical device and medical sensors manufacturers in the world, which includes Johnson & Johnson (US), Medtronic (US), Texas Instrument (US), TE Connectivity (Switzerland), First Sensor (Germany), and Cardinal Health Inc. (US), offering medical sensors. The region provides an ideal environment for innovation, which has facilitated massive advancements in medical technology.

The report profiles key players, including Texas Instrument (US), TE Connectivity (Switzerland), First Sensor (Germany), Medtronics Plc (Ireland), NXP Semiconductors (Netherlands), Tekscan Inc (US), Amphenol Advanced Sensors (US), Proteus Digital Health (US), Sensirion (Switzerland), Cirtec Medical (US), Sensirion (Switzerland), Innovative Sensor Technology (Switzerland), Keller America (US), OmniVision Technologies (US), Masimo (US), TDK Sensors (Japan), Stanley Healthcare (US), EnviteC (Germany), and Merit Medical Systems (US).

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Medical Sensors Market expected to be worth $1.7 billion by 2025