Medical Sensors Market to reach US$ 27.7 bn by 2026 - TMR

Medical sensors are electronic devices integrated in medical devices, equipment, and probes. Sensor signal enables accurate diagnosis, control over activities, and treatment. Medical sensors are widely being implemented for the purpose of diseases diagnosis and other health associated application, including remote patient monitoring.

Sensor based medical devices are widely being adopted for home care settings. This is one of the primary factors driving growth of medical sensor market. Rising cost of medical treatments in healthcare center is key reason inducing shift toward home based healthcare services.

As a result, there has been spike in adoption rate of sensor based medical device in home care settings. This, in turn, is influencing global medical sensors market.

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Further, demand for instant and remote monitoring device in home care setting is rising due to growing geriatric population across the world. These devices enable to monitor health condition of patients in a non-clinical settings. Increasing cases of chronic diseases such as diabetes and cardiovascular diseases is fuelling adoption rate of such devices.

Further, digital medicine and sensor-enabled pills are key trends in medical sensors market, which is likely to gain traction in coming years. Sensor-enabled pills allow safe and effective application of medicines enabling patients to improve their health. In coming years, application of such medicine is anticipated to increase as it reduces the cost of inpatient care and treatment.

These digital pills require medical sensors to sense the signal to accumulate information about the effect of medicine or missed dose. Hence, the pills will subsequently push the demand for medical sensors.

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Medical Sensors Market – Snapshot
Medical sensors are used to make medical devices more effective and simpler in operation. Recent technological advancements in medical sensors enhance the use of smart sensors for various diseases and conditions. Some of these include smart watch for heart rate and sleep apnea, diabetic care devices, orthopedic care devices, and surgery-specific sensory devices. The global medical sensors market was valued at US$ 11,943.1 Mn in 2017. Increase in government initiatives in mHealth products, rise in adoption of smartphones and other electronic devices with sensor technology, surge in investment by public and private players to introduce sensors in mHealth, and rise in adoption of IoT and advanced technologies are the major factors driving the market.