Medical Sensors Market Expected to Reach $18.7B in 2023

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The global medical sensors market was valued at $10 billion in 2014 and is estimated to reach a market value of $18.7 billion in 2023 expanding at a CAGR of 7.0% from 2015 to 2023, according to a new study by Transparency Market Research.

Medical sensors is a device that respond to a physical stimulus (as heat, pressure, sound, magnetism, and a motion) and transmits a resulting impulse to measure operating a control. The global medical sensors market is driven by increasing incidences of chronic diseases such as cancer, cardiovascular, and respiratory. In addition, factors such as aging population and rising customer preference for home health care contribute to the market growth. However, high price of sensors such as SQUID and biosensors is expected to hamper market growth.

The market of Biosensors captured about 47.4% share of market in 2014 and is expected to dominate the market during the study period. Growth of this segment was due to its wide application in health care such as blood glucose monitoring, cholesterol and pregnancy tests, and tests for drug abuse and pathogens causing infectious diseases. The image sensors segment is considered as one of the lowest revenue generating segment in 2014. High cost and low demand for this sensor in emerging economies such as Asia Pacific and Latin America hampers the growth of the segment.

Based on application, the surgical application segment held a share of 35.7% of the total medical sensors market in 2014. The segment is expected to lose its market share in 2023 due to higher growth rate of the monitoring and therapeutic application segments. The monitoring and therapeutic application segment is estimated to expand during the forecast period. High growth rate of this segment is attributed to introduction of new monitoring applications to support better quality of life for patients and higher penetration in developing regions.

Of the global medical sensors market, by end user, the hospital segment accounted for the highest market share in 2014 and is expected to dominate the market during the forecast period. The dominance of the segment is primarily due to high adoption rate of technologically advanced and cost effective innovative products and growing patient preference. Nursing home and home care has witnessed significant acceptance. Hence, the segment is likely to expand at the highest growth rate in the next few years.