Medical Sensors Market worth $3.6 billion by 2029 - Exclusive Report by MarketsandMarkets™

CHICAGO, May 1, 2024 /PRNewswire/ -- The medical sensors market is valued at USD 2.4 billion in 2024 and is projected to reach USD 3.6 billion by 2029; it is expected to grow at a CAGR of 8.1% from 2024 to 2029 according to a new report by MarketsandMarkets™. Rising demand for wearable medical devices, growing elderly population and increasing life expectancy, burgeoning expenditure on healthcare, increasing adoption of sensors in portable and connected medical devices, and surging adoption of IoT-based medical devices.

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Medical Sensors Market Report Scope:

The medical sensors market for hospitals & clinics in Asia Pacific is expected to grow at the highest CAGR during the forecast period.

The medical sensors market for hospitals & clinics in Asia Pacific is expected to grow at the highest CAGR during the forecast period. The rising elderly population in countries such as Japan and China have led to the increased adoption of advanced medical devices. The rise in the elderly population has led to an increased number of people suffering from multiple chronic diseases such as diabetes and cardiovascular diseases. Hence, hospitals and clinics in such countries are extensively using advanced medical equipment integrated with sensors for improved patient monitoring and treatment. The increasing number of initiatives taken by the governments in developing countries, such as India and China, to support the manufacturing of advanced medical devices is also expected to drive the growth of the medical sensors market for hospitals & clinics in Asia Pacific.

Americas held the largest share of the medical sensors market for minimally invasive procedures in 2023.

The Americas held the largest share of the medical sensors market for minimally invasive procedures in 2023. The increasing elderly population, rapidly evolving healthcare infrastructure, and growing expenditure on healthcare are the major factors driving the market growth in the Americas. However, the market in Asia Pacific is expected to register the highest growth during the forecast period due to the increasing number of reforms to enhance the healthcare ecosystem in developing countries such as India and China.

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Europe holds the second-largest market share in medical sensors market in 2023.

Europe holds the second-largest market share in the medical sensors industry in 2023 and is expected to have a nominal growth during the forecast period. The market growth in Europe can be attributed to the increasing population of elderly people and the subsequent increase in the number of people suffering from chronic diseases in this region. According to Eurostat, in 2024, 21.3% of the EU population was aged 65 and over on January 1, 2023. This means that more than one-fifth of the EU's population was aged 65 and over. Increasing healthcare expenditures, the high adoption of advanced medical devices, increasing investments in healthcare, and the growing demand for user-friendly patient monitoring devices for diabetes and chronic diseases are expected to drive the market growth in Europe during the forecast period. Europe also comprises several key medical sensors market players such as TE Connectivity (Switzerland), Medtronic (Ireland), and STMicroelectronics (Switzerland).

Key Players

Some of the leading companies operating in the medical sensors companies are TE Connectivity (Switzerland), Medtronic (Ireland), Analog Devices, Inc. (US), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), Tekscan, Inc. (US), NXP Semiconductors (Netherlands), Sensirion AG (Switzerland), ON Semiconductor Corporation (US), and Amphenol Corporation (US) are the key players in the medical sensors market. Koninklijke Philips N.V. (Netherlands), ams-OSRAM AG (Austria), among others.

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