The market for biomedical sensors is expected to grow at a CAGR of around 6.9% from 2020 to 2027 and expected to reach the market value of around US$ 18.1 Bn by 2027.
Biomedical Sensors are the tools that detect & monitor specific biological, chemical, or physical properties. Biomedical Sensors are often used to monitor the safety of medicines, food, environmental conditions, and other substances. These are for biomedical and clinical applications by using photosensitive polyurethane encapsulant formulations microstructured by photolithography. These are special types of sensors that provide the necessary interface between the electronics systems and the biological environment. The operations carried out under strict requirements of high compatibility with the hosting environment, lightweight, high reliability, long-expected lifetime, and adorability.
The technological advancements in the field of biomedical sensors along with the help of microtechnology and nanotechnology that can bring tiny, robust, smart, and cost-effective sensors are supporting the market growth. The technological innovations in MEMS is enabling the design & development of low-cost, high-performance sensors that can easily integrate into other applications as well as increasing demand for patient monitoring applications is further boosting the market value over the forecast period. Moreover, the development of innovative non-invasive sensor-based medical applications is projected to create potential opportunities over the forecast timeframe from 2020 to 2027.
On the other side, security concerns associated with the use of biomedical sensors, long product development cycles, and the requirement of stringent regulatory procedures for operations are anticipated to hamper the growth to an extent over the estimated period.
North America is leading the biomedical sensors market with maximum revenue share
In 2019, the region is a major contributor to the biomedical sensors market value. The presence of a big number of vendors of medical sensors in the region, particularly in the US is supporting the regional market growth. For instance, Medtronic, Inc.’s Coronary & Structural Heart division has acquired Twelve Inc. in 2015, a US-based medical device company that develops transcatheter mitral valve replacement devices. The increasing geriatric population coupled with the increasing numbers of patients with chronic diseases is accelerating the regional market value. The high demand for home healthcare is additionally contributing to the regional market value.
Asia Pacific is estimated to experience fastest growth with major CAGR (%) throughout the forecast timeframe from 2020 to 2027
The developing economies of Asia Pacific region and their developing healthcare sector are supporting the regional market growth. The increasing disposable income of emerging economies is boosting the investment in the healthcare sector which is driving the regional market value. The rising emphasis on the development of wearable medical devices and the advancement in nanotechnology and microtechnology in the region is further bolstering the regional market value. The increasing investment by the major players in the region in order to take advantage of available opportunities is further bolstering the regional market value.
The players profiled in the report include Analog Devices, Inc., First Sensor AG, GE Healthcare, Honeywell International Inc., Innovative Sensor Technology USA, LumaSense Technologies, Measurement Specialties, Inc., Medtronic PLC, Nonin Medical Inc., NXP Semiconductor N.V., Smiths Medical, STMicroelectronics N.V., Texas Instruments, and Zephyr Technology Corp. The major biomedical sensors players were involved in strategic developments for escalating the profit share in regional as well as the global market. For instance, Proteus Digital Health signed an agreement with Otsuka Pharmaceutical Co. Ltd. in 2012, to develop new medicines based on Proteus Health’s FDA-approved sensor-based technologies. The major investments were announced in the biomedical sensors market for technological advancements in the field.
Market By Type
Market By Sensor Type
Other Sensor Types
Market By End User
Hospitals & Clinics
Market By Application
Market By Geography
Middle East & Africa
The market for biomedical sensors is expected to reach a market value of around US$ 18.1 Bn by 2027.
The biomedical sensors market is expected to grow at a CAGR of around 6.9% from 2020 to 2027.
The technological advancements in the field of biomedical sensors, increasing demand for patient monitoring applications, technological innovations in MEMS, and design & development of low-cost, high-performance sensors that can easily integrated into other applications are some of the factors driving the market growth.
Analog Devices, Inc., First Sensor AG, GE Healthcare, Honeywell International Inc., Innovative Sensor Technology USA, LumaSense Technologies, Measurement Specialties, Inc., Medtronic PLC, Nonin Medical Inc., NXP Semiconductor N.V., Smiths Medical, STMicroelectronics N.V., Texas Instruments, and Zephyr Technology Corp are the prominent players in the market.
North America held the highest market share in the biomedical sensors market.
Asia Pacific is expected to be the fastest growing market over the forecast period.
In Application segment the Diagnostic segment is growing at faster pace.