According to the Market Statsville Group (MSG), the global medical sensor market size is expected to grow from USD 1978.2 million in 2022 to USD 5587.85 million by 2033, at a CAGR of 9.9% from 2023 to 2033. The increasing Consumers interested in medical sensors as they become more conscious of their health and the incidence of chronic diseases throughout the world. Medical device technological developments, profitable manufacturing presence, and digitalization assist product producers in staying ahead of the competition. The increasing life expectancy and growing elderly population, surging adoption of loT-based medical devices, rising demand for wearable medical devices, burgeoning healthcare expenditure, and accelerating demand for ventilators due to COVID-19 are some of the major factors driving the global growth of the medical sensors market. On the other hand, the data tracked through mobile apps (as wearable device syncs to smart phone apps) is vulnerable to data breach by third party malicious programs to gain unauthorized access to health data which may lead to security and privacy concerns, and this will hamper the growth of the market for the forecasting period. Moreover, Technological advancements have always been at the forefront of innovation in the growth of the economy in every sector.
Medical sensors are used to diagnose, monitor, or treat diseases in the medical domain. Medical sensors are electronic components that are built with medical devices, equipment, and probes. The sensor signal provides precise diagnosis, activity management, and treatments. Medical sensors are increasingly being used for illness detection and other health-related applications, such as remote patient monitoring. In order to categorize medical devices according to their risk profile, they are categorized into different classes, such as Class-I (lowest potential risk), Class-IV (highest potential risk), and so forth. Medical sensor equipment such as blood pressure metres and body weight scales are common data sources in telehealth situations. Patients can also add information about their subjective well-being and medication usage. Smartphone applications, which are the software particularly created for mobile devices such as tablets or smartphones, are a typical technique for monitoring medication adherence.
The spread of the novel coronavirus, i.e., COVID-19, has severely squeezed the China financial markets. The financial markets are incredibly uncertain in these times, with country suffering from the destabilizing effects of this pandemic. No company is immune to these economic challenges caused by the health crisis, and there were understandable concerns about the destruction caused to the Chinese economy.
However, the COVID-19 pandemic is offering immense opportunities for medical sensor based devices and solutions, following that social distancing is the merely existing solution developed so far, which is proficient in reducing exposure. In line with this, medical sensors-based devices and wearables signifies an attractive, effective, and affordable option. Moreover, this technology is of integral importance in protecting healthcare providers safe. Thus, it leads to the substantial demand for medical sensors during the pandemic, which has extensively impacted the market.
Moreover, the announcement of national lockdown and temporary closures of various industries impacted the China demand and supply, which in turn, has considerably enhanced the growth of the market in 2020 and the trend is expected to continue in 2021.
Global Medical Sensor Market Dynamics
A major part of home healthcare is the patient getting an active role in monitoring their health, at their home itself. A patient mainly adopts wearable medical devices, as they will perform tests at a much lower cost compared to hospitals & clinics. The widespread adoption of sensor-based wearable medical devices as well as mobile health applications in home care is gaining rapid traction over the forecast period. As it provides the safer environment to the patient along with preventing the falls and enabling the patients to perform daily activities safely and effectively. Besides, the government initiatives to promote home healthcare is likely to increase the adoption of medical sensors-based devices thereby, reinforcing the market growth during the forecast period. Thus, several regulatory bodies such as FDA sees the extensive adoption and use of medical sensors as a way to expand health and the delivery of health care services. Therefore, the FDA has approved more than 150 mobile healthcare apps and devices. Further, home health care offers cost reduction as they are usually less expensive and can often be just as effective as care in a hospital or skilled nursing facility. Presently, manufacturers are taking more initiative to develop new mobile health (mHealth) apps and wearable medical devices at a frenetic pace, and consumers have a healthy attitude about adopting them. Also, rising ageing population that prefers to stay at home and need more patient centric healthcare services, driving the growth of the market. For instance: According to Population Reference Bureau (PRB) it is projected that around 366 million older Chinese adults by 2050, which is substantially larger than the current total U.S. population (331 million). Thus, rising demand for personal care healthcare options at home for geriatric population will create a lucrative demand of the market.
The key factor restraining the market growth is the privacy and security concerns. The data tracked through mobile apps (as wearable device syncs to smart phone apps) is vulnerable to data breach by third party malicious programs to gain unauthorized access to health data which may lead to security and privacy concerns. Although the mobile health apps offer cost effective and tailored health service, however, there are unprecedented risk associated with consumer privacy.
According to the Australian research team, mobile health apps has the ability to collect user or patient’s data including sensitive information is associated with privacy assurances. For instance, in 2017, a study published by the American Journal of Geriatric Psychiatry, apps designed for dementia patients were lacking privacy measures in apps. The researcher reviewed more than 125 iPhone apps of which only 33 had available privacy policies. This study also demonstrates that these health apps sharing information with third parties possess privacy risks as there are no federal legal protection against the disclosure or sale of data from medical apps to third parties. Further, according to the Global Study on Application Security, conducted by the Ponemon Institute, demonstrate that the majority of companies of mobile health apps take the reactive approach and don’t invest in shielding their products up until the actual breach occurs. Furthermore, as the mobile health apps are not standalone, this leads to complexity of communication which further leads to security are and is prone to information leakage which would lead to security attacks by manipulation of confidential data
Technological advancements have always been at the forefront of innovation in the growth of the economy in every sector. The wearable sensor in medical sector is also considered as one of the most prominent sectors that take advantage of AI and 5G and thus attract wider investment opportunities. The integration of AI and 5G in wearable medical sensors will be able to compute more, require less charging, and constantly add more advanced features to their devices. Eventually, with the help of AI and 5G, wearables will even be able to upgrade their software on their own, without needing smart phone to be nearby. This advanced feature will be able to allow sensors and devices to make decisions and computations on the device itself, which led network bandwidth, saving time and server space by not sending data to or requesting data from the cloud. The data will be provided for diagnosis, which fastens the diagnosis process and reduces the number of appointments. The 5G and AI based wearable medical devices will be able to communicate the smart home devices. For instance: wearables may communicate with smart thermostat to increase or decrease the temperature as per user’s or patient’s body temperature. China asked, Tencent Holdings one of the leading the development of computer vision for medical diagnosis to introduce healthcare benefited AI-based medical devices. In 2018, Tencent launched an AI medical imaging platform capable of diagnosing a broad list of illnesses, and a cloud-based ecosystem for sharing and collaboration between domestic health care AI companies. The same year, an intelligent robot developed by iFlyTek passed China’s written national qualification exam for doctors, which augmented AI in the country’s strained health care system. As a result, the adoption & utility of 5G and AI in wearable medical sensors would enhance thereby, aiding the growth of the market.
The study categorizes the medical sensor market based on type and application area at the regional and global levels.
Based on the type, the market is spilted into mems pressure sensors, thermistor temperature sensors, image, biosensors, flow, motion, accelerometers and others. The pressure sensors segment is expected to dominate the market share in 2022 in the global medical sensor market. Pressure sensors are critical components for medical equipment in order to improve and maintain the quality of a more effective and safe functioning. Furthermore, they are responsible for the significant growth in portable healthcare monitoring goods as they have become a vital element of building medical applications. Pressure sensors can monitor a patient's status by giving precise and dependable diagnostics in a wide range of situations. Monitoring the success of oxygen therapy in oxygen concentrators, automating medication infusion by giving the precise volume and pace of fluid in infusion pumps, or even tracking blood pressure. These are the reasons for this segment to grow for the forecasting period.
Based on the regions, the global freight procurement technology solutions market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific and South America. North America is projected to account the highest market share in 2022. It is due to the availability of modern health care infrastructure, high medical device consumption, large health care spending in total national budgets, early availability of innovative technology, and greater penetration of research activities across the country.
The medical sensor market is extremely cutthroat, and significant competitors in the sector are using strategies including product launches, partnerships, collaboration, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
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