Biomedical Sensors Market is expected to reach US$ 15,338.57 Mn by 2027

PRESS RELEASE BY The Insight Partners 24 Mar 2021

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Temperature Sensors Segment Held Largest Market Share by Sensor Type

According to our new market research study on “Biomedical Sensors Market to 2027 – COVID-19 Impact and Global Analysis – by Type, Sensor Type, Product, and Application,” the market is expected to reach US$ 15,338.57 million in 2027 from US$ 8,688.63 million in 2019. The market is estimated to grow at a CAGR of 7.4% from 2020 to 2027. The growth of the market is attributed to factors such as increase in geriatric population, rise in demand for home-based medical care, technological advancements in the medical device industry, rise in adoption of IoT-based medical devices, and increase in healthcare expenditure worldwide.

Based on sensor type, the biomedical sensors market is segmented into temperature, pressure, image sensor, biochemical, inertial sensor, motion sensor, electrocardiogram (ECG), and other sensor types. In 2019, the temperature segment accounted for the largest share in the market owing to easy availability of wireless monitoring devices and rise in incidence of lifestyle and chronic diseases. The growing demand for patient monitoring devices in non-hospital settings is also providing attractive growth opportunities for players in the biomedical sensors market. The integration of monitoring technologies in smartphones and wireless devices is a critical trend in patient care, resulting in high growth for patient monitoring applications. This, in turn, is boosting the demand for temperature sensors during the forecast period.

Technological advancements in biomedical sensors incorporating microtechnology and nanotechnology are resulting in the development of compact, innovative, robust, as well as cost-effective sensors that are adaptable to the individual genetic formulation. These biomedical sensors are set for triggering alerts when these sensors record unpredictable readings, screen the existence of toxic agents in the blood, as well as empower drugs straight into the circulatory system. Increasing investments in developing such advanced sensors are driving the biomedical sensors market. Active participation of government bodies and research universities to promote research and clinical trials with advanced biomedical sensors is propelling the development of innovative biomedical sensors. In addition, emerging applications of biomedical sensors in the field of nanotechnology and increasing innovations are leading to the development of advanced non-invasive sensor-based medical procedures. These factors are likely to increase the demand for biomedical sensors, thereby fueling the growth of the market.

The clinical and product development engine has experienced profound disruption as colleagues adjust to remote work environments and lab capacity is reduced. Clinical trials are also severely affected by disruptions in both new enrollment and in keeping existing patients on therapies. The impact of COVID-19 has placed many biomedical sensor companies under pressure due to low sales and disruption in supply chains. However, it also has had a positive impact on the medical devices industry, increasing the R&D activities, thereby leading to a rise in medical device assistance for the detection of COVID-19.

Analog Devices, Inc.; GE Healthcare; STMicroelectronics; Honeywell International; Medtronic; NXP Semiconductors N.V.; Pinnacle Technology Inc.; Sensirion AG; TE Connectivity; and Texas Instruments Incorporated are among the leading companies in the biomedical sensors market.