June 19, 2024
Medical Sensors Market

The Growing Medical Sensors Market Is Trending Towards Remote Patient Monitoring

The medical sensors market plays a vital role in the healthcare industry by providing real-time information on various patient parameters like body temperature, heart rate, blood pressure and others. Medical sensors help in monitoring critical health conditions remotely and aid faster diagnosis of illnesses. They come in various forms like wearable adhesives, implantables and injectables. The use of medical sensors enables continuous tracking of patients outside of clinical setups through digital health platforms, thereby improving patient outcomes.

The Global Medical Sensors Market is estimated to be valued at US$ 26058.3 Mn in 2024 and is expected to exhibit a CAGR of 5.6%  over the forecast period 2024 to 2030.

Key Takeaways

Key players: Key players operating in the medical sensors market are Amcor plc,3M,DuPont,Tetra Laval International S.A.,Mondi, Berry Global Inc., Ardagh Group S.A.,Bemis Manufacturing Company,Graham Packaging Company,Crown,BALL CORPORATION,Constantia Flexibles,CKS Packaging, Inc.,Sonoco Products Company,ProAmpac,Alcoa Corporation,Huhtamäki Oyj,Sealed Air,WINPAK LTD,DS Smith.

Key players operating in the medical sensors market are focusing on new product launches and partnerships to strengthen their market position and tap growth opportunities in remote patient monitoring segment.

Growing demand: There is an increasing demand for medical sensors due to rising geriatric population, growth in home healthcare facilities and advantages of wearable technology in healthcare.

Global expansion: Leading medical sensors companies are expanding their presence globally to capitalize on high growth markets. They are also acquiring regional players to enhance geographic foothold.

Market key trends

One of the major trends in the Medical Sensors Market Demand is growing prominence of IoT and AI enabled sensors. These next generation sensors have the ability to transmit data in real-time to clinicians as well as patients. This facilitates remote monitoring of patients and early detection of health changes. Medical sensors integrated with advanced technologies help improve patient outcomes through personalized care.

Porter’s Analysis

Threat of new entrants: Low, due to high development and marketing costs to enter the industry.
Bargaining power of buyers: Moderate, due to few large companies that dominate the market.
Bargaining power of suppliers: Moderate, due to availability of substitutes and moderate economies of scale for suppliers.
Threat of new substitutes: High, due to constant technological advancements in healthcare industry.
Competitive rivalry: Fierce among established players.

The geographical region where the medical sensors market is concentrated in terms of value is North America. North America dominates the global medical sensors market due to high adoption of advanced healthcare technologies. The growing geriatric population and rising prevalence of chronic diseases is expected to fuel demand for medical sensors in North America.

The fastest-growing geographical region for the medical sensors market is Asia Pacific. Asia Pacific is expected to witness the highest growth during the forecast period due to improvements in healthcare infrastructure, growing medical tourism industry and rising living standards in emerging economies such as India and China. Increasing investments by leading sensor manufacturers to tap the opportunities offered by APAC countries will further drive regional market growth.

*Note:

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it