Medical Sensors Market by Sensor Type Pressure, Temperature, Blood Oxygen, Image, Flow Sensor

Medical Sensors Market Dynamics
Driver: Increasing adoption of sensors in portable and connected medical devices
In recent years, there has been a steep rise in the demand for low-cost sensors due to their use in portable and connected medical devices. Portable medical devices are noninvasive electronic components that are majorly used for patient monitoring applications. The advancements in wireless technology for healthcare have increased the mobility of patients at medical facilities and homes. Portable medical devices include CPAP machines, sleep apnea monitors, blood glucose monitors, pulse oximeters, ultrasound devices, and blood pressure monitors, among others. The manufacturers of medical devices are extensively focusing on the development of portable devices equipped with sensors. The demand for low-cost advanced sensors with a small form factor, improved functionalities, low power consumption, and high reliability is increasing due to their increased usage in these devices.

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Restraint: Complexity in designing compatible medical sensors
The demand for small, light, portable, and cost-effective medical devices is increasing globally. The manufacturers of sensors need to ensure that the sensors they design are compatible with the specifications of the medical devices in which they would be used. While designing compact and lightweight medical sensors, manufacturers must ensure the normal functionalities of medical devices in which these sensors would be integrated. For instance, it is very difficult for sensor manufacturers to get the needed accuracy and a good signal-to-noise ratio (SNR) while developing sensors based on the specifications of the device. Another problem faced by sensor manufacturers while developing medical sensors is the need for calibration and testing of the analog components used in the sensor. Developing advanced sensors involves multiple sensor types working with the same form factor, which increases the complexity in design and testing. Such complexities may impede the growth of the medical sensors market.

Opportunity: Advancements in sensors and digital technologies
Advanced sensing and digital technologies have enhanced patient monitoring and remote connectivity. The rapid increase of smart medical devices the have advanced sensors integrated with advanced computing and communication technologies is expected to drive the growth of the medical sensors market. The transformative nature of IoT technologies due to the advancements in computing and processing power of connected medical devices, as well as in wireless technologies, can be exploited to the fullest by the manufacturers of medical sensors. Similarly, the miniaturization of components fosters innovations in the development of compact medical devices. The rise in the number of connected medical devices and the advancements in medical systems and software that support patient data collection and transmission are expected to act as a growth opportunities for the medical sensors market.

Challenge: Stringent regulatory environment and the requirement of product approvals
The regulatory requirements that are to be followed by the manufacturers of implantable medical devices and providers of medical device technologies impede the growth of the medical sensors market. The manufacturers of medical sensors must undergo various trials and other country-specific regulatory procedures for the commercialization and integration of sensors with medical devices. The development and commercialization of ingestible and implantable sensors take a lot of time due to the detailed documentation processes and expensive clinical trials. Medical sensors that are ingested or implanted into the human body need to undergo separate tests for biocompatibility and electromagnetic compatibility. The regulatory bodies also verify the composition of materials used to manufacture such sensors. Advancements in medical devices in terms of the development of IoT-based medical devices connected medical devices, and smart medical devices act as challenges for the manufacturers of medical sensors, as the accuracy, versatility, and specifications of the sensors must be maintained to facilitate accurate patient monitoring. Obtaining regulatory approvals takes a lot of time and slows the commercialization of medical sensors, impeding the market’s growth.

Patient monitoring devices held the major market share in the medical sensors market in 2020 and is expected to dominate the market during the forecast period
The integration of patient monitoring devices with smartphones and wireless devices has led to the increased usage of remote monitoring systems, mobile cardiac telemetry devices and ambulatory event monitors. The growing awareness about advanced medical devices among people, along with the development of innovative and advanced patient monitoring devices capable of real-time monitoring, enables healthcare professionals and users to take preventive measures before the severity of the illness is intensified.