Biomedical Sensors Market will surpass USD 21.3 billion by 2030 at a CAGR of 16% till 2030 : GreyViews

Biomedical Sensors Market Size By Type (Wired and Wireless), By Sensor Type (Biochemical Image Sensors, Temperature, Pressure, and Others), By Industry (Pharmaceutical, Healthcare, and Others), Regions, Segmentation, and forecast till 2030.

Pune India, Jan. 28, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the biomedical sensors market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the biomedical sensors market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, sensor type, industry,  and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs. 

The significant players operating in the global biomedical sensors market are GE Healthcare, Analog Devices, Inc., STMicroelectronics N.V., Smiths Group plc., Inc., First sensor AG, Medtronic, Honeywell International Inc, NXP Semiconductor N.V., Texas Instruments and Nonin Medical Inc.  among other. To achieve a substantial market share in the worldwide biomedical sensors market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

Biomedical sensors are devices used to identify particular chemical, physical, or biological events and then communicate this information. The safety of medicines, the environment, and other substances are all monitored using biomedical sensors. These sensors can be made to send out alerts or warnings when they spot irregular readings, check for harmful substances in the blood, or inject drugs right into the circulatory system. Investments in creating sensors with these characteristics are probably key drivers of the industry. In the long run, the healthcare sector is anticipated to experience significant demand for these items. In terms of the method of therapy, in-vivo and in-vitro applications of biomedical sensors are divided.  The market is primarily being driven by an increase in the need for patient monitoring applications and technological advancements in micro-electro-mechanical systems (MEMS) that enable the design of low-cost, high-performance sensors that can be easily incorporated into other applications. An increasing elderly population, an increase in the incidence of lifestyle-based disorders, and the emergence of new diseases have all contributed significantly to the growth of the global market for biomedical sensors. This market is expected to have tremendous growth prospects due to the new uses for biomedical sensors in nanotechnology and the ongoing advancements that are creating cutting-edge non-invasive sensor-based medical applications.

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Scope of Biomedical Sensors Market Report

Report Metric Information
Study Period 2022-2030
Base Year           2022
Forecast Period 2023-2030
Market Share Unit USD Billion
Segments Covered Type, Sensor Type, Industry, and Regions
Regions Covered North America, Europe, Asia-Pacific, South America, and Middle-East and Africa
Major Players GE Healthcare, Analog Devices, Inc., STMicroelectronics N.V., Smiths Group plc., Inc., First sensor AG, Medtronic, Honeywell International Inc, NXP Semiconductor N.V., Texas Instruments and Nonin Medical Inc. among other.

Segmentation Analysis

The wireless segment is expected to be the fastest-growing segment in 2022. 

The type segment is wired and wireless. The wireless segment is expected to witness the highest growth rate during the forecast period. Even while people are moving, wireless sensors can be employed for ongoing, continuous monitoring. Physiological signals including the EEG, ECG, blood pressure, blood flow, glucose level, and others can be monitored with wireless biomedical sensors. There are many benefits of using wireless sensors for biological monitoring. The information is sent via a wireless sensor network to a central connection node, like a personal digital assistant (PDA), or straight to a medical facility (WSN). Based on the transmitted data, a doctor can subsequently treat the patient. Throughout the prolonged monitoring, the patient doesn’t feel uncomfortable.

The pressure segment is expected to be the fastest-growing segment in 2022. 

The sensor type segment is biochemical image sensors, temperature, pressure, and others. The pressure segment is expected to witness the highest growth rate during the forecast period. Absolute pressure sensors detect pressure relative to a vacuum, differential pressure sensors measure pressure in proportion to a reference pressure line, and gauge pressure sensors monitor pressure in relation to atmospheric pressure. Differential devices often have a fluid line connecting to the reference port, which increases their total size and profile. Contrarily, since gauge devices just require an in-plane hole to connect to the atmosphere, they can be small and unobtrusive. Typically, absolute devices have a reference chamber that is vacuum-sealed and enclosed. Because MEMS biomedical pressure transducers often operate at ambient pressure, gauge or absolute devices may be employed.

The healthcare segment is expected to be the fastest-growing segment in 2022. 

The industry segment is pharmaceutical, healthcare, and others. The healthcare segment is expected to witness the highest growth rate during the forecast period. Patients who are receiving therapy for depression prefer to be hospitalized in a hospital. The high market share over the following years was also influenced by the availability of highly qualified medical practitioners who offer superior treatment outcomes.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the biomedical sensore include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

  • The North America region witnessed a major share. Because there are so many medical sensor vendors, it is predicted that the industry would grow quickly. The market in North America is being driven by the country’s rapidly aging population and the growth of the home healthcare sector. Due to the presence of cutting-edge healthcare infrastructure and a relatively high rate of medical device adoption in these regions, the Americas dominated the global market in 2019. The combination of sensors, digital software, and wireless technology, as evidenced by the rise in smartphone and tablet usage, has immense potential for the development of revolutionary healthcare devices.

Country Analysis

  • Germany

Germany’s biomedical sensors market size was valued at USD 0.46 billion in 2022 and is expected to reach USD 1.52 billion by 2030, at a CAGR of 16.2% from 2023 to 2030. The industry is being advanced by investments in developing sensors with features that can test for the presence of harmful substances in the blood as well as technological breakthroughs in the field of biomedical sensors using nanotechnology and microtechnology.

  • China

China’s biomedical sensors market size was valued at USD 0.50 billion in 2022 and is expected to reach USD 1.68 billion by 2030, at a CAGR of 16.4% from 2023 to 2030. Medical sensor vendors are many, thus it is expected that the market would expand quickly. The growing aging population of China and the expansion of the home healthcare industry are the two main factors driving the market there.

  • India

India’s biomedical sensors market size was valued at USD 0.39 billion in 2022 and is expected to reach USD 1.30 billion by 2030, at a CAGR of 16.3% from 2023 to 2030. Because of the highly developed healthcare infrastructure in these places and the region’s extremely high rate of medical device adoption.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of the biomedical sensors market is mainly driven by the rise in nanotechnology.

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