Biomedical Sensors Market | 2031 Strategic Insights
The biomedical sensors market size is estimated to grow from US$ 9.97 billion in 2023 to US$ 21.11 billion by 2031; the market is estimated to record a CAGR of 8.0% during 2023–2031. The integration of monitoring technologies in smartphones and wireless devices is a critical trend in the biomedical sensors market.
Biomedical Sensors Market Analysis
Many private and government organizations are raising funds to support biomedical research. Funding aims to facilitate collaborative research among faculties in biomedical and engineering fields, with a focus on the development of biomedical devices, sensors, and systems. In April 2023, the SmartCare: HbA1c Self-Monitoring Technology Research Project, funded by the National Institute for Health Research (NiHR i4i Connect) with a grant worth US$ 186.7, was initiated with the main objective of experimentally validating a diabetes diagnostic tool that focuses on various blood biomarkers. Dr Iasonas Triantis from the Research Center for Biomedical Engineering at the School of Science and Technology was appointed ad the Principal Investigator (PI) on the study. Similarly, in February 2024, the Novo Nordisk Foundation generously awarded a grant of US$ 21.37 million toward the establishment of the Copenhagen Center for Biomedical Quantum Sensing. With this initiative, the field of biomedical and health sciences is set to undergo a major transformation with the advent of quantum sensing technology. This cutting-edge technology promises to revolutionize disease diagnosis and prevention with unprecedented precision. Through this international research collaboration, scientists aim to develop novel quantum sensing principles and techniques that can be used for the early detection of diseases.
Biomedical Sensors Market Overview
The growth of the biomedical sensors market is attributed to factors such as increasing adoption of IoT-based medical devices, burgeoning demand for home-based medical care, surging geriatric population, technological advancements in the medical device industry, and rising expenditure on healthcare across the world. The biomedical sensors market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. North America holds the largest share of the market, and Asia Pacific is expected to record the fastest CAGR during 2023–2031. The US is estimated to account for the largest share of the biomedical sensors market. Market growth in the US is attributed to the efforts made by leading biomedical sensor vendors to establish their primary manufacturing bases, rising incidences of acute and chronic diseases among the population, and technological advancements in the healthcare sector in this country.
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Biomedical Sensors Market: Strategic Insights
Market Size Value in US$ 8,688.63 Million in 2019 Market Size Value by US$ 15,338.57 Million by 2027 Growth rate CAGR of 7.4% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Biomedical Sensors Market: Strategic Insights
| Market Size Value in | US$ 8,688.63 Million in 2019 |
| Market Size Value by | US$ 15,338.57 Million by 2027 |
| Growth rate | CAGR of 7.4% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Biomedical Sensors Market Drivers and Opportunities
Rising Incidence of Lifestyle Diseases Favors Market
Various factors such as stress, obesity, a sedentary lifestyle, malnutrition, and tobacco and alcohol consumption contribute to the increasing prevalence of lifestyle-based diseases, including cardiovascular diseases (CVDs). According to the "Heart Disease and Stroke Statistics—2023" report by the American Heart Association, coronary heart disease was the most prevalent form of heart disease in 2021, claiming the lives of 375,476 individuals that year. Nearly 5% of adults aged 20 and above are estimated to have coronary artery disease (CAD). Therefore, there is an increased need for biomedical sensors with the rising incidence of lifestyle diseases, which can be used for regular health monitoring. State-of-the-art CVD biosensors and monitoring bioelectronics introduced in the recent past, either wearable or implantable, have enabled the continuous measurement of cardiac markers.
Technological Advancements in Biomedical Sensors to Bolster Market in Future
Technological advancements in biomedical sensors with the integration of micro-technology and nanotechnology are resulting in the introduction of compact, robust, innovative, and cost-effective sensors that are adaptable to the genetic makeup of every individual. These sensors are set to trigger alerts when they record unpredictable readings, screen the blood for the presence of toxic agents, and empower drugs straight into the circulatory system. Increasing investments in the development and regulatory approval of such advanced sensors is likely to boost the biomedical sensors market in the coming years. In addition, emerging applications of biomedical sensors in the field of nanotechnology and continuous innovations are leading to the development of advanced noninvasive sensor-based medical procedures. In February 20201, researchers at Missouri S&T designed an oxygen-sensing patch printed on a disposable, flexible bandage that can be connected to a smartphone. This smart bandage could allow remote monitoring for the early detection of conditions such as pressure ulcers, facilitating immediate treatment or intervention.
Biomedical Sensors Market Report Segmentation Analysis
Key segments that contributed to the derivation of the biomedical sensors market analysis are type, sensor type, product, and application.
- Based on type, the biomedical sensors market is bifurcated into wired and wireless. The wireless segment held a larger market share in 2023.
- By sensor type, the market is segmented into temperature, pressure, image sensors, biochemical, inertial sensors, motion sensors, electrocardiogram, and other sensor types. The temperature segment held the largest share of the market in 2023.
- In terms of product, the market is bifurcated into invasive sensors and noninvasive sensors. The noninvasive sensors segment held a larger share of the market in 2023.
- Based on application, the market is segmented into medical diagnostics, clinical therapy, imaging, and personal healthcare. The medical diagnostics segment held the largest share of the market in 2023.
Biomedical Sensors Market Share Analysis by Geography
The geographic scope of the biomedical sensors market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. North America dominates the global biomedical sensors market. As per the World Health Organization (WHO), nearly 30 million people suffer from stroke each year. The American Heart Association states that more than 130 million people in the US are estimated to have a type of cardiovascular disease (CVD) by 2035. Thus, the rising prevalence of CVDs is ascribed to the dominance of North America in the global market.
Biomedical Sensors Market Report Scope
Biomedical Sensors Market News and Recent Developments
The biomedical sensors market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the key developments in the biomedical sensors market are listed below:
- Abbott acquired Bigfoot Biomedical, a company that has expertise in developing smart insulin management systems for individuals with diabetes. The Bigfoot Unity smart insulin management system developed by Bigfoot Biomedical utilizes connected insulin pen caps, and its operations are based on integrated continuous glucose monitoring (iCGM) data and healthcare providers’ instructions. (Source: Abbott, Press Release, 2023)
- Onera Health launched its first Onera Biomedical Lab-on-Chip. The biomedical sensor system-on-chip is designed to acquire and process multiple biosignals, and it is suitable for a wide range of wearable health devices as well as applications. It offers many solutions and opportunities for innovations in the medical, wellness, and fitness industries. (Source: Onera Technologies B.V., Press Release, 2022)
Biomedical Sensors Market Report Coverage and Deliverables
The “Biomedical Sensors Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Biomedical sensors market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Biomedical sensors market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Biomedical sensors market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the biomedical sensors market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , Product , and Application and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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