The global medical sensors market is projected to grow at a CAGR of 9% between 2019 and 2023, reaching $6.21 billion, according to a report by Technavio titled "Medical Sensors Market Analysis Report by End-Users (Hospitals, Clinics, and Home care settings), by Geography (Asia, Europe, North America, and ROW), and Segment Forecasts, 2019 - 2023."
The market is driven by the rising demand for medical sensors in home care settings. The rising cost of medical treatments in hospitals and clinics is compelling patients to shift from treatment in hospitals to home healthcare services. This requires remote patient monitoring, which in turn, is increasing the adoption of portable medical devices such as blood pressure monitors and blood glucose monitors.
The study added that the growing demand for digital medicine and sensor-enabled pills will further boost the growth of the medical sensors market.
According to Technavio, five of the largest medical sensor companies include First Sensor AG, Honeywell International, Medtronic, NXP Semiconductors and Smith Group plc.