Biomedical Sensors Market Size, Trends and Growth Analysis by 2027

The global market for biomedical sensors is projected to grow significantly, reaching approximately US$ 15,338.57 million by the year 2027, up from US$ 8,688.63 million in 2019. This growth trajectory indicates a compound annual growth rate (CAGR) of 7.4% from 2020 to 2027.

Several factors contribute to this market expansion, including an increasing elderly population, a heightened demand for home-based healthcare solutions, advancements in medical device technology, a growing adoption of Internet of Things (IoT) enabled medical devices, and a rise in global healthcare spending.

Biomedical sensors are compact, often sophisticated devices designed to measure various physical parameters such as temperature, humidity, gas concentrations, velocity, flow rates, pressure, light intensity, and electric fields. In the realms of medicine and biotechnology, these sensors play a crucial role in detecting specific biological, chemical, or physical processes, subsequently transmitting or reporting the collected data. They are integral components of systems that analyze clinical samples, including the increasingly prevalent lab-on-a-chip technologies. Miniaturized biomedical sensors are utilized for monitoring muscle displacement, blood pressure, core body temperature, blood flow, cerebrospinal fluid pressure, and bone growth velocity. As more individuals opt for home healthcare services, the demand for medical devices incorporating biomedical sensors is surging.

Biomedical sensors find applications across a wide range of medical and biotechnology fields, facilitating the detection of biological, chemical, or physical processes and the transmission of relevant data. These sensors encompass a variety of types, including temperature sensors, pressure detectors, acoustic sensors, flow sensors, gas sensors, as well as imaging devices such as cameras and image sensors. In the medical sector, image sensors and cameras include technologies like X-ray, optical, and ultrasonic imaging. Furthermore, biomedical sensors are employed to ensure the safety of pharmaceuticals, food products, environmental conditions, and other substances.

Regular health monitoring is another critical application of biomedical sensors. According to the World Health Organization (WHO), approximately 17.9 million individuals succumb to cardiovascular diseases globally, representing 31% of all deaths worldwide. The rising prevalence of cardiac events, hypertension, and strokes is anticipated to drive the demand for point-of-care monitoring sensors. Additionally, various awareness initiatives have been launched by government bodies to combat and prevent diseases. For example, the National Heart Disease and Stroke Prevention Program and the Lipid Standardization Program by the Centers for Disease Control and Prevention aim to educate the public about the dangers of high cholesterol and provide training for healthcare professionals.

The biomedical sensors market is categorized by sensor type, including temperature sensors, pressure sensors, image sensors, biochemical sensors, inertial sensors, motion sensors, electrocardiogram (ECG) sensors, and others. In 2019, the temperature sensor segment held the largest market share, driven by the widespread availability of wireless monitoring devices and the increasing incidence of lifestyle-related and chronic diseases. The growing need for patient monitoring devices outside of hospital settings presents significant growth opportunities for stakeholders in the biomedical sensors market. The integration of monitoring technologies into smartphones and wireless devices is a notable trend in patient care, leading to substantial growth in patient monitoring applications and, consequently, an increased demand for temperature sensors during the forecast period.

The clinical and product development landscape has undergone significant disruption due to the shift to remote work and reduced laboratory capacities. Clinical trials have faced considerable challenges, impacting both new patient enrollments and the continuity of existing therapies. The COVID-19 pandemic has placed considerable pressure on many biomedical sensor companies; however, it has also positively influenced the medical devices sector by accelerating research and development activities, which has enhanced the availability of medical devices for COVID-19 detection.

Key secondary sources referenced in the preparation of this report include the International Society of China Food and Drug Administration (CFDA), World Health Organization (WHO), European Union (EU), Centers for Disease Control and Prevention (CDC), International Trade Administration (ITA), US Food and Drug Administration (FDA), and the Ministry of Health in Argentina (ANMAT).