Medical sensor market to reach $18.5 billion

The medical sensor market is expected to nearly double to $18.5 billion by 2024, according to a new analysis by Grand View Research Inc.

Researchers attribute the anticipated growth to an increased number of patients with chronic conditions that drive the usage of monitoring and therapeutic devices. Conditions such as diabetes and hypertension are among the numerous conditions monitored by medical sensors.

Technology advances also have been attributed to the increased usage of the devices. The higher accuracy rates, portability and affordability of the new generation of medical sensors have all contributed to the growing demand, according to the report.

The market's target population remains patients with chronic illnesses. With the population expected to rise, researchers say the market will continue to steadily expand beyond the forecast period.

The medical sensors market was valued at $9.8 billion dollars in 2015.