During Thursday's defeat, Sanders failed to make a catch in the endzone on a two-point conversion with just a minute of play left, allowing the Ravens to hold on for the win.
Had Sanders caught Ben Roethlisberger's late attempt, the scores would have been level at 22-22, and overtime would have looked likely.
He told Steelers.com on Friday: "Today is just a tough day for me overall. At the end of the day, I didn't make the play necessary for my team to win and I take complete fault for it.
"It's my fault that we lost the game. It's something that I've got to deal with. I'm not going to let it hold me down though.
"I didn't see the ball until the very end. I tried to have late hands, but that's no excuse. I consider myself a big-time player. I have to come up with those plays. And I didn't come up with it. I have to deal with it. I take this loss. It's my fault. We just have to bounce back."
The Steelers are still well in the playoff hunt despite the defeat, currently sitting second in an extremely tight AFC North.