The latest market report published by Credence Research, Inc. “Disposable Medical Sensors Market Growth, Future Prospects, and Competitive Analysis, 2018 -2026” the disposable medical sensors market was valued at US$ 4,461.8 Mn in 2017 and expected to reach US$ 8,118.7 Mn by 2026, expanding at a CAGR of 6.81 % from 2018 to 2026.
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Low cost and reduced sanitization risks associated with disposable medical sensors in comparison to reusable medical sensors has contributed to the increased adoption of disposable medical sensors during the forecast period from 2016 to 2026. Increased prevalence of chronic diseases such as diabetes, cancer, autoimmune diseases predominantly drives this market. For instance, the soaring consumer adoption of continuous glucose monitoring devices wherein disposable medical sensors are utilized.
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Additionally, rise in adoption and awareness related to availability of low cost disposable medical sensors among consumers and increased R&D activities have catalyzed the growth of this market. The advent of newer technologies such as Micro-Electro-Mechanical-Systems (MEMS) and Complementary Metal-Oxide-Semiconductor (CMOS) has contributed to the growth of image sensors making it the fastest growing segment attaining maximum CAGR during the forecast period from 2018 to 2026.
Among various sensors available namely biosensors, pressure, accelerometer, temperature, image and flow sensors, biosensors maintain supremacy and expected grabbing largest market share during the period from 2016 to 2026. Biosensors finds wide application in diagnostic and patient monitoring devices.
The advent of glucose testing & monitoring devices and other newer technologies has propelled the growth of disposable biosensors. For instance, the emergence of wireless biosensors by Philips Healthcare has gained major market attraction amongst hospitals and outpatient settings. This wireless biosensor helps in monitoring patient’s vital signs and motility changes.
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North America expected to maintain supremacy in the global disposable medical sensors market during the period from 2016 to 2026. Availability & accessibility of newer disposable medical sensors, increased prevalence of chronic diseases, presence of major industrial players and increased disposable income amongst people drives the North America disposable medical sensors market.
Government initiatives and increased awareness of the availability of newer advanced medical devices drive the growth of disposable medical sensors in low and middle-income economies. Presence of market players namely, Medtronic International Ltd., GE Healthcare Ltd., Sensirion AG and many more further catalyzes the market growth in Asia Pacific.
Market Competition Assessment:
Disposable medical sensors market reaches out across geographies rendering the market highly competitive. Partnerships and acquisitions by major player’s increases market threats for emerging players with respect to long-term existence. However, funding by leading players to smaller firms could create opportunities for market penetration and growth.
For instance, VitalConnect, Inc. raised money in series C funding, which was led by MVM Life science Partners and Baxter Ventures, enabling it to launch its product VitalPatch a wearable biosensor. The key industrial players of disposable medical sensors market are Amphenol Corporation, Analog Devices, Inc., GE Healthcare Ltd., Medtronic Plc., NXP Semiconductor N.V., OmniVision Technologies, Inc., Philips Healthcare Informatics, Inc., Sensirion AG, Smiths Medical, Inc., SSI Electronics, Inc., STMicroelectronics and TE Connectivity Ltd.
Key Market Movements:
- Globally disposable medical sensors market witnesses a lucrative growth with a CAGR of 6.18% for the forecast period from 2018 to 2026
- Cost effectiveness and reduction in hygiene risks drive the rising adoption of disposable medical sensors market
- Among all sensor types, biosensors expected to attain largest market share during the period from 2016 to 2026
- The introduction of smart connectivity options enables remote monitoring of patients thus catalyzing the growth of patient monitoring devices
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