Disposable medical sensors market expected to show lucrative growth during the forecast period

Global disposable medical sensors market accounted for US$ 4,461.8 Mn in 2017 and estimated to attain US$ 8,118.7Mn by 2026 with a CAGR of 6.81% during the period from 2018 to 2026. Biosensors contribute a larger market share while image sensor foreseen to grow with higher CAGR. Biosensors are primarily utilized in diagnostic applications such as glucose testing, HIV testing, pregnancy test devices, etc. Patient monitoring application is gaining larger market attraction marked with highest growth rate. Smart connectivity options provide remote monitoring features bridging patients, physicians and healthcare providers together; thus, contributing to highest CAGR of wearable sensors. Pricing of reusable medical sensors being on the higher end, starting from $100 and above, has led to soaring demand for low cost disposable medical sensors. Hygiene risks associated with reusable medical sensors are minimized in case of disposable medical sensors thus propelling the market growth. The advent of Micro-Electro-Mechanical-Systems (MEMS) and Complementary Metal-Oxide-Semiconductor (CMOS) image sensors that are easy to integrate into devices, resistant to vibration, shock & radiation and cost efficient further catalyze the market growth. North America encompassed highest market share for disposable medical sensor in 2017 while Asia Pacific shows expedited growth during the period from 2018 to 2026. Rise in prevalence of lifestyle diseases such as diabetes, obesity and many more exhibits demand for disposable medical sensors ensuring remunerative market growth. However, stringent regulatory policies and lack of reimbursements could have a negative impact on the market growth.  

Image sensors to exhibit double digit CAGR during the forecast period

Image sensors show promising growth attaining highest CAGR during the forecast period from 2018 to 2026. Technological advancements such as OmniVision Technologies, Inc.’s CMOS technology has led to increased use of disposable endoscopes and laparoscopes. Biosensors segment grabbed supremacy in 2017 and expected to continue holding largest market share in 2026 as well. Increasing diagnostic products for infectious diseases, emergence of patient monitoring devices such as continuous glucose monitors (CGM) and higher adoption of personalized medicines has backed the biosensors growth. Biosensors finds its application in HIV testing and pregnancy testing kits as well. Continuous monitoring of vital signs and recent trend of point of care testing increases demand for biosensors. Other products contributing to the overall market growth are pressure sensors, image sensors, flow sensors, temperature sensors and accelerometer sensors.

Strip sensors contribute maximum to the overall growth of disposable medical sensors market

Strip sensors dominated the disposable medical sensors market in 2017 and continue to do so throughout the forecast period from 2018 to 2026. These sensors find varied applications ranging from infectious diseases testing to glucose monitoring. Rise in diabetes is a global concern which paves way for the increased utilization of Accu-Chek a blood glucose monitor owned by Roche Holding AG. Wearable sensors followed by ingestible sensors exhibit highest growth rates during the period from 2018 to 2026. Wearable sensors have gained wide importance in diagnostic as well as patient monitoring application. For instance, wearable biosensors by Phillips Healthcare and VitalConnect, Inc. aids in monitoring patient’s heart rate, detects patient motion and monitors skin temperature. The advent of capsule endoscopes and smart pills have fuelled the growth of ingestible sensors. Advancements in image sensor technology has made diagnosis of gastrointestinal tract more efficient thus backing the growth of ingestible sensors.

Patient monitoring, fastest growing segment during the forecast period

Disposable medical sensors are utilized in diagnostic, therapeutic and patient monitoring devices. Patient monitoring shows expedited growth, attributed to latest advancements such as Smart Connectivity Technology. For instance, smart glucose monitoring devices that helps physicians monitor glucose levels remotely is gaining high market demand and increase in awareness related to such devices across the geographies has led to an overall growth of disposable medical sensors market.  Diagnostic segment held largest market share in 2017 with its dominance during the forecast period from 2018 to 2026. Emergence of disposable diagnostic devices such as disposable endoscopy, spirometry, glucose testing and newer advancements such as capsule endoscopy and smart pills has contributed to the overall growth of diagnostic segment.

Technological advancements in Asia Pacific accounts for its fastest growth rate

Among all the geographies studied, North America maintains dominance with largest market share followed by Europe and Asia Pacific. Asia Pacific anticipated to grow at a higher CAGR, followed by Latin America and Middle East & Africa during the forecast period from 2018 to 2026. Increased risk of diabetes in developing economies has led to the further adoption of medical sensors for monitoring purposes, which contributes to the overall growth of these economies. Large number of medical sensor manufacturers ensure continuous availability of newer and advanced technologies thus contributing to the growth of North America. Improved healthcare infrastructure and presence of local manufacturers eases availability of medical sensor devices further catalyzing the market growth of North America.

Partnerships and acquisitions modeling the competitive scenario of disposable medical sensors market

Disposable medical sensors market comprises an extensive competitive pool spread across geographies with presence of market leaders such as GE Healthcare Ltd., Medtronic Plc. and Phillips Healthcare. Partnerships and acquisitions further make this market competitive reducing opportunities for new emerging players. On 30 June 2017, Roche announced its agreement on acquisition of mySugr, involving mySugrs’ diabetes monitoring system to integrate with Roche’s Accu-Chek device. However, funding from established and dominant organizations creates opportunities for emerging firms. For instance, VitalCOnnect, Inc. a provider for disposable wireless biosensors raised around $38 million in series C funding which was led by MVM Life science Partners and Baxter Ventures. This funding would enable it to launch its VitalPatch wearable biosensors in various outpatients’ settings and hospitals.

The research report further includes qualitative market assessment factors such as key market trends, market drivers, market restraints and market opportunities that would aid in the better understanding of the overall disposable medical sensors market. Additionally, the report includes graphical representation of market players based on their market initiatives and strategies, product offerings and business strengths. Key industrial players profiled in this report include 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, TE Connectivity Ltd. and VitalConnect, Inc.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Disposable Medical Sensors market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Disposable Medical Sensors market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Disposable Medical Sensors market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Disposable Medical Sensors market?
• Which is the largest regional market for Disposable Medical Sensors market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Disposable Medical Sensors market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Disposable Medical Sensors market worldwide?