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 decreased sanitization risks associated with disposable medical sensors compared to reusable medical sensors have led to the increased penetration of disposable medical sensors during the forecast period from 2016 to 2026. The increased prevalence of chronic diseases such as diabetes, cancer, autoimmune diseases is mainly driven by this demand. For example, high-level market adoption of continuous glucose monitoring devices where disposable medical sensors are used. In addition, increased acceptance and recognition of the availability of low-cost disposable medical sensors among consumers and increased R&D activities have catalyzed the growth of this sector. Newer technologies such as Micro-Electro-Mechanical-Systems (MEMS) and Complementary Metal-Oxide-Semiconductor (CMOS) have contributed to the growth of image sensors making it the fastest growing segment to cross the highest CAGR during the 2018-2026 forecast period.
Among the various sensors available, namely biosensors, pressure, accelerometer, temperature, picture and flow sensors, the biosensors retain the highest market share and are projected to gain the largest market share between 2016 and 2026. Biosensors is commonly used in diagnostic and patient monitoring devices. The advancement of glucose testing & monitoring devices and other newer technologies has driven the growth of disposable biosensors. For example, the emergence of wireless biosensors by Philips Healthcare has become a major market attraction between hospitals and outpatient settings. This portable biosensor helps to track vital patient signs and changes in motility.
North America expected to remain dominant in the global market for disposable medical sensors from 2016 to 2026. The availability and accessibility of newer disposable medical sensors, increased prevalence of chronic diseases, the involvement of major industrial players and increased disposable income among people drive the market for disposable medical sensors in North America. Government initiatives and increased awareness of the availability of newer advanced medical instruments are driving the growth of disposable medical sensors in low and middle-income economies. The involvement of market players, including Medtronic International Ltd., GE Healthcare Ltd., Sensirion AG and many others, is further catalyzing 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