Disposable Medical Sensors Market Growth, Trends, Absolute Opportunity and Value Chain 2022-2030

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Description

The global disposable medical sensor market was valued at USD 6,232 million in 2020 and is projected to reach USD 9,740 million by 2027, to grow at a CAGR of 8.91% from 2021 to 2027. Disposable medical sensors are portable and cost-effective scanning devices used to diagnose and monitor various diseases. These devices function by measuring vital human parameters such as body temperature, breathing, and heart rates. Over the years, disposable medical sensors have evolved in terms of features, performance, and characteristics. This is due to continuous improvements in the R&D of electronics in the pharmaceutical and medical field. Furthermore, the advent of microelectronics (MEMS) and the high adoption of biosensors have played a significant role in the evolution of sensors in healthcare.

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The rise in the adoption of biosensors, growth in the demand for disposable images & wearable sensors, introduction of implantable sensors for preclinical drug research, and technological advancements in sensors such as capsule endoscopes and ultrasonic imaging systems drive the global disposable medical sensor market. However, stringent government regulations and unfavorable reimbursement policies restrain the market growth.

Global Disposable Medical Sensors Market Dynamics

Drivers: Technological advancements in sensor devices

Technological advancements in sensor devices highly drive the disposable medical sensors market. This is because advancements in sensor technology lead to the emergence of accurate, cost-effective, and handy sensors that provide patients and physicians huge benefits such as ease of treatment, accurate monitoring outcomes, handy nature, and affordability. Such advantages increase the demand for these sensors and thereby accelerate market growth. Since the past few years, major technological breakthroughs have been witnessed in the disposable medical sensors market. These advancements include the advent of wearable sensors, compact CMOS image sensors, single-use endoscopes, MEMS pressure sensors, accelerometer sensors, and others.

The advent of these sensors has benefited the disposable medical sensors market as these sensors have been widely adopted to measure the physical as well as internal body activity of the patient.

Restraints: Stringent government regulations for medical sensors

The disposable medical sensors market witnesses uncertain regulatory issues that limit the growth of the market. These regulatory issues are present due to the risks associated with implantable sensors, such as infection from these sensors and non-biocompatibility issues. These risks hamper the adoption of implantable sensors, which thereby restricts the growth of the disposable medical sensors market. Moreover, these devices are categorized into class II and class III devices by different regulatory bodies. It is a time-consuming process and requires heavy investments for the approval of these systems. This further restricts the market growth to a certain extent.

Opportunities: Growth in untapped economies

There exist tremendous opportunities in emerging markets concerning large patient populations and unmet medical needs. Considering that a large number of people suffer from various diseases in Asia-Pacific. For instance, as per American Heart Association, about 6.1% of Asians have cardiac disease, 21.0% have hypertension, and 1.9% have a stroke. The high prevalence of diseases in the region raises the demand for sophisticated and effective monitoring diagnostic devices that enable early diagnosis. This raises the demand for disposable medical sensors in Asia-Pacific. In addition, healthcare systems in these markets are undergoing rapid changes in healthcare investments and infrastructure. For instance, in January 2014, in its project paper, Health Systems Leapfrogging in Emerging Economies, the World Economic Forum stated that one-third of the global health expenditure would be focused on providing healthcare services in emerging markets in 2022. It also stated that the healthcare expenditure would continue to increase in India and China in line with the economic growth in these nations.

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Scope of the Report

The report outlines the global disposable medical sensors market study based only on the product, placement type, application, and end user.

By Product

  • Biosensors
  • Temperature Sensors
  • Pressure Sensors
  • Image Sensors
  • Accelerometer/Patient Position Sensors
  • Others

By Placement Type

  • Wearable Sensors
  • Implantable Sensors
  • Ingestible Sensors
  • Invasive Sensors
  • Strip Sensors

By Application

  • Patient Monitoring
    • Continuous Blood Pressure Monitoring
    • Implantable Loop Recorders
    • Cardiac Monitoring Electrodes
    • Pulse Oximeters
    • Smart Pills
    • Continuous Blood Glucose Monitoring (CGM)
    • Others
  • Diagnostics
    • Capsule Endoscopes
    • HIV Test Strip Sensors
    • Pregnancy Test Strip Sensors
    • Drug and Alcohol Test Strip Sensors
    • Blood Glucose Test Strip Sensors
  • Therapeutics
    • Insulin Pump Sensors
    • Cardiac Therapeutic Electrode Sensors
    • Cardiac Catheter Sensors

By End User

  • Hospitals
  • Home Care
  • Diagnostic Laboratories
  • Clinics

By Region

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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The electric segment of the Disposable Medical Sensors market is projected to account for the largest share by mode of operation

Based on the product, the global disposable medical sensors market is categorized into biosensors, image sensors, pressure sensors, accelerometer or patient position sensors, temperature sensors, and others. Among products, the biosensor segment occupied a dominant share of 41.9% of the total market in 2020 and is estimated to maintain this trend during the forecast period. This is attributed to the increasing demand for monitoring and diagnostic devices to resolve various analytical issues in medicine and pharmacology.

Over the years, the market for biosensors has evolved and expanded continuously. This is due to the convenience of detecting electrochemical signals and high specificity. This has attracted many market players to invest in the R&D and commercialization of disposable medical biosensors. Moreover, a rise in the demand for point-of-care testing also marks a significant milestone in the disposable medical biosensor market growth.

Asia Pacific accounts for the highest CAGR during the forecast period in the disposable medical sensors market.

Based on the regions, the global disposable medical sensors market has been segmented across North America, South America, Europe, Asia-Pacific, and the Middle East & Africa. Four main countries, namely, China, India, Japan, and the Rest of Asia-Pacific, are analyzed in Asia-Pacific. In 2020, North America was the highest revenue contributor, accounting for a market share of 37.1%, and further anticipated maintaining its dominance throughout the forecast period. This is ascribed to increasing disposable medical sensor technological advancements and the presence of well-established HCIT (Healthcare Technology and Infrastructure) infrastructure in North America. However, Asia-Pacific is expected to account for the fastest-growing region during the forecast period owing to rising medical tourism and increasing health awareness among the middle-class population in emerging countries of this region, such as in India and China.

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Key Market Players

The global disposable medical sensors market was dominated by three key players: Medtronic plc, General Electric Company (GE Healthcare), and Danaher Corporation. These market competitors together accounted for a share of around 45.2% in 2020. The other players of the market include Honeywell International, Inc., Smiths Group plc (Smiths Medical), STMicroelectronics, Omnivision Technologies, Inc., TE Connectivity (TE), First Sensor, Koninklijke Philips N.V., MEMSIC, Inc., Universal Biosensors, Inc., Biosensors International Group, Ambu A/S, and GeekWire, LLC.

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