According to a new report published by Allied Market Research, titled, Disposable Medical Sensor Market by Product type, Placement type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the global disposable medical sensor market was valued at $4,823 million in 2016, and is projected to reach $9,700 million by 2023, growing at a CAGR of 10.2% from 2017 to 2023. The biosensor segment accounted for nearly three sevenths share of the total market in 2016.
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, the disposable medical sensors have evolved in terms of features, performance, and characteristics. This is due to the continuous improvements in R&D of electronics in pharmaceutical and medical field. Furthermore, the advent of micro-electronics (MEMS) and high adoption of biosensors has played a significant role in the evolution of sensors in healthcare.
Rise in adoption of biosensors, growth in demand of disposable image and 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.
The ingestible sensor segment of disposable medical sensor market by placement type is expected to register the highest CAGR of 11.0% throughout the forecast period. This is owing to the rise in the development of sophisticated sensors for the treatment of various diseases especially diabetes. In addition, many key players have undergone acquisitions and product development to cater to the demand for disposable medical sensor. The implantable sensor accounted for about two-ninths of the total share in 2016, and is anticipated to maintain this trend from 2017 to 2023.
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The patient monitoring application generated the highest revenue in 2016, accounting for about two-fifths of the total share, and is anticipated to maintain this trend from 2017 to 2023. The diagnostics application is expected to grow rapidly throughout the forecast period. This is due to the growth in incidence of hospital-acquired infections and increase in life expectancy among people.
Key Findings of the Disposable Medical Sensor Market:
- The image sensor is anticipated to grow at a highest rate during the analysis period.
- The U.S. was the major shareholder in the North America disposable medical sensor market, and accounted for the highest share in 2016.
- The pressure sensor occupied about one-eighth share of the total disposable medical sensor market in 2016 and is expected to grow at a CAGR of 10.9% from 2017-2023.
- China occupied two-ninth share of the total Asia-Pacific disposable medical sensor market in 2016, registering a high CAGR of 13.1% from 2017 to 2023.
- The strip sensor segment dominated the market in 2016, growing at a CAGR of 9.6% from 2017 to 2023.
- The home care segment accounted for the two-fifth share in end user market for disposable medical sensors in 2016.
In 2016, Asia-Pacific and LAMEA collectively accounted for about one-third share of the market and is expected to continue this trend due to increase in adoption disposable medical sensors, specifically in China, India, and the other developing economies. Rise in adoption of biosensors is the main reason for growth of the disposable medical sensor market in Asia-Pacific.
The key players in the global disposable medical sensors market include Philips Healthcare, Sensirion AG Medtronic plc, Honeywell International, Inc., Smiths Group plc (Smiths Medical), STMicroelectronics, Omnivision Technologies, Inc., TE Connectivity (TE), First Sensor, and Ambu A/S. The other prominent players in the value chain include MEMSIC, Inc., Universal Biosensors, Inc., Biosensors International Group, and GeekWire, LLC.