Disposable Medical Sensors Market Overview:
The Global Disposable Medical Sensors Market was valued at $4,823 million in 2016, and is expected to reach at $9,700 million by 2023, registering a CAGR of 10.2% from 2017 to 2023. Disposable medical sensors are used in healthcare sector as pressure detectors, temperature sensors, image sensors, and others. These sensors aid in accurate monitoring, treatment, and diagnosis of a disease. Furthermore, they sensors play a significant role in making a medical device more safe and effective, while simplifying their operation.
The advent of disposable sensors and biosensors has played a vital role in the evolution of sensors in healthcare. Hence, the disposable medical sensors are a preferred option among patients and healthcare professionals for easy detection of diseases. In this regard, many key players develop and commercialize novel sensors. For instance, in September 2016, Abbott received approval for its FreeStyle Libre Pro system, a continuous glucose monitoring (CGM) system.
The global disposable medical sensors market is segmented based on product type, placement type, application, and end user. Based on product type the market is segmented into biosensor, temperature sensor, pressure sensor, humidity sensor, force sensor, image sensor, and others. By placement type, the market is divided into wearable sensors, invasive sensors, implantable sensors, ingestible sensors, and strip sensors. Based on application, the market is categorized into patient monitoring, diagnostics, and therapeutics.
Patient monitoring is further segmented into continuous blood pressure monitoring, implantable loop recorder, cardiac monitoring electrode, pulse oximeters, smart pills, continuous blood glucose monitoring (CGM), and others. Diagnostics application is further classified to capsule endoscopes, HIV test strip sensors, pregnancy test strip sensors, drug and alcohol test strip sensors, and blood glucose test strip sensors. The therapeutics application is segmented into insulin pump sensors, cardiac therapeutic electrode sensors, and cardiac catheter sensors. Based on end user, the market is divided into hospitals, clinics, diagnostic laboratories, and home care. Among product type, biosensor segment occupied dominant share of three sevenths of the total market in 2016, and is expected maintain this trend during the forecast period, owing to its high adoption globally. In the placement type segment, the ingestible sensor is expected to grow with highest CAGR of 11.0% during the forecast period.
Global Disposable Medical Sensors Market Segmentation
Drivers, Restraints, and Opportunities
Factors that accelerate the demand of disposable medical sensors are rise in adoption of biosensors, technological advancements in sensors such as capsule endoscopes and ultrasonic imaging systems, and introduction of implantable sensors for preclinical drug research. However, factors such as inadequate reimbursement policies hamper the market growth. The growth in prevalence of diabetes is anticipated to provide lucrative growth opportunities for the disposable medical sensors market growth.
Impact Analysis: Drivers & Restraints
Global Disposable Medical Sensors Market: Key Product Segment
The biosensor segment accounted for a significant share in the global disposable medical sensors market, and this trend is expected to continue during the forecast period.
Disposable Medical Sensors Market, by Indication, 2016 (%)
India Disposable Medical Sensors Market
The rise in adoption of modern and novel sensor drives the disposable medical sensors market growth in India. Moreover, increase in number of players in the country and expansion of medical electronics sector further fuels the market growth. In addition, robust government initiative toward improvement of healthcare facilities through insurance schemes is anticipated to provide lucrative growth opportunities in the country. The market in India is expected to exhibit the highest CAGR of 12.1% from 2017 to 2023.
India Disposable Medical Sensors Market, 2016-2023 ($Million)
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.
- The study provides an in-depth analysis of the global disposable medical sensors market, with current trends and future estimations to elucidate the imminent investment pockets.
- A quantitative analysis from 2016 to 2023 is discussed to enable the stakeholders to capitalize on the prevailing market opportunities.
- Key market players are profiled and their strategies are analyzed thoroughly, which help understand the competitive outlook of the market.
- Porters Five Forces model is expected to interpret the bargaining power of suppliers & buyers, threat of new entrants & substitutes, and competition among the key players.
Disposable Medical Sensors Market Key Segments:
By Product Type
- Temperature Sensors
- Pressure sensors
- Image sensors
- Accelerometers/Patient Position Sensors
By Placement Type
- Wearable Sensors
- Implantable Sensors
- Ingestible Sensors
- Invasive Sensors
- Strip Sensors
- Patient Monitoring
- Continuous Blood Pressure Monitoring
- Implantable Loop Recorder
- Cardiac Monitoring Electrode
- Pulse Oximeter
- Smart Pill
- Continuous Blood Glucose Monitoring (CGM)
- Capsule Endoscopes
- HIV Test Strip Sensors
- Pregnancy Test Strip Sensors
- Drug and Alcohol Test Strip Sensors
- Blood Glucose Test Strip Sensors
- Insulin Pump Sensors
- Cardiac Therapeutic Electrode Sensors
- Cardiac Catheter Sensors
By End User
- Home Care
- Diagnostic Laboratories
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Saudi Arabia
- Republic of South Africa
- Rest of LAMEA