The global disposable medical device sensors market size was USD 6.54 Billion in 2021 and is expected to register a rapid revenue CAGR of 7.2% during the forecast period, according to latest analysis by Emergen Research. Increasing prevalence of chronic disorders is a key factor driving market revenue growth. According to Centers for Disease Control and Prevention (CDC), prevalence of diabetes in the U.S. was 41.9%. Majority of individuals in the U.S. do not eat a healthy diet and consume excessive levels of salt, saturated fat, and sugar, which increases their risk of acquiring chronic diseases.
The Global Disposable Medical Device Sensors market drivers and restraints market is further segmented in terms of applications, end-user, end-use, geographic presence, by-products as well as services. In addition, the subject matter experts evaluating the industry provide an all-inclusive category-specific industry outlook. A comprehensive collection of data on major companies occupying a strong foothold in the industry adds immense value to the overall research.
In addition, rising incidence of hospital-acquired infection is another key factor driving market revenue growth. According to World Health Organization (WHO), seven patients in high-income countries and 15 patients in low- and middle-income countries will get at least one Healthcare-Associated Infection (HAI) during their hospital stay for every 100 patients in acute-care hospitals. On an average, one out of every ten afflicted individuals would die as a result of HAI. Patients and babies in Intensive Care Units (ICU) are especially vulnerable. Healthcare-associated infections and antibiotic resistance have a huge impact on people's lives. Every year, over 24% of patients with health-care-associated sepsis and 52.3% of those treated in an intensive care unit die.
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The market for disposable medical device sensors is constrained by absence of proper reimbursement rules. Patients must have quick access to medications and technologies they need and this requires a favorable reimbursement environment that encompasses coverage, coding, and payment. Aim of treatment and service coverage for members of insurance companies must be balanced with reasonably priced premiums and out-of-pocket cost sharing. This lack of coverage is most likely caused by devices Food and Drug Administration (FDA) approval.
Some Key Highlights From the Report
- The biosensors segment accounted for a significant revenue share in 2021. Biosensors can detect the smallest physiological changes in human body through accurate process monitoring and high sensitivity, which may be utilized to improve quality of life. Recent improvements in biological approaches incorporating fluorescent tags on nanomaterials have raised sensitivity limit of biosensors. Metal nanoparticles, nanowires, and graphene have been combined with affinity biosensors, making them an excellent tool for COVID-19 detection while also improving analytical performance. For example, GRIP Molecular Technologies, is developing graphene-based electronic biosensor technology that will allow for simultaneous, quick, and accurate detection of infectious illnesses such as COVID-19.
- The strip sensors segment accounted for a significant revenue share in 2021. Strip sensors are commonly used in blood glucose monitoring, disease diagnostics, and magnetic nanoparticle detection. In addition, strip sensors are widely utilized because they are affordable and simple to use. Another advantage of employing strip sensors is that the findings are acquired more rapid. Furthermore, the industry is being fueled by demand for self-diagnosis and home-based medical equipment.
- The North America market accounted for largest revenue share in 2021 owing to increasing prevalence of chronic disorders in this region. In addition, presence of key players is also driving revenue growth of the market. For instance, in May 2020, BioIntelliSense, Inc., a continuous health monitoring and clinical intelligence firm, announced the release of BioButton device, which expands its medical-grade biosensor product line and Data-as-a-Service (DaaS) platform.
- Some major companies in the global market report include Medtronic plc, Honeywell International Inc., Koninklijke Philips N.V., General Electric Company, Sensirion AG, Gentag, Inc., Starboard Medical, Inc., Nuova GmbH, TE Connectivity, and NXP Semiconductors.
- In July 2020, ivWatch, LLC., a biosensor technology pioneer, announced that FDA has approved ivWatch's SmartTouch disposable sensor for detecting issues with peripheral Intravenous (IV) lines as early as possible. The single-use sensor provides choices for monitoring active patients IV sites and may be used in conjunction with the company's patient monitor to detect optical characteristics of tissue around the insertion site.
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Emergen Research has segmented the global disposable medical device sensors market based on product, type, application, and region:
- Product Outlook (Revenue, USD Billion; 2019-2030)
- Biosensors
- Pressure Sensors
- Accelerometers
- Temperature Sensors
- Image Sensors
- Others
- Type Outlook (Revenue, USD Billion; 2019-2030)
- Strip Sensors
- Wearable Sensors
- Invasive Sensors
- Ingestible Sensors
- Implantable Sensors
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Diagnostics
- Patient Monitoring
- Therapeutics
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
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Table of Contents:
Chapter 1 includes an introduction of the global Disposable Medical Device Sensors Market, along with a comprehensive market overview, market scope, product offerings, and an investigation of the market drivers, growth opportunities, risks, restraints, and other vital factors.
Chapter 2 offers an in-depth analysis of the key manufacturers engaged in this business vertical, along with their sales and revenue estimations.
Chapter 3 elaborates on the highly competitive terrain of the market, highlighting the key manufacturers and vendors.
In Chapter 4, our team has fragmented the Disposable Medical Device Sensors market on the basis of regions, underscoring the sales, revenue, and market share of each region over the forecast timeline.
Chapters 5 and 6 have laid emphasis on the Disposable Medical Device Sensors market segmentation based on product type and application
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