The disposable medical sensors market is expected to grow at a CAGR of 8.1% over the forecast period, from USD 6.5 billion in 2021 to USD 9.4 billion in 2026. Disposable medical sensors are portable scanning devices intended for diagnosis, patient monitoring and therapeutic processes. Disposable medical sensors are designed to detect and provide information in the form of electrical signals by converting patient’s various forms of stimulations.
Disposable medical sensors facilitate continuous patient monitoring through the measurement of basic vital signs, for instance heart rate, breathing rate, blood oxygenation level, pulse rate and temperature. Disposable medical sensors are used in different specialties such as cardiology, radiology, general medicine, neurology, ophthalmology, urology and so on. Currently the trend witnessed in the global disposable medical sensors market is the development of products in ablation treatments for cancer, cardiac arrhythmia, point of care diagnosis, pain free glucose monitoring, wireless insulin delivering procedures, etc.
Disposable Medical Sensors Market: Drivers and Restraints
Disposable medical sensors market is projected to grow rapidly due to increasing incidence of chronic diseases such as cancer, acute myocardial infarction and diabetes mellitus particularly in geriatric population, as well as increasing number of postoperative rehabilitation patients across the globe.
Major drivers for the disposable medical sensors market are technological advancements and increasing innovations in the development of point of care medical sensors for diagnosis and monitoring outside hospitals. At the same time increasing the need of remote patient monitoring and next generation disposable medical sensors such as painless diabetes monitors, wearable wrist watches, etc. are other opportunities to manufacturers.
Large number of regulatory approvals for biodegradable sensors are also booming the global disposable medical sensors market. However lack of adequate reimbursement policies for novel technologies and stringent regulatory procedures are the major factors that can hamper the global disposable medical sensors growth over the forecast period.
Disposable Medical Sensors Market: Overview
The United States represents the largest market for disposable medical device sensors in North America, followed by Canada. Europe is expected to be the second largest region in the global disposable medical sensors market. Germany, France, and the U.K. are estimated to account for a major share in the Europe disposable medical sensors market over the forecast period. APAC is anticipated to represent a high growth rate in the next five years. By application type, monitoring devices particularly cardiac pacemakers and blood glucose monitorsare the dominant segment across globe due to high incidences of diabetes and cardiac diseases.
The diagnostic strips for HIV test, pregnancy test, blood glucose test and immunological test are anticipated to hold a high collective share in the global disposable medical sensors market. By end use, the hospitals and home care segments are projected to account for around 50% share in the global disposable medical sensors market and the trend is forecast to continue through the forecast period. By placement of sensors type, wearable sensors and strip sensors are estimated to register above average CAGR over the forecast period owing to its affordable price due to miniaturization of equipment.
Disposable Medical Sensors Market: Key Players
Key players of Mayo Clinic and Gentag, Sensirion AG, Measurement Specialities, Smiths Medical, ST Microelectronics, Philips Helathcare, Medtronic, Freescale Semiconductor, Inc., GE Healthcare, Analog Devices, Inc., Given Imaging, Honeywell International, Inc. and Coividien, plc. For instance, Gentag Company extended the near field communication (NFC) technology to accomplish remote patient monitoring worldwide. Freescale Semiconductor, Inc is developing lower-cost, semiconductor-based sensors with high sensitivity. The Measurement Specialities is developing customized products to satisfy patient need. Analog Devices, Inc. is collaborating with customers to accelerate the pace of innovation and produce breakthrough solutions for impossible conditions.
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