Disposable Medical Devices Sensors Market Outlook 2031:
The global disposable medical devices sensors market size was valued at USD 7 Billion in 2022 and is projected to reach USD 13.65 Billion by 2031, expanding at a CAGR of 7.7% during the forecast period 2023 - 2031. The growth of the market is attributed to increasing healthcare expenditure.
Disposable medical sensors are handheld or portable scanning devices used for patient monitoring, diagnostics and therapeutics. Scanadu is one of the majorly used sensor device as a small hand-held sensor.
This is placed on the patient’s forehead and measure vital components such as pulse rate, temperature, breathing rate, blood oxygenation level, pulse transmit time, and temperature. These are used in various medical specialties such as neurology, radiology, ophthalmology, and cardiology.
The COVID-19 pandemic has positively impacted the disposable medical devices sensors market due to shift toward the use of technology and contact-less healthcare.
Disposable Medical Devices Sensors Market Trends, Drivers, Restraints and Opportunities
- Growing demand for in-home patient monitoring is projected to drive the market growth during the forecast period.
- Increasing acceptance of the sensor technology in the developing economies is expected to boost the market growth in the coming years.
- Rising prevalence of chronic diseases including myocardial infarction, cancer diabetes disease among population across the globe is anticipated to drive the market growth during the forecast period.
- Growing partnership between government and profit organizations for the development of technical, financial, and operational aspects of the healthcare industry such as delivery of better health care services to broader areas and advancement of medical supplies and equipment are projected to drive the market growth during the forecast period.
- Increasing technological advancement in the healthcare sector including emergence of new monitoring techniques and digital innovations are expected to boost the market growth in the coming years.
- Rising rate of hospital admissions is anticipated to drive the market growth during the forecast period.
- Growing geriatric population is projected to drive the market growth during the forecast period.
- Increasing incidence of hospital acquired infections is anticipated to drive the market growth during the forecast period.
- Stringent regulatory approval procedures accompanied by insufficient and irregular reimbursement for these medical devices is estimated to restrict the market growth in the coming years.
- Vulnerability of connected medical devices in term of data leakages are the challenges in the market growth.
- New innovations and growth in awareness among population can create lucrative opportunities during the forecast period.
Scope of the Disposable Medical Devices Sensors Market Report
The report on the global disposable medical devices sensors market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Disposable Medical Devices Sensors Market- Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Products (Biosensors, Image Sensors, Accelerometers, Temperature Sensors, and Others) and Applications (Patient Monitoring, Diagnostics, and Therapeutics)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Smiths Medical; Medtronic Plc.; GENTAG, Inc.; Analog Devices, Inc.; and Koninklijke Philips N.V.
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Disposable Medical Devices Sensors Market Segment Insights
Accelerometers segment to hold a significant market share
Based on product, the market is divided into biosensors, image sensors, accelerometers, temperature sensors, and others. The biosensors segment is anticipated to hold a key share of the market in the coming years due to high specificity, fast response time, and less usage of reagents required for calibration.
However, the accelerometers segment is anticipated to expand at a rapid pace during the forecast period, as it has high impedance, high sensitivity, and frequency response and it uses built-in signal conditioning circuit to measure capacitance.
Diagnostics segment is expected to grow at a rapid pace
On the basis of applications, the market is divided into patient monitoring, diagnostics, and therapeutics. The patient monitoring segment is expected to represent a major share of the market in the coming years as it helps patients improve self-management and care plan adherence, reduces patient’s expenses, improve work productivity and access to care.
On the other hand, the diagnostics segment is anticipated to expand at a rapid pace during the forecast period owing to rising incidence of lifestyle diseases across the globe.
North America is estimated to account a major market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period due to increasing incidence of HAIs.
However, the market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to government initiative in setting up of new hospitals and growing demand for sensor-based devices in-home care settings.
Segments
The global disposable medical devices sensors market has been segmented on the basis of
Products
- Biosensors
- Image Sensors
- Accelerometers
- Temperature Sensors
- Others
Applications
- Patient Monitoring
- Diagnostics
- Therapeutics
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the disposable medical devices sensors market includes Smiths Medical; Medtronic Plc.; GENTAG, Inc.; Analog Devices, Inc.; and Koninklijke Philips N.V.
Some of these players are engaging in business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market share.
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