Disposable Medical Device Sensor Market: Current Analysis and Forecast (2021-2027)

Report Description

Disposable Medical Device Sensor Market was valued at US$ 6.5 billion in 2020 and is expected to grow at a CAGR of 9% over the forecast period (2021-2027). due to the increase in the prevalence of chronic diseases, including cancer, cardiovascular, and kidney disorders along with growing prevalence of hospital-acquired infections. The soaring demand for sensors in homes and clinics for the treatment or diagnosis purpose is one of the primary factors augmenting the global market for disposable medical sensors. Moreover, over the past few years, there has been a dramatic rise in the number of admissions to hospitals. This factor is translating into the greater uptake of disposable medical sensors. Besides, the increasing initiatives by governments worldwide, growing investments in the healthcare sector, and continuous improvements in the wearable technology are providing a fillip to the global market.

  REQUEST FREE SAMPLE PDF 

Furthermore, 26 May 2020:  Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, announced it has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its wearable biosensor (Philips Biosensor BX100) to help manage confirmed and suspected COVID-19 patients in the hospital.

The demand for disposable medical devices has witnessed considerable growth over the last couple of decades owing to the rising awareness about therapeutic applications of medical sensors such as checking/monitoring alcohol level in blood, biomechanics, blood analysis, blood flow, blood pressure, body temperature, breath analysis, eye parameters, eye pressure, fingerprint, heart rate, human identification, human motion capture, ocular movement, people counting, and pulsation among global population fuel the market.

Furthermore, Hospital-acquired infections (HAIs) have become a major challenge for hospitals and the medical community. In the last two decades, the prevalence of HAIs has increased significantly; the wide use of reusable devices like sphygmomanometer cuffs, thermometers, catheters, and stethoscopes in hospitals is a major factor contributing to this rising prevalence. The use of contaminated medical devices in hospitals also contributes to the rising prevalence of HAIs, especially among newborn babies and other inpatients. This ultimately results in high morbidity and mortality rates, prolonged hospital stays, and increased healthcare and patient costs.

According to the CDC, up to 1.7 million hospitalized patients in the US annually acquire healthcare-associated infections (HCAIs) while being treated for other health issues, and more than 98,000 of these patients (one in 17) die due to HCAIs. 32% of all HAIs in the country are urinary tract infections, 22% are surgical-site infections, 15% are lung (pneumonia) infections, and 14% are bloodstream infections.

According to Snapdeal, the overall sales in the at-home diagnostic kits category between April and July 2020 more than doubled compared to 2019. The greatest number of personal diagnostic and health monitoring devices purchased were pulse oximeters, blood pressure monitors, digital thermometers, and glucometers. In 2021, Abbott received FDA Emergency Use Authorization (EUA) for the over the counter, non-prescription, asymptomatic use of its BinaxNOW COVID-19 AG self-test for the detection of COVID-19 infections.

Value chain analysis of Disposable Medical Device Sensor

Abbott (US), F. Hoffmann-La Roche Ltd., Medtronic, Texas Instrument, Platinum Equity Advisors LLC, NXP Semiconductors, General Electric Company, TE Connectivity, STMicroelectronics (Switzerland), Honeywell International Inc., Analog Devices, Inc., Smiths Group Plc, and Koninklijke Philips N.V.,etc., are some of the prominent players operating in the global Disposable Medical Device Sensor market.

Insights Presented in the Report

“Amongst Product Type, Disposable segment holds the major share.”

Based on product type, disposable medical device sensors are segmented into strip sensors, Implantable sensors, invasive sensors, and ingestible sensors. The strip sensors segment accounted for the largest share of the market in 2020. The large share of this segment can be attributed to the extensive usage of glucose test strips and infectious disease test strips and the increasing prevalence of diabetes and other infectious diseases across the globe. The widespread adoption of these sensors in diagnostic applications due to their varied benefits, such as cost-effectiveness, ease of use, non-infectious nature, and faster results, also supports market growth.

“Amongst Sensor Type, Bio-Sensors segment dominated the market during the forecast period.”

Based on sensor type, the medical device sensors market is segmented into biosensors, accelerometers, temperature sensors, and Pressure sensors. The biosensors segment accounted for the largest share in 2020. The large share of this segment can be attributed to the wide usage of these sensors in glucose test strips, infectious disease test strips, pregnancy test strips, drug and alcohol test strips, and continuous blood glucose monitoring.

“Amongst Application, Diagnostics segment dominated the market during the forecast period.”

Based on application, the disposable medical device sensors market is segmented into patient monitoring, diagnostic testing, therapeutics, and imaging. The diagnostic testing segment accounted for the largest share in 2020. The large share of this application segment can primarily be attributed to the rising incidence of lifestyle diseases across the globe. The widespread usage of glucose test strips, infectious disease test strips, and pregnancy test strips in homes as well as in clinics is another factor driving the market growth.

“North America represents one of the largest markets of Disposable Medical Device Sensor market.”

For a better understanding of the market dynamics of the Disposable Medical Device Sensor market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South-Korea, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of US$ XX billion in 2020 owing to the rising per capita income.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

Customization Options:

Disposable Medical Device Sensor Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Disposable Medical Device Sensor Market were the three major steps undertaken to create and analyze the adoption of Disposable Medical Device Sensor for the different surgeries across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Disposable Medical Device Sensor sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Disposable Medical Device Sensor through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Disposable Medical Device Sensor market, we conducted a detailed secondary analysis to gather historical market insights and share for different technologies & equipment types for major regions. Major segments included in the report are Product type, Sensor type, Application and regions. Further country-level analyses were conducted to evaluate the overall adoption of Disposable Medical Device Sensor in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Disposable Medical Device Sensor. Further, we conducted factor analysis using dependent and independent variables such as the surging demand for Disposable Medical Device Sensor. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Disposable Medical Device Sensor industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Disposable Medical Device Sensor market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Disposable Medical Device Sensor across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Disposable Medical Device Sensor market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Disposable Medical Device Sensor market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and product type of the Disposable Medical Device Sensor market.

Main Objective of the Disposable Medical Device Sensor Market Study

The current & future market trends of Disposable Medical Device Sensor were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Disposable Medical Device Sensor in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of application, product type, sensor type and end-user sector.
• Define and analysis of the regulatory framework for the Disposable Medical Device Sensor industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Disposable Medical Device Sensor market for the major region.
• Major regions studied in the report include North America (the U.S and Canada), Europe (Germany, France, U.K Spain, and Italy), Asia-Pacific (China, Japan, Australia, South-Korea, and India), Rest of the World
• Company profiles of the Disposable Medical Device Sensor market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry