The Disposable Medical Device Sensor market is expected to witness robust growth during forecast period with a CAGR XX% 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.
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.
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, 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.
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