Market Outlook:

The Disposable Medical Sensors market size is poised to reach USD 8,748.22 Million by 2024, with a projected escalation to USD 11,987.65 Million by 2032, reflecting a compound annual growth rate (CAGR) of 7.7% during the forecast period (2024-2032). 

Freestanding disposable medical device sensors are a growing market as a result of the COVID 19 pandemic across the world. This is mainly because of enhanced measures in controlling infections in health facilities brought about by the COVID-19 virus whose pathogenicity is high. This is so because people understanding that there are simpler and more convenient methods of arriving at a fast result, then samples’ succesion is considered. A new trend that has emerged over the years is clients selecting distance healthcare centers within their comfortable homes. Scientists around the globe have been engaged in finding novel biosensor-based strategies for early diagnosis of SARS-CoV-2 during the ongoing pandemic. For instance in April 2020, Health Canada has listed the Dexcom G6 Continuous Glucose Monitoring Sensor System as medical devices for additional purpose in light of the COVID-13 pandemic. The general adult population (belly) is identified in the Canadian Medical Device Licence of the Dexcom G6 Sensor. Therefore, during COVID-19 the need for the disposable medical devices rose therefore it expected to have a positive influence the market.

Market Dynamics:

Driver:

The growing consciousness and awareness regarding Hospital Acquired Infections and Contaminations are projected to drive the disposable medical sensors market. Hospital acquired or acquired infections are those that occur in a patient during treatment for another disease at a health facility. One of the leading reasons for such prevalence in hospitals scope is the upsurge of pulse oximetry sensors, catheters, stethoscopes, and other reusable medical devices. Recycled medical equipments especially on admissions and special groups like the neonates are another reason why HAIs are on the rise in hospitals. This kind of infections can be minimized using disposable medical sensors because the sensors eliminate the chances of passing pathogen from one patient to another. For instance, as per the data from the US centre for disease control and prevention, a health agency under the department of health and human services , the hospital associated mrsa infection rose by 14% year 2020 to 2021. Moreover, central line-associated bloodstream infection (CLABSI) rose by 7 percent between 2020 and 2021. As a result, increasing instances of hospital-acquired infections and contamination boost the demand for disposable medical sensors market.

Restraint:

Wireless technologies have recently come under much scrutiny especially concerning data security and privacy of patients’ information in the increasing and highly mobile global environment of medical devices. The risks in cyber security for linked medical devices especially concerning leakages in personal details are considered as a threat for the development of disposable medical device sensors market. As conventional as connected medical devices are in the global healthcare sector, the IoT-based connected medical devices are prone to cyber threats. Since these different medical devices are interconnected, some medical devices are vulnerable to hacking. Hence, the companies manufacturing these medical devices are under pressure to meet strict standards on the protection of patient data and their safety.

Opportunity:

These industries rely heavily on reimbursement policies and due to their positive reimbursement policies, North America is predicted to expand in the near future. More specific reasons that are expected to drive the market development in North America include: Increased levels of obesity and other diseases associated with lifestyle, accident and sport injuries. The increasing adoption of mobile surgery centers and increasing the need for efficient emergency treatments are likely to drive the market during the forecast period. In addition, the disposable medical sensors are gradually becoming more needed at the moment because people prefer to get treatment at home in order to avoid getting infected with the virus. In 2020, 23.4 million patients relied on RPM in the United States and 30 million RWJF forecast patients will use RPM by 2024 or about 11.2% of the population, according to Insider Intelligence survey. Due to the covid-19 pandemic and the need for better treatment options for patients, as well as for reducing the rate at which health care workers are infected, the FDA issued Emergency Use Authorizations for a number of wearable patient monitoring devices.

Key Players:

• SSI Electronics
• ACE Medical Devices
• Sensirion AG Switzerland
• Smith’s Medical 
• Koninklijke Philips N.V.
• GE Healthcare
• Analog Devices, Inc. 
• Honeywell International Inc
• TE Connectivity
• Medtronic
• NXP Semiconductor
• Others

Recent Development:

• In April 2022, Variohm EuroSensor is working on a new NTC thermistor exclusively for use in medical equipment and applications to be utilized chiefly for sensing small incremental temperature change in the human body and the immediate medical environment. 

• In February 2022, the ENS64020 is an ultra-low power healthcare sensor interface IC the company used in wearable health care and medical applications..

Segment Insights:

By Application

One of the biggest growth areas in the healthcare market is indeed the actual patient monitoring While disposable sensors are increasingly being employed for patient monitoring. There is a rise in demand on invasive and noninvasive in-home patient monitoring in the rural and urban areas of the developing countries. This rising demand is enabling the companies to use medical device sensors mainly for patient surveillance. Remote patient monitoring enables physicians and hospitals to attend to patients outside of a clinic where the technology enables constant data interplay between the patients and the physicians at all times. Based on the center of Medicare and Medicaid Services 2021, patient monitors assist hundreds of thousands of high-risk patients annually in avoiding hospital readmissions and living healthier days at home. Clients using remote monitoring achieve 76% lower readmission rates and save approximately USD 370,000,000 in total medical costs; patient satisfaction is at an average of 89%. Many local as well as international players are there who are involved in manufacturing disposable sensors for patients’ monitoring. Some of the key players offering these sensors are Smiths Medical, Mediaid, Inc., and so on While in May 2020, BioIntelliSense, Inc, a continuous health monitoring and clinical intelligence company announced the expansion of its medical-grade biosensor product line and Data-as-a-Service (DaaS), with the launch of the BioButton device. The BioButton is a small disposable medical gadget that can monitor and record temperature, and other critical signs for an astounding 90 days if it is the size of coin. BioIntelliSense provides data services, derived from the individual biosensor technology and utilizing precise analytics for accurate early identification of unfavorable trends at a considerably lower cost than spot temperature readings or typical Remote Patient Monitoring (RPM) devices.

By Product

In 2023, based upon the application segment Structural Health Monitoring held 27.87% of the total market while biosensors claimed a share of over 49.70%. Biosensor is generally used for the purpose of analyte measurement. It acquires biological components using a physiochemical detector. The responses of the analyte signals are sensed and quantified. The biosensors are mainly referred to the electronics; the signals are acquired by the sensor then indicated on the gadget. Some of the biosensors classifications are electronic, amperometric, blood glucose, potentiometric, conduct metric biosensors, thermometric, optical, fiber optic lactate, immune and piezoelectric biosensors. Biosensors are also used in patient monitoring as well as in diagnostic procedures. The growth of biosensors is driven by the increased need for accurate diagnostic techniques and rapid diagnostic kits. In addition, due to innovation the need for faster diagnosis promoted the repeat enterprise of advanced biosensors over the forecast period.

Regional Insights:

North America is expected to hold the largest market and the key reasons for the growth of market in the region include: Technological advancement towards the development of new and advance sensors, higher adoption rate of sensors based devices across hospitals and healthcare centres, escalating spending on healthcare. The United State occupies the biggest share of the market due to the market players in the market under study. The Centers for Medicare & Medicaid Services in December 2021 reported that the National health spending is estimated to rise to USD 6.2 trillion by 2028 through a higher rate of 5.4% annually for the period of 2019-28. Although global health spending is expected to increase 1.1 percentage points faster than gross domestic product per year on average through 2019–28, the health sector’s share of the economy is expected to reach 17.7% in 2018 and 19.7% in 2028. Furthermore, improved investment by venture capital firms to invent innovative single-use medical device sensors. For instance, in May 2022, Nemaura Medical, Inc is a medical technology company that specializes in the commercialization of the daily disposable wearable glucose sensor and consumer-facing digital coaching programs to support them, announced that it has signed a clean debt for five-point million US dollars without converting or warrant. Secondly, the increment in the number of products that the key market participant unveils continue to extend the market growth within the projecting period. For instance, for biosensor technology provider, ivWatch, LLC in July 2020 the new SmartTouchTM disposable sensor that got the FDA nod for early and accurate identification of peripheral IV infiltration as well as extravasation events. This new FDA clearance enriches the ivWatch sensor line-up and offers hospitals, infusions centers and other healthcare providers with matching sensor options to mitigate the dangers of IV therapy for patients.

Segmentation:

By Application

• Diagnostic

• Therapeutic

• Patient Monitoring

By Product

• Biosensors

• Pressure Sensors

• Accelerometers

• Temperature Sensors

• Others

By Type

• Strip Sensors

• Wearable Sensors

• Implantable Sensors

• Invasive Sensors

• Others

By Region

North America

• USA

• Canada

• Mexico

Europe

• France

• UK

• Spain

• Germany

• Italy

• Rest of Europe

Asia Pacific

• China

• Japan

• India

• South Korea

• Rest of Asia Pacific

Middle East & Africa

• GCC

• South Africa

• Rest of the Middle East & Africa

South America

• Brazil

• Argentina

• Rest of South America

What to Expect from Industry Profile?

1. Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the Disposable Medical Sensors market in the world.

2. Use the PORTER’s Five Forces analysis to determine the competitive intensity and therefore market attractiveness of the Global Disposable Medical Sensors market.

3. Leading company profiles reveal details of key Disposable Medical Sensors market players’ global operations, strategies, financial performance & recent developments.

4. Add weight to presentations and pitches by understanding the future growth prospects of the Global Disposable Medical Sensors market with forecast for the decade by both market share (%) & revenue (USD Million).

FAQ’s

1) What are the major factors driving the growth of the Global Disposable Medical Sensors Market?

• Increasing demand for home-based healthcare devices and remote patient monitoring is driving the growth of the Global Disposable Medical Sensors Market.

2) What would be the CAGR of the Global Disposable Medical Sensors Market over the forecast period?

• The Global Disposable Medical Sensors Market is poised to grow at a CAGR of 7.7% from 2024 to 2032.

3) Which region will provide more business opportunities for the growth of the Global Disposable Medical Sensors Market in the future?

• The North America region is expected to create more opportunities in the market.

4) Who are the major players dominating the Global Disposable Medical Sensors Market?

• SSI Electronics, ACE Medical Devices, Sensirion AG Switzerland, Smith’s Medical, Koninklijke Philips N.V., GE Healthcare, Analog Devices, Inc., Honeywell International Inc, TE Connectivity, Medtronic, NXP Semiconductor, Others.

5) What are the segments in the Global Disposable Medical Sensors Market?

• By Type, By Product, By Application, are the industry key segments considered for research study.

6) What is the estimated market revenue for the Global Disposable Medical Sensors Market in 2032?

• The estimated revenue for the Global Disposable Medical Sensors Market in 2032 is USD 11,987.65 Million.