Published: December 2017 | Report Code: LS11096 | Available Format: PDF | Pages: 210
Disposable Medical Sensors Market Overview
The global disposable medical sensors market size was valued at $4.5 billion in 2016. It is expected to grow at a CAGR of 10.4% during the forecast period. In terms of size, the growth of the market was led by the increasing adoption of biosensor products. Biosensors held the largest share of the global disposable medical sensors market in 2016 and is expected to lead the market in the coming years as well. This growth is mainly attributed to increasing prevalence of diabetes and cardiovascular diseases, lucrative growth in point-of-care (POC) diagnostics, and rise in the demand for glucose-monitoring systems.
GLOBAL DISPOSABLE MEDICAL SENSORS MARKET, BY PRODUCT, $M (2013-2023)
Sensor variants are classified as strip sensors, wearable sensors, implantable sensors, invasive sensors, and ingestible sensors, based on the placement of sensor. Technological advancements in sensors and focus on providing wireless patient monitoring and diagnostic imaging are the key factors marking the potential of ingestible sensors in the disposable medical sensors market. Therefore, the category is predicted to witness the fastest growth in demand, and is likely to grow at a CAGR of 22.1% during the forecast period.
Disposable medical sensors find application in diagnostic, therapeutic, patient monitoring, and imaging devices. Increase in the prevalence of diabetes has led to the adoption of diagnostic devices for blood glucose monitoring, resulting in their largest contribution in the disposable medical sensors market.
Globally, North America was the largest contributor to the disposable medical sensors market in 2016, mainly due to the increase in government spending on R&D, aging population, and associated risks of hospital-acquired infections (HAIs). Other factors that led to the growth of the North American disposable medical sensors market are the need to curb the rising healthcare cost and increase in the prevalence of chronic diseases in the region. Conversely, China is expected to witness the fastest growth in demand, followed by India, and Brazil, during the forecast period.
Disposable Medical Sensors Market Dynamics
Technological advancements and development of devices for home care settings are the key trends observed in the disposable medical sensors market globally. Major players of the market are focused on enhancing their product portfolio with advanced technology to retain their foothold in the market. For instance, in August 2016, Medtronic Plc. announced the U.S. commercial launch of its MiniMed 630G System, with a new user-friendly insulin pump design and SmartGuard technology.
Major growth drivers of the disposable medical sensors industry include increasing incidence of HAIs and growing demand for low-cost medical equipment. According to a WHO report on HAIs, prevalence of an HAI, at any given time, in developed countries varies between 3.5% to 12%. This prevalence of HAIs varies globally, with 7.1% cases in European countries, as reported by the European Centre for Disease Prevention and Control (ECDC).
Reciprocating this demand, governments, along with private firms, across the globe are providing support to R&D activities, which acts as a major growth driver for the disposable medical sensors market. Further, rise in the prevalence of diabetes and cardiovascular diseases is expected to boost the need for developing sensory monitoring devices and drive the overall growth of the disposable medical sensors market.
Many collaborations have been announced in recent years to develop technologically advanced and user-friendly disposable medical sensors, these collaborations are expected to provide ample opportunities to the manufacturers operating in the global disposable medical sensors market. For instance, in May 2016, Medtronic Plc. collaborated with Qualcomm Inc. to develop a continuous glucose monitoring system for type 2 diabetic patients. It aimed at enabling continuous monitoring of patients’ glucose level, thereby providing clinical data output that could be utilized to facilitate personalized medication. In January 2016, Medtronic Plc. collaborated with the Chengdu municipal government to invest in the manufacturing facility expansion in China.
Disposable Medical Sensors Market Competitive Landscape
Some of the key players in the global disposable medical sensors market are Medtronic Plc, General Electric Company, Koninklijke Philips N.V., TE Connectivity Ltd., Smiths Group Plc, NXP Semiconductors N.V., Honeywell International Inc., and STMicroelectronics N.V.
Major players are working toward launching new products, which is further expected to increase their market share in the coming years. For instance, in September 2016, Medtronic Plc announced the USFDA approval of its Enlite sensor for the iPro2 Professional Continuous Glucose Monitoring (CGM) system. The iPro2 Professional CGM comes equipped with Enlite sensor, a compact disposable glucose sensor that provides better comfort. The CGM system captures up to 288 measurements a day, revealing hidden high glucose (hyperglycemia) and low glucose (hypoglycemia) fluctuations. The data is then used for making informed therapy decisions.
The company, in September 2016, also announced the approval from USFDA for its MiniMed 670G system. The MiniMed 670G system, which features the Guardian sensor, is a hybrid closed loop insulin delivery system that makes use of the SmartGuard HCL technology. It has received approval for treating type 1 diabetes in patients aged 14 years and above, and studies are being conducted to expand the indication, to add patient populations.
Some of the other players operating in the disposable medical sensors industry are Gentag Inc., Sensirion AG, OmniVision Technologies Inc., Abbott Laboratories, and Ambu A/S.
Get a bespoke market intelligence solution
Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws