Global Disposable Medical Sensors Market

Global Disposable Medical Sensors Market

Global Disposable Medical Sensors Market reached US$ YY million in 2022 and is expected to reach US$ YY million by 2030, growing with a CAGR of YY % during the forecast period 2024-2031.

Disposable medical sensors are single-use instruments used in healthcare settings for monitoring, diagnosing, or detecting different physiological characteristics. In order to preserve hygiene and lower the danger of infection, these sensors are usually disposed away after a patient encounter or after a predetermined amount of time.

Their ability to provide real-time data for patient monitoring, diagnosis, and therapy modifications makes them indispensable to the current healthcare system. Disposable medical sensors will become more and more in demand as telemedicine and remote healthcare become more and more important. Real-time health tracking and continuous data collection are made possible by these sensors, which are essential to remote patient monitoring.

Market Dynamics: Drivers and Restraints

Rising trend towards remote patient monitoring

The trend towards remote patient monitoring, especially in the wake of the COVID-19 pandemic, has boosted the demand for disposable medical sensors. These sensors allow for real-time data collection and transmission, facilitating remote healthcare management. Remote patient monitoring necessitates continuous and real-time tracking of various physiological parameters such as heart rate, blood pressure, glucose levels, and other vital signs.

Thus rise of remote patient monitoring helps to accelerates the market growth. For instance, according to according to data published by the CDC in October 2022, approximately 37% of adults used telemedicine in the past 12 months. Additionally, according to an MD Revolution (Healthcare Provider Company) survey reports that 46% of healthcare c-suites expected to increase their remote patient management budget in 2024.

Another 46% expect to maintain their current level of spending. While only 7% of respondents plan to reduce spending on remote patient monitoring. The simplicity and ease of use associated with disposable sensors can enhance patient compliance with monitoring protocols. Thus above factors helps to boost the market growth.

Market Dynamics: Restraint

The high cost associated with the products

Healthcare providers, especially in resource-constrained settings or regions with budget constraints, may find it challenging to afford the high costs associated with disposable medical sensors. This can limit their willingness to adopt these sensors, even if they offer advanced features and benefits. Patients may face increased out-of-pocket expenses if the cost of disposable sensors is high.

This can be a barrier to widespread adoption, especially for individuals with chronic conditions who may need continuous monitoring over extended periods. For instance, the Welch Allyn disposable blood pressure cuff cost around US$ 198.02 - US$ 241.26.

Additionally, healthcare facilities in developing regions may have limited financial resources, making it difficult to invest in expensive disposable medical sensors. This can contribute to healthcare disparities, as access to advanced medical technologies becomes more challenging in these areas. Thus expensive cost of the products restrain the market growt.

Segment Analysis

The global disposable medical sensors market is segmented based on product type, sensor type, application, end-user and region.

The biosensors segment from the sensor type segment accounted for approximately 33.27% of share

The increasing prevalence of diabetic patients, the variety of medical applications, the high demand for small diagnostic devices, and the speed at which technology is developing are all contributing factors to the growth of the biosensors segment. A good prognosis for the illness and the survival of the patient depend on an early and accurate diagnosis. In recent times, there has been a significant surge in demand for inexpensive, lightweight, and disposable devices that have quick response times.

The aging population on the globe and the accessibility and cost of diagnostic testing are driving up the use of biosensors. The testing of hundreds of samples daily in diagnostic laboratories requires a variety of talents; therefore, the development of new-age biosensors will propel segment expansion. For instance, in January 2023, researchers from the National Institute of Standards and Technology (NIST), Brown University, and CEA-Leti developed a diagnostic biosensor chip to offer accurate and inexpensive DNA biomarker identification.

The key differential in the biomarker chip is its modular design, which allows manufacturers to lower the manufacturing cost. Additionally, nanotechnology-based biosensors are expected to have wide application scope in various industries, such as food analysis, imaging, and microbial activity monitoring. Thus above factors helps to boost the segment growth.

Geographical Analysis

North America accounted for approximately 41.05% of the market share in 2022

Disposable medical sensors help in reducing the risk of infections since they are designed for single-use and eliminate the need for sterilization. In the wake of increased awareness about infection control, healthcare facilities are opting for disposable sensors to enhance patient safety. North America has a significant healthcare expenditure, and there is a growing focus on preventive and continuous healthcare monitoring.

Disposable medical sensors offer a cost-effective solution for regular monitoring, reducing the overall healthcare costs. For instance, according to U.S. Centers for Medicare & Medicaid Services, estimated that, U.S. health care spending grew 4.1 percent in 2022, reaching $4.5 trillion or $13,493 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 17.3%.

Moreover, enhanced investments by venture capital firms to develop novel disposable medical device sensors. For instance, in May 2022, a clean debt facility without any warrants or convertible components allowed Nemaura Medical, Inc., a medical technology company focused on supporting personalized digital coaching programs and commercializing a daily disposable wearable glucose sensor, to obtain USD 5 million in non-dilutive funding. Thus, above factors help to accelerate the region growth.

COVID-19 Impact Analysis

The surge in COVID-19 cases created a higher demand for monitoring devices and sensors in healthcare settings. Disposable medical sensors, such as those used for vital signs monitoring, have been crucial in managing and monitoring the health of COVID-19 patients, especially those in critical condition.

With the need to limit physical contact and reduce the risk of transmission, there has been a growing emphasis on remote patient monitoring. Disposable medical sensors play a key role in remote monitoring solutions, allowing healthcare providers to track patients' vital signs without direct physical contact. The pandemic accelerated the trend towards home healthcare, with more individuals preferring to monitor their health at home.

Disposable sensors enable patients to perform self-monitoring, providing healthcare professionals with real-time data for remote assessment. The increased adoption of telehealth during the pandemic also contributed to the demand for disposable medical sensors. As telehealth consultations became more widespread, the need for reliable remote monitoring devices, including disposable sensors, raised.

Market Segmentation

By Product Type
• Implantable Sensors
• Strip Sensors
• Wearable Sensors

By Sensor Type
• Accelerometers
• Temperature Sensors
• Biosensors
• Image Sensors
• Pressure Sensors
• Others

By Application
• Imaging
• Therapeutics
• Patient Monitoring
• Fitness and Wellness Monitoring
• Others

By End-User
• Hospitals and Clinics
• Diagnostic Centers
• Home Healthcare
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Spain
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major global players in the market include Medtronic plc, Honeywell International, Inc, GE Healthcare, Koninklijke Philips N.V., Sensirion AG, Analog Devices, Inc., Gentag Inc, Smiths Medical, ACE Medical Devices, Abbott Inc among others.

Key Developments
• In January 2024, Medtronic plc launched CE (Conformité Européenne) Mark approval for the MiniMed 780G system with Simplera Sync, a disposable, all-in-one continuous glucose monitor (CGM) requiring no fingersticks or overtape. Simplera Sync features an improved user experience with a simple, two-step insertion process and is half the size of previous Medtronic
• In November 2022, Digital imaging solutions developer OmniVision had launched its square two-megapixel (1,500MP x 1,500MP) resolution OH02B image sensor for disposable and reusable endoscopes. The CMOS image sensor has been designed for orthopaedic, ENT, surgical, gastrointestinal, dental, and veterinarian reusable and disposable endoscopes, catheters, and guide wires.

Why Purchase the Report?
• To visualize the global disposable medical sensors market segmentation based on product type, sensor type, application, end-user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of disposable medical sensors market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global disposable medical sensors market report would provide approximately 69 tables, 58 figures and 187 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies