Global Disposable Medical Sensor Market 2022-2028

Global Disposable Medical Sensor Market 2022-2028

Global disposable medical sensor market is anticipated to grow at a CAGR of 10.5% during the forecast period. Various key factors are contributing to market growth, such as technological advancement in the medical industry, increasing demand for remote patient monitoring devices, and the rising geriatric population. Moreover, the increasing incidences of chronic diseases across the globe, such as acute myocardial infarction and diabetes mellitus in the geriatric population, along with an increasing number of postoperative rehabilitation patients are some other factors augmenting the global market growth. However, the stringent regulatory procedures and lack of adequate reimbursement policies for novel technologies are the major factors that act as a barrier to the growth of the global market.

Impact of COVID-19 Pandemic on Global Disposable Medical Sensor Market

COVID-19 impacted majorly to electronics industry which has witnessed a strong hit in the 1Q of 2020 as all manufacturing facilities, other supporting offices, and transportation has been shut down due to the board restriction. Despite the electronics industry getting hit by the shutdown and low manufacturing and sales, due to the increasing spread of COVID-19, temperature sensors have boosted the pace and it is also anticipated to gain traction in the market. The increasing demand for temperature sensors and this are also being used by wearable manufacturers and increasing day by day owing to their applications in medical devices that are used for monitoring temperature.

Segmental Outlook

The disposal medical sensors market is segmented based on type, placement type, application, and end-user. Based on type, the market is sub-classified into biosensors, image sensors, pressure sensors, temperature sensors, accelerometers, and others. Based on the placement type, the market is sub-segmented into implantable sensors, invasive sensors, ingestible sensors, strip sensors, and wearable sensors. Based on the application, the market is sub-classified into diagnostics, therapeutics, and patient monitoring.Based on the end-users, the market is sub-categorized into hospitals and clinics, diagnostic laboratories, and home care. Among the type segments, the biosensors segment is dominating in the market due to excessive use of these sensors in several types of test strips such as pregnancy test strips, drug, and alcohol test strips, glucose test strips, infectious disease test strips, and continuous blood glucose monitoring.

The Strip Sensor is Expected to Hold Prominent Market Share in the Global Disposable Medical Sensor Market

Among the placement type, the strip sensors segment is expected to hold a prominent market share in the disposable medical sensors market. Medical sensors are significantly deployed and used in strip sensors due to the increasing usage of strip sensors in disease diagnostic technologies and health monitoring tests. The strip sensors are majorly deployed in pregnancy strip tests, drug, and alcohol test strips, HIV test strips, and glucose test strips, among others. Among all the applications of strip sensors, it is substantially used in tracking the glucose levels of patients at healthcare centers, diagnostics labs, clinics, and hospitals.

Regional Outlooks

The global disposable medical sensor market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East &Africa, and Latin America. North America accounts for a prominent share and remains in the position throughout the forecast period in the global disposable medical sensor market. Significant investment in R&D for medical devices along with the supportive government policies for the adoption of advanced technologies is the primary factor that is offering regional growth.

The Asia Pacific Region is Fastest Growing in the Global Disposable Medical Sensor Market

The Asia-Pacific disposable medical sensor market is expected to witness considerable growth during the forecast period. This is due to the rising disposable income and growing awareness regarding patient monitoring and therapeutic devices in emerging economies, such as India and China. Moreover, increasing and growing government initiatives in setting up new hospitals and increasing demand for sensor-based devices in-home care settings are factors that drive the disposable sensor market in the Asia Pacific region.

Market Players Outlook

The competitive landscape includes key strategies of leading players, recent developments, and key company analysis. The major players that contribute to the growth of the market include Analog Devices, Inc., Medtronic PLC, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in March 2021, Nonin Medical launched two new disposable products, Nonin's WristOx2 3150 wrist-worn pulse oximeter (SpO2) is a single-use wristband and a sensor. This product offers immediate and cost-effective solutions that reduce healthcare provider and patient exposure to infectious agents. this product is also compatible with a wide range of Nonin PureLight® LED sensors.