Industry Trend Analysis
The disposable medical device sensors market is expected to be around $8 billion by 2025. These devices are used for monitoring basic vital signs such as heart rate, blood oxygen levels, breathing rate, and temperature. Rising demand for sensors in homecare settings as well as in clinics for diagnostic and monitoring purposes is expected to drive this market over the forecast period. With the introduction of technologically advanced monitoring devices (such as cancer tracking sensors), the market is expected to exhibit robust growth over the forecast period. Additionally, the demand for miniature disposable medical sensors is also on a rise, as these sensors can be easily accommodated in portable and handheld devices. However, stringent regulatory approval procedures can hinder the growth of this market.
Product Outlook and Trend Analysis
Strip sensors dominated the overall market in 2016, due to their increasing usage in diabetes testing and glucose monitoring. Increasing prevalence of chronic diseases such as cancer and diabetes and the consequent demand for cancer and diabetic biomarker strips are contributing to the growth of this segment. Ingestible sensors are expected to grow at a fastest CAGR over the forecast period, due to the rising demand for smart pills.
Technology Outlook and Trend Analysis
Biosensors segment held a major share of the global market in 2016. This large share can be attributed to the various applications of biosensors in drug development, study of biomolecules and their interactions and medical diagnosis. Image sensors segment is projected to witness robust growth over the forecast period, due to the rising demand for CMOS image sensors and optical fiber technology.
Application Outlook and Trend Analysis
Diagnostic segment dominated the overall market in 2016, due to rising need for frequent monitoring in cases of geriatric population suffering from chronic diseases such as cancer and cardiovascular diseases. Patient monitoring segment is expected to achieve a fastest growth rate during the forecast period due to increasing demand for portable medical devices to be used in homecare settings.
Regional Outlook and Trend Analysis
North America held a major share of the global market in 2016, due to high technological competencies of the healthcare industry in the region along with increasing demand for medical sensors. Europe is expected to be the second largest market for global disposable medical device sensors during the forecast period, due to the high usage of patient monitoring and diagnostic sensor devices in the region.
Asia-Pacific market will grow at the highest CAGR during the forecast period owing to increased healthcare expenditure and rising demand for home healthcare biosensors. Also, research and development initiatives by private institutions will further accelerate the growth of this market. For instance, in April 2016, scientists at the Tokyo University in Japan developed an ultrathin, flexible e-skin sensor which can display blood oxygen level on an OLED display.
Product development is the key strategy adopted by the companies operating in the global market. Increased focus on developing and innovating technologically advanced products such as smart pills and wearable sensors will further drive this market. For instance, in May 2014, Olympus launched its next generation Endocapsule 10 system for the treatment of disorders related to small bowel.
Some of the key players in the global market are Honeywell International, Inc., STMicroelectronics, Covidien Plc., and Given Imaging, Inc., Freescale Semiconductor, Inc., Medtronic, Philips Healthcare, Smiths Medical, Sensirion AG and Measurement Specialties.
New product development and product innovation holds the key to competitive advantage in this market. With rising geriatric population, which is more prone to chronic disorders such as diabetes, cancer and cardiovascular diseases, demand for disposable and miniature medical sensors is bound to rise globally.
Disposable Medical Device Sensors Market Segmentation
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2016 and forecast from 2017 to 2025?
What will be the industry market growth from 2017 to 2025?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?