Disposable medical device sensors market worth $5,936 million by 2020
According to a new market research report "Disposable Medical Device Sensors Market by Product (Biosensor, Image sensor, Accelerometer), Monitoring (Smart Pill, Pulse Oximeter), Diagnostics (Capsule Endoscope, Blood Glucose Strip), Therapeutics (Insulin Pump, Dialysis) - Global Forecast to 2020", published by MarketsandMarkets (marketsandmarkets.com), the market is valued at ~USD 3,630.8 Million in 2015 and is poised to reach USD 5,936 Million by 2020, growing at a CAGR of 10.3% during the forecast period of 2015 to 2020.
This report studies the Disposable Medical Device Sensors Market over the forecast period of 2015 to 2020.
Disposable medical device sensors are emerging as powerful, cost-effective tools for diagnosing diseases, monitoring vital human parameters, and for various therapeutic applications. Over the years, sensor-based devices have evolved in terms of characteristics, performance, and features due to the continuous improvements in sophistication of electronics in medical and pharmaceutical applications. The advent of IT revolution, wireless sensor technology, disposable sensors, and biosensors in healthcare has played a significant role in the evolution of sensors in healthcare. Moreover, the advent of microsystem technologies such as MEMS, SI-based sensors, and microfluidic chips has revolutionized the medical and pharmaceutical electronics segment with greater accuracy, precision characteristics, advanced control, and low power consumption in devices and equipment.
This market is expected to grow at a CAGR of 10.3% during the forecast period of 2015 to 2020. A majority of this growth is attributed to the rising incidence of hospital-acquired infections, escalating healthcare costs, investments by venture capitalist firms in the development of disposable sensor-based devices, and government support for R&D activities for these devices.
This report provides detailed market analysis of various disposable medical device sensors available in the market, comprising biosensors, temperature sensors, pressure sensors, accelerometers, image sensors, and others. In 2014, the biosensors segment accounted for the largest share of the global Disposable Medical Device Sensors Market. The large share of this segment is mainly attributed to the increasing demand for monitoring and diagnostic devices such as continuous blood glucose monitoring and wide use of pregnancy test strips, HIV test strips, drug and alcohol test strips, and glucose test strips in home healthcare and point-of-care (POC) diagnostics.
The report also include Disposable Medical Device Sensors Market by placement of sensors comprises wearable sensors, implantable sensors, ingestible sensors, invasive sensors, and strip sensors. The ingestible sensors segment is expected to grow at the highest CAGR of 15.3% during the forecast period owing to the increasing demand for smart pills and capsule endoscopes.
The report also covers different applications markets of disposable medical device sensors and is segmented into patient monitoring devices, diagnostic testing devices, imaging devices, and therapeutic devices. The diagnostic testing devices segment is further divided into HIV test kits, pregnancy test kits, drug and alcohol test kits, and blood glucose test strips. The therapeutic devices segment is further divided into insulin pump sensors, dialysis device sensors, cardiac therapy devices, and cardiac catheter sensors. The patient monitoring devices segment is categorized into continuous blood pressure monitors, pulse oximeters, cardiac monitors, and continuous glucose monitoring devices, implantable loop recorders, smart pills, and others. The imaging devices segment is divided into capsule endoscopes and disposable endoscopes.
The report also provides detailed geographic analysis of the Disposable Medical Device Sensors Market covering major countries in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2014, North America and Europe accounted for the majority share of the global Disposable Medical Device Sensors Market, mainly due to the technological competencies of the healthcare industry and presence of well-established HCIT infrastructure in these regions. However, during the forecast period, the Asia-Pacific region is expected to grow at the highest CAGR, owing to the rising medical tourism, increasing healthcare expenditure, rapidly developing healthcare infrastructure, increasing per capita incomes, and growing health awareness among middle-class population in emerging countries of this region.
Although, the global Disposable Medical Device Sensors Market is highly fragmented in nature; some of the key players in this market include Medtronic plc. (Ireland), GE Healthcare (U.K.), Philips N.V. (Netherlands), Smiths Medical (U.K.), TE Connectivity (Switzerland), Freescale Semiconductors, Inc. (U.S.), Omnivision Technologies, Inc. (U.S.), STMicroelectronics (Switzerland), Analog Devices, Inc. (U.S.), and Honeywell International, Inc. (U.S.).