Disposable Medical Sensors Market Worth About USD 5.1 billion By 2024

 

The disposable medical sensors market size was valued at USD 5.1 billion in 2016 and it is anticipated to report USD 12.3 billion in 2025, with a growth rate of 10.2% CAGR. The primary reason for the sector to witness significant growth is due to the rising end-user demand from medical and pharmaceutical industries. Rising prevalence of infectious diseases, growing government initiatives towards innovating medical sensor products, and increasing awareness among people regarding benefits are the key drivers expected to propel the market growth over the forecast period. Few other factors such as growing adoption in the companies as a faster medical analysis technique, rising awareness regarding product low cost, and increasing need to restrict escalating healthcare related costs are anticipated to fuel the disposable medical sensors industry demand over the next seven years. However, rising need of clinical data requirement for the product development, and growing insufficient reimbursement policies for sensor devices are few factors projected to challenge the market and thus hindering its growth over the forecast period.

On a contrary, rising need for sensors in domestic as well as in clinics applications for the treatment and diagnostic purposes are projected to drive the market growth over the next seven years. Increasing R&D endeavours with technological advancements has enabled the disposable medical sensor industry to witness advanced products including MEM sensor technology for detecting C - reactive protein, fibre optic technology, and cancer tracking sensors, which are anticipated to propel the market demand over the forecast period. Furthermore, the growing prevalence of long term and chronic diseases coupled with rising demand for patient diagnosis and monitoring has enabled the market to expect significant growth by 2020. The increasing adoption of strip and wearable medical sensors that help in continuous patient diagnosis is expected to open new opportunities in the industry, thus boosting the growth by 2020.

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The disposable medical sensors industry is majorly segmented by product into temperature sensors, biosensors, accelerometers, pressure sensors, and image sensors. Image sensor segment is projected to witness the fastest growth of more than 22% CAGR over the forecast period owing to rising awareness and acceptance of CMOS image sensors. On the other hand, biosensors are anticipated to account for the largest market share of more than 65% over the next seven years primarily due to the growing usage of endoscopy products such as camera pills and increasing need of endoscopic procedures for numerous medical operations.

The market is also bifurcated by placement of sensors into strip sensors, implantable sensors, invasive sensors, ingestible sensors, and wearable sensors. Strip sensors are anticipated to account for a major market share of more than 45% over the next seven years and thus reaching USD 2.94 billion by revenue in 2020. Strip sensor market is expected to witness a growth rate of more than 10% over the next seven years owing to rising diagnostic applications globally and growing awareness regarding disposable medical sensors cost effectiveness. In addition, increasing penetration of domestic healthcare medical sensor products coupled with home care glucose monitoring is also projected to fuel the sector growth over the next seven years.

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The industry segmentation on the basis of technology includes pressure sensors, image sensors, accelerometers, biosensors and temperature sensors. Rising demand for constant diagnostic and monitoring devices including blood glucose monitors and cardiac pacemakers are the few dynamics likely to propel the biosensor segment market over the next seven years. The biosensors segment is thus anticipated to account for major market share by 2020.

Application Insights

The disposable medical sensor market is segmented by application into diagnostic testing devices, patient monitoring devices, therapeutic devices and imaging devices. In 2013, diagnostic testing devices application segment accounted for major market share and owing to rising prevalence of chronic disease coupled with increasing geriatric population base the segment is anticipated to witness similar trend by 2020. On the other hand, patient monitoring devices segment is projected to report the fastest growth over the forecast period majorly due to growing number of patients suffering from diabetes and cancer. The aforementioned factors are attributed to expect significant sector growth over the next seven years.

Regional Insights

North America and Europe are anticipated to witness major market share of more than 50% over the forecast period owing to the growing need to curtail escalating healthcare costs, rising number of incidence of HAIs and increasing use of portable medical devices for the homecare medical applications. Particularly, the UK, Germany, Italy, France and the US are projected to account for growth in the region primarily due to rising R&D endeavours to develop low cost, high quality, and easily operated medical devices.

Asia Pacific is anticipated to account for fastest growth by 2022 majorly due to the growing awareness regarding benefits of disposable medical sensors and increasing technological advancements. India, China, and Japan are anticipated to report the highest share in the region primarily due to the rising disposable income and changing lifestyle.

The Middle East & Africa is projected to see significant growth by 2022 mainly owing to increasing urbanisation, globalisation, and industrialisation. The sector has huge potential in this region primarily owing to rising per capita income and foreign investments.