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.
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Key Players:
Key players of the market include
Honeywell International Inc., Covidien Plc, Analog Devices, Inc., Given
Imaging, Freescale Semiconductor Inc., Measurement Specialties GE Healthcare,
Philips Healthcare, Medtronic, Smiths Medical, STMicroelectronics, and
Sensirion AG.
Growth Drivers:
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.
Product Insights
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.
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