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(Health-NewsWire.Net, October 27, 2021 ) According to the new market research report Disposable Medical Device Sensors Market is projected to reach USD 9.4 billion by 2026 from USD 6.5 billion in 2021, at a CAGR of 7.7% during the forecast period.
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Market growth is largely driven by rising concerns over hospital-acquired infections and contamination, the increasing incidence of target conditions, the growing demand for home-based medical care devices, significant technological advancements in the last few years, and government support for R&D activities for these devices. The emerging markets in developing countries are also expected to provide growth opportunities for players in the disposable medical device sensors market.
Based on products, the medical device sensors market is segmented into biosensors, accelerometers, temperature sensors, image sensors, and other sensors. The biosensors segment accounted for the largest share in 2020. The large share of this segment can be attributed to the wide usage of these sensors in glucose test strips, infectious disease test strips, pregnancy test strips, drug and alcohol test strips, and continuous blood glucose monitoring.
Based on type, disposable medical device sensors are segmented into strip sensors, wearable sensors, invasive sensors, and ingestible sensors. The strip sensors segment accounted for the largest share of the market in 2020. The large share of this segment can be attributed to the extensive usage of glucose test strips and infectious disease test strips and the increasing prevalence of diabetes and other infectious diseases across the globe. The widespread adoption of these sensors in diagnostic applications due to their varied benefits, such as cost-effectiveness, ease of use, non-infectious nature, and faster results, also supports market growth.
Based on applications, the disposable medical device sensors market is segmented into patient monitoring, diagnostic testing, therapeutics, and imaging. The diagnostic testing segment accounted for the largest share in 2020. The large share of this application segment can primarily be attributed to the rising incidence of lifestyle diseases across the globe. The widespread usage of glucose test strips, infectious disease test strips, and pregnancy test strips in homes as well as in clinics is another factor driving the market growth.
The disposable medical device sensors market is a competitive market, with few large as well as emerging players. The prominent players in this market are Abbott (US), F. Hoffmann-La Roche Ltd. (Switzerland), Medtronic (Ireland), Texas Instrument (US), Platinum Equity Advisors LLC (US), NXP Semiconductors (Netherlands), General Electric Company (US), TE Connectivity (Switzerland), STMicroelectronics (Switzerland), Honeywell International Inc. (US), Analog Devices, Inc. (US), Smiths Group Plc (UK), and Koninklijke Philips N.V. (Netherlands).
ABBOTT (US)
Abbott was ranked first in the disposable medical device sensors market in 2020. It is a global, diversified healthcare company dedicated to discovering, developing, manufacturing, and marketing pharmaceuticals, nutritional products for children and adults, and medical products such as devices, diagnostic tests, and instruments. Abbott provides continuous glucose and blood glucose monitoring systems under the FreeStyle brand. The company focuses on building country-specific portfolios made of high-quality products that meet the needs of people in emerging markets.
F. HOFFMANN-LA ROCHE LTD. (SWITZERLAND)
Roche held the second position in the disposable medical device sensors market in 2020. The company offers the industry’s most comprehensive in-vitro diagnostics solutions, covering clinical chemistry and immunoassays, molecular and digital diagnostics, point-of-care testing, patient self-testing, next-generation sequencing, laboratory automation and IT, and decision support. Roche serves customers spanning the entire healthcare spectrum—from hospitals, commercial laboratories, and research institutions to physicians and patients. Roche Diabetes Care aids people with diabetes and healthcare professionals through innovative Accu-Chek products and impactful solutions for convenient, efficient, and effective diabetes management. This includes blood glucose meters, lancing devices, insulin delivery systems, and digital solutions for data management, advice, coaching, and education.
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The medical device sensors market is divided into five regions, namely, North America, Europe, Asia Pacific, and Rest of the World. North America dominated the global market. The large share of the North American region is mainly attributed to the rising incidence of HAIs and chronic diseases in the region. Further, the availability of technologically advanced sensor-based disposable medical devices due to the presence of major players in the North American region also support the market growth.
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