Disposable Medical Sensors Market Expected to Reach $12.3 Billion in 2025

According to a report issued by Grand View Research, “Disposable Medical Sensors Market Analysis By Product (Biosensors, Pressure, Accelerometer, and Temperature Sensor), By Type, By Application, And Segment Forecasts, 2014 – 2025,” the global disposable medical sensors market size was valued at $5.1 billion in 2016 and is expected to reach $12.3 billion in 2025 at a CAGR of 10.2% over the forecast period.
 
Rising incidence of chronic diseases, and the demand for low medical devices is expected to promote the market growth over the forecast period. 
 
The disposable medical sensors are identified as the cost effective and powerful tools for monitoring and diagnosing diseases as well as vital human parameters, and for various therapeutic applications. Sensor-based devices have evolved over the years in terms of improvement and applications. For instance, carbon nanotube-based biosensors are used for the detection of microorganisms such as S. aureus and E. coli. The technological advancement such as high speed and low cost is enabling faster and accurate results.
 
Technological advancement such as the cancer tracking sensor, micro-electro-mechanical systems (MEMS) sensor technology, and fiber optic technology is expected to drive the market.
 
Based on the product, the industry is segmented into biosensors, pressure, accelerometer, temperature, and image sensors. The biosensors segment held the largest market share as of 2016 and is expected to maintain this share over the forecast period owing to the increasing diagnosis of infectious disease and the demand for point of care testing.
 
Image sensors are expected to be the fastest growing segment owing to the demand for complementary metal-oxide semiconductor (CMOS) image sensors and the introduction of cost effective products such as fiber optics which are used in endoscopes.
 
The disposable medical sensor on the basis of type is segmented into strip, wearable, implantable, invasive, and ingestible sensors. The strip-based held the largest market share in 2016, owing to the adoption of strip-based product in various diagnostic applications such as glucose monitoring, magnetic nano-particles, and disease testing. Also, the high volume of patients suffering from diabetes, leading to continuous monitoring of the glucose level, is expected to maintain the market share over the forecast period.
 
Ingestible segment is expected to be the fastest growing owing to the growing demand for ingestible pills and digital medicine. These are mainly used in endoscopy, controlled drug delivery, and patient monitoring. Increasing prevalence of chronic diseases, and the need for invasive diagnostic testing is propelling the growth of ingestible segment.
 
Disposable medical sensors are segmented into diagnostic, therapeutic, and patient monitoring based on application. The diagnostic segment has been identified to be the largest market share holder due to their usage in a variety of diagnostic devices such as endoscopy, spirometry, and medical imaging devices. Additionally, the development of wireless communications owing to integrated biosensor is creating growth opportunities in the diagnostic field.
 
Patient monitoring segment is anticipated to be the fastest growing segment over the forecast period. With the advancing technology, and increasing need for better monitoring devices, the need for medical sensors is rising.
 
North America is expected to dominate the market as of 2016 by contributing over 40.0% of the revenue. The presence of a large number of industry players and introduction of new products within the region is expected to support growth. 
 
Asia Pacific has a growing establishment of medical devices companies over the forecast period, leading to ancillary growth of the industry within the region.
 
Key players of the disposable medical sensors industry are Medtronic, Philips Healthcare, Smiths Medical, Analog Devices, NXP Semiconductor, GE Healthcare, Sensirion AG, TE Connectivity, STMicroelectronics, and OmniVision Technologies.
 
The industry players adopt various strategies such as new product launch, collaborations, and mergers and acquisition. For Instance, Philips is expected to launch a next-generation monitoring biosensor that would continuously and automatically measure vital signs such as skin temperature, heart rate, and respiratory rate.