Global Disposable Medical Sensors Market Insights : Revolutionizing Healthcare
The global disposable medical sensors market was valued at USD 9.52 billion in 2022 and is projected to grow at a CAGR of 18.45% from 2023 to 2030. This growth can be attributed to technological advancements, increasing demand for health data tracking, and the need for low-cost medical devices. The rising prevalence of chronic diseases worldwide is expected to drive the demand for disposable medical sensors. According to a report by Front. Public Health in 2020, chronic non-communicable diseases (NCDs) accounted for approximately 80% of mortality among Chinese adults aged 60, with Ischemic heart disease, stroke, Chronic Obstructive Pulmonary Disease (COPD), and Type 2 diabetes being the most common conditions. The growing adoption of disposable medical sensors in healthcare settings is likely to contribute to the market's expansion in the coming years.
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Market Insights:
In the global disposable medical sensors market, the diagnostic segment led the market in 2022, accounting for over 39.38% of the global revenue. Disposable medical sensors are widely used in diagnostic devices such as surgical tools, endoscopy equipment, spirometry devices, and medical imaging devices, enhancing their capabilities and enabling early disease detection. Advanced sensors, such as carbon nanotube-based biosensors, are being used to detect microorganisms like S. aureus and E. coli, providing faster and more accurate results at a lower cost. The integration of wireless communication and biosensors is creating growth opportunities in the diagnostic field.
The increasing prevalence of chronic diseases and the demand for diagnostics are driving the adoption of disposable medical sensors. Diagnostic devices are crucial for monitoring symptoms and signs of chronic diseases like diabetes. Companies are developing innovative solutions to improve diagnostic capabilities, such as portable genetic material amplification systems for point-of-care molecular diagnostic detection. The patient monitoring segment is expected to have the highest compound annual growth rate (CAGR) during the forecast period. Medical sensors are utilized in patient monitoring devices like pulse oximeters and blood pressure monitors. Advancements in technology and product launches, such as next-generation monitoring biosensors by Philips, contribute to improved quality of care.
The demand for disposable medical sensors is projected to increase due to their various advantages, leading to a rise in R&D investments and collaborations between companies. For example, Rockley Photonics Holdings Limited and Medtronic are collaborating to implement Medtronic's solutions with Rockley's Bioptx biomarker sensing technology in healthcare settings. This collaboration aims to provide real-time, non-invasive monitoring of individuals' well-being and health, enabling proactive healthcare and personalized care based on actionable data. Such initiatives are expected to drive the growth of the patient monitoring segment in the near future.
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Product Insights:
In 2022, the biosensors segment held the largest market share, accounting for over 49.70% of the market. Biosensors are sensors designed to detect analytes by collecting biological components and utilizing a physiochemical detector. The signals from the analyte are detected, measured, and displayed on the device through associated electronics. Various types of biosensors are used, including electronic, amperometric, blood glucose, potentiometric, conduct metric, thermometric, optical, fiber optic lactate, immune, and piezoelectric biosensors. Biosensors have applications in patient monitoring and diagnostics, and the increasing demand for rapid and accurate diagnostic kits is driving the growth of biosensors. Innovations in biosensor technology are expected to lead to the development of advanced biosensors for faster diagnosis in the future.
The image sensors segment is projected to have the highest compound annual growth rate (CAGR) during the forecast period. Image sensors convert light waves into signals to create images and find extensive use in diagnostic devices such as endoscopy equipment and electronic imaging devices. There are two types of image sensors: charge-coupled devices (CCD) and complementary metal oxide semiconductors (CMOS). CMOS image sensors are more commonly used due to their lower power consumption and faster diagnostic speed. They are primarily utilized in x-ray imaging, minimally invasive surgery, endoscopy, and ocular surgery. Technological advancements and the demand for higher resolution are expected to drive market growth in the image sensors segment.
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Market Segmentation:
The strip sensors segment held the largest market share in 2022, accounting for over 38.76% of the market. Strip sensors are primarily used in blood glucose monitoring, disease testing, and magnetic nanoparticles. Their dominance in the market is attributed to increasing demand and their widespread usage in diagnostic applications. Strip sensors offer the advantage of faster results, which contributes to their popularity. Furthermore, the market is driven by the growing demand for self-diagnosis and home-based medical devices.
The ingestible sensors segment is projected to have the highest compound annual growth rate (CAGR) during the forecast period. Ingestible sensors are small chips enclosed in capsules that are swallowed, allowing for detection of any abnormalities in the body and transmission of the data to an external device. These sensors find applications in endoscopy, controlled drug delivery, and patient monitoring. The rising prevalence of chronic diseases and the need for invasive diagnostic testing are driving the growth of ingestible sensors. Additionally, the accuracy of results obtained through ingestible sensors further fuels their demand in the market.
Due to the various advantages of ingestible sensors, the demand for these devices is anticipated to increase during the forecast period. Increasing R&D investments and collaborations between companies are also expected to propel market growth. In July 2021, according to Medtronic plc, the FDA cleared the use of two LINQ II insertable cardiac monitors with the AI AccuRhythm algorithms. When the AI AccuRhythm algorithms are made accessible on the CareLink Network later this year, all LINQ II implants in the U.S will be able to use them.
Regional Analysis:
North America dominated the global disposable medical sensors market in 2022, holding the largest revenue share of over 41.18%. This can be attributed to several factors, including the region's well-established healthcare infrastructure, high healthcare spending, the presence of monopolistic market players, and the rapid adoption of cutting-edge technologies. The market in North America is highly developed and is expected to be driven by the increasing uptake of patient monitoring and homecare devices for routine, ongoing, and long-term patient monitoring, which helps reduce the frequency of hospital visits.
Favorable reimbursement policies are expected to further fuel market expansion in North America. Additionally, the rising prevalence of lifestyle-related health issues, accidents, and sports injuries contribute to the growth potential in the region. The increasing use of mobile surgery centers and the demand for effective emergency care are also anticipated to boost the market during the forecast period. Moreover, the COVID-19 pandemic has highlighted the importance of disposable medical sensors in enabling remote patient monitoring and care at home, leading to increased adoption of these devices.
The Asia-Pacific region is projected to experience the fastest growth in the global disposable medical sensors market during the forecast period. The region witnesses a significant demand for disposable medical sensor equipment due to the increasing prevalence of cardiac disorders, particularly in countries like China and India, which also have high diabetes rates. The rising burden of diabetes in the region is driving the demand for home-based disposable medical sensors, creating new market opportunities. Additionally, the presence of major companies in the disposable medical sensors market further contributes to the region's market share and growth potential.
