Disposable Medical Sensors Market Size, Emerging Trends, Technological Development by 2023: Worldwide Players Philips Healthcare, Medtronic, Smiths Group, First Sensor

According to Allied Market Research the global disposable medical sensor market was valued at $4,823 million in 2016, and is projected to reach $9,700 million by 2023, growing at a CAGR of 10.2% from 2017 to 2023. The biosensor segment accounted for nearly three sevenths share of the total market in 2016.

Disposable medical sensors are portable and cost-effective scanning devices used to diagnose and monitor various diseases. These devices function by measuring vital human parameters such as body temperature, breathing, and heart rates. Over the years, the disposable medical sensors have evolved in terms of features, performance, and characteristics. This is due to the continuous improvements in R&D of electronics in pharmaceutical and medical field. Furthermore, the advent of micro-electronics (MEMS) and high adoption of biosensors has played a significant role in the evolution of sensors in healthcare.

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Rise in adoption of biosensors, growth in demand of disposable image and wearable sensors, introduction of implantable sensors for preclinical drug research, and technological advancements in sensors such as capsule endoscopes and ultrasonic imaging systems drive the global disposable medical sensor market. However, stringent government regulations and unfavorable reimbursement policies restrain the market growth.

The ingestible sensor segment of disposable medical sensor market by placement type is expected to register the highest CAGR of 11.0% throughout the forecast period. This is owing to the rise in the development of sophisticated sensors for the treatment of various diseases especially diabetes. In addition, many key players have undergone acquisitions and product development to cater to the demand for disposable medical sensor. The implantable sensor accounted for about two-ninths of the total share in 2016, and is anticipated to maintain this trend from 2017 to 2023.

The patient monitoring application generated the highest revenue in 2016, accounting for about two-fifths of the total share, and is anticipated to maintain this trend from 2017 to 2023. The diagnostics application is expected to grow rapidly throughout the forecast period. This is due to the growth in incidence of hospital-acquired infections and increase in life expectancy among people.

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Key Market Players:
• Philips Healthcare
• Sensirion AG
• Honeywell International Inc.
• Smiths Group plc (Smiths Medical)
• STMicroelectronics
• Omnivision Technologies Inc.
• TE Connectivity (TE)
• First Sensor
• Ambu A/S.

Key Findings of the Disposable Medical Sensor Market:
• The image sensor is anticipated to grow at a highest rate during the analysis period.
• The U.S. was the major shareholder in the North America disposable medical sensor market, and accounted for the highest share in 2016.
• The pressure sensor occupied about one-eighth share of the total disposable medical sensor market in 2016 and is expected to grow at a CAGR of 10.9% from 2017-2023.
• China occupied two-ninth share of the total Asia-Pacific disposable medical sensor market in 2016, registering a high CAGR of 13.1% from 2017 to 2023.
• The strip sensor segment dominated the market in 2016, growing at a CAGR of 9.6% from 2017 to 2023.
• The home care segment accounted for the two-fifth share in end user market for disposable medical sensors in 2016.

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