PUBLISHER: The Business Research Company | PRODUCT CODE: 1409360
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409360
“Disposable Medical Sensors Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on disposable medical sensors market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for disposable medical sensors? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The disposable medical sensors market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Disposable medical sensors are compact, lightweight, and portable devices specifically created to monitor various vital signs or physiological parameters of patients within a healthcare setting. These sensors are intended for single use and subsequent disposal, helping to prevent the spread of infections and ensuring the accuracy and reliability of readings.
The primary types of disposable medical sensor products include biosensors, accelerometers, pressure sensors, temperature sensors, image sensors, and others. Biosensors, for instance, are devices that can detect the presence of an analyte in a biological or chemical reaction and generate signals corresponding to its concentration. Disposable biosensors are designed for one-time use, promoting cost-effectiveness, ease of use, and a reduced risk of contamination. These disposable medical sensors find applications in diagnostic testing, therapeutics, patient monitoring, and imaging, and are employed in various healthcare settings such as hospitals, home care, diagnostic laboratories, and clinics.
The disposable medical sensors market research report is one of a series of new reports from The Business Research Company that provides disposable medical sensors market statistics, including disposable medical sensors industry global market size, regional shares, competitors with a disposable medical sensors market share, detailed disposable medical sensors market segments, market trends and opportunities, and any further data you may need to thrive in the disposable medical sensors industry. The disposable medical sensors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The disposable medical sensors market size has grown rapidly in recent years. It will grow from $11.86 billion in 2023 to $13.93 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. The growth in the historic period can be attributed to several factors, including the increasing incidence of chronic diseases, a growing emphasis on patient monitoring and safety, the adoption of preventive healthcare measures, government initiatives and healthcare policies, and an elevated awareness leading to the increased adoption of wearable devices.
The disposable medical sensors market size is expected to see rapid growth in the next few years. It will grow to $26.68 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The growth in the forecast period can be attributed to the rapid expansion of remote patient monitoring, integration of IoT and connectivity solutions, a focus on home healthcare, advancements in sensor materials, and preparedness for global health pandemics. Major trends in the forecast period include the rise of wearable and IoT-enabled sensors, advancements in sensor technologies, increased emphasis on infection prevention, integration of artificial intelligence (AI) and big data analytics, and expanding applications in chronic disease management.
The escalating concerns surrounding hospital-acquired infections (HAIs) and contamination are poised to drive the growth of the disposable medical sensors market. HAIs, affecting individuals while receiving healthcare, are exacerbated by the widespread use of reusable medical equipment within hospitals. This includes devices such as pulse oximetry sensors, catheters, and stethoscopes, contributing significantly to increased infection rates. The utilization of contaminated medical equipment among inpatients, especially newborns, further intensifies the prevalence of HAIs. Disposable medical sensors serve as a crucial solution by mitigating patient-to-patient cross-contamination risks. Notably, in 2021, the Centers for Disease Control and Prevention highlighted a 14% rise in hospital-acquired methicillin-resistant Staphylococcus aureus (MRSA) infections and a 7% increase in central line-associated bloodstream infections (CLABSI) from 2020 to 2021. This surge in infections underscores the imperative for disposable medical sensors in curbing hospital-acquired infections and contamination, thereby driving market growth.
The increasing prevalence of chronic diseases stands as a significant driver propelling the growth of the disposable medical sensors market. Chronic ailments necessitate prolonged monitoring, and disposable sensors offer a convenient and hygienic means to achieve this. Patients with chronic conditions benefit from reduced infection risks, heightened comfort, and improved adherence to monitoring regimens facilitated by disposable sensors. For instance, according to the National Center for Biotechnology Information, projections indicate a rise in the global population affected by chronic diseases to reach 142.66 million by 2050 from 71.522 million in 2020. This escalating prevalence of chronic ailments substantiates the surge in demand for disposable medical sensors to cater to continuous monitoring needs, thus fueling market growth.
Technological advancements represent a pivotal trend shaping the disposable medical sensors market, with major industry players increasingly embracing innovations such as miniaturization and wireless technologies to elevate patient care and outcomes. For instance, in November 2022, Omnivision, a US-based semiconductor solutions manufacturer, introduced the OH02B image sensor. This square 2-megapixel resolution CMOS image sensor caters to various medical applications, including gastrointestinal, ENT, surgical, and dental devices. It features Omnivision's AntLinx technology, facilitating an ultra-thin four-meter interface link between the endoscopic camera and the camera control unit (CCU) tower. The sensor, available in a 2.5x2.5mm CameraCubeChip package for disposable designs, showcases the integration of advanced technologies to meet the evolving demands within the disposable medical sensors market.
Prominent companies within the disposable medical sensors market are directing their focus towards developing innovative products, such as NTC thermistors, to secure a competitive edge in the industry. NTC thermistors, known for their negative temperature coefficient, exhibit a decrease in electrical resistance as temperature rises. An illustrative example of this strategic approach occurred in April 2022, when Variohm Eurosensor Limited, a UK-based sensors and transducers company, launched the ENTC-EB-2-2k3977-005 NTC thermistor specifically engineered for medical equipment applications. This thermistor boasts a specialized design aimed at detecting slight temperature fluctuations in both body and ambient medical environments. With its high-resistance configuration (2.25kOhm @25 °C), the thermistor offers maximum sensitivity and rapid response within the temperature range of 32 °C to 42 °C. Encapsulated in a brown Stycast thermally conductive epoxy coating, this miniature sensor, measuring just 2.4 mm at the tip, facilitates seamless integration into various medical probes and equipment. Its electrical interfacing employs two 76 mm, 32 AWG solid Alloy 180 leads, while the ENTC-EB-2.2k3977-005 operates effectively within a broad temperature range of -40 °C to 125 °C. These attributes render it ideal for high-specification instrumentation requiring precise temperature sensing, control, and compensation.
In January 2022, ICU Medical Inc., a US-based medical equipment manufacturer, executed the acquisition of Smiths Medical from Smiths Group plc, marking a significant undisclosed investment. This strategic acquisition strategically augments ICU Medical's portfolio by integrating Smiths Medical's range of syringe and ambulatory infusion, vascular access, devices, and vital care products. This strategic move bolsters the stability of the medical supply chain. Smiths Medical, a US-based manufacturer specializing in medical devices, including disposable medical sensors, became part of ICU Medical through this acquisition. This strategic initiative further consolidates ICU Medical's position within the medical equipment domain, expanding its product offerings and enhancing its market presence with the inclusion of Smiths Medical's diverse array of medical devices, including disposable medical sensors.
Major companies operating in the disposable medical sensors market report are Sensirion AG, Smith's Medical, GE Healthcare, Philips Healthcare, Honeywell International Inc., TE Connectivity, STMicroelectronics, NXP Semiconductor, GENTAG Inc., OmniVision Technologies Inc., SSI Electronics, Covidien plc., Qualcomm Technologies Inc., Novosci Corporation, Medtronic plc, Analog Devices Inc., Amphenol Corporation, General Electric Company, TE Connectivity, First Sensor AG, Coto Technology, ams AG, Sensata Technologies, Murata Electronics, BioVision Technologies Inc., TDK InvenSense, Omron Corporation .
North America was the largest region in the disposable medical sensors market in 2023. Asia-Pacific is expected to be the fastest-growing region in the disposable medical sensors market report during the forecast period. The regions covered in the disposable medical sensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the disposable medical sensors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The disposable medical sensors market consists of sales of MR position sensor, force sensors and humidity sensors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.