Disposable Medical Devices Sensors Global Market Report 2024

Disposable Medical Devices 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 devices 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.

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Where is the largest and fastest growing market for disposable medical devices 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 devices 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.

Scope

Markets Covered:

• 1) By Product Type: Biosensors; Temperature Sensors; Pressure Sensors; Accelerometers; Image Sensors; Consumables
• 2) By Application: Patient Monitoring; Diagnostics; Therapeutics
• Companies Mentioned: Medtronic PLC; STMicroelectronics NV; Honeywell International Inc.; TE Connectivity PLC; Smiths Medical Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Disposable medical device sensors are portable handheld instruments utilized for the diagnosis, monitoring, and treatment of various physical attributes. Often known as handheld scanning devices designed for temporary use, these sensors play a crucial role in the healthcare sector.

The main product categories of disposable medical device sensors include biosensors, temperature sensors, pressure sensors, accelerometers, image sensors, and consumables. Biosensors, for example, are devices that produce a measurable signal proportional to the concentration of the target analyte, typically featuring a biological sensing element. Biosensors find applications in screening, early detection, and the treatment of chronic diseases. These sensors are integral in various healthcare applications, including patient monitoring, diagnostics, and therapeutics.

The disposable medical devices sensors market research report is one of a series of new reports from The Business Research Company that provides disposable medical devices sensors market statistics, including disposable medical devices sensors industry global market size, regional shares, competitors with a disposable medical devices sensors market share, detailed disposable medical devices sensors market segments, market trends and opportunities, and any further data you may need to thrive in the disposable medical devices sensors industry. This disposable medical devices 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 devices sensors market size has grown strongly in recent years. It will grow from $8.36 billion in 2023 to $9.16 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth observed in the historical period can be attributed to factors such as the rise in chronic diseases, stringent regulatory standards, patient preferences for home healthcare, a heightened focus on infection control, initiatives for remote patient monitoring, advances in point-of-care testing, increased awareness of preventive healthcare, the globalization of healthcare services, and the integration of smart implants.

The disposable medical devices sensors market size is expected to see rapid growth in the next few years. It will grow to $13.55 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The anticipated growth in the forecast period can be attributed to the expansion of telehealth services, integration into digital health platforms, a focus on non-invasive monitoring, advancements in flexible electronics, the growth of neonatal care, utilization in smart bandages, enhanced connectivity in healthcare, and a focus on cost-effective healthcare solutions. Major trends in the forecast period encompass wearable health technology, advancements in sensor technologies, the development of smart inhalers and respiratory monitoring devices, the incorporation of artificial intelligence (AI), remote monitoring of vital signs, and the utilization of continuous glucose monitoring (CGM) systems and biosensor technologies.

The anticipated rise in chronic illnesses is set to drive the growth of the disposable medical device sensors market. Chronic illnesses, lasting a year or more and requiring ongoing medical attention, are prevalent globally. Disposable medical device sensors play a crucial role in diagnosing, treating, and monitoring patients with chronic conditions, contributing to market expansion. Notably, data from the World Health Organization (WHO) reveals that noncommunicable diseases (NCDs) are responsible for 74% of global deaths, amounting to 41 million people annually. Cardiovascular diseases, a significant component of NCDs, account for 17.9 million deaths each year, underscoring the pivotal role of disposable medical device sensors.

The disposable medical device sensors market is poised for growth due to the increasing demand for healthcare expenditure. Healthcare expenditure encompasses spending on various medical services and products, including disposable medical device sensors. These sensors contribute to disease management and monitoring, optimizing patient care and delivering long-term cost savings. For instance, in the UK, healthcare spending witnessed a 9.4% increase in nominal terms, reaching $367.25 billion (£280.7 billion) in 2021. The growing allocation to preventive care, reaching $45.93 billion (£35.1 billion) in 2021, underscores the significant role of disposable medical device sensors in enhancing healthcare outcomes.

A key trend shaping the disposable medical device sensors market is the continuous advancement in sensor device technology. Market leaders are actively incorporating advanced technologies and monitoring techniques, offering a competitive advantage. For instance, Medtronic Plc showcased the MiniMed 780G system with the advanced Guardian Sensor 3, featuring SmartGuard Technology for insulin delivery. The system, designed for individuals with Type 1 diabetes, integrates innovative sensor technology to enhance the user experience and allow different levels of automation to suit diverse lifestyles.

Major companies in the disposable medical device sensor market are emphasizing product innovation through technology, exemplified by offerings like the ENTC-MTP-65-10k3977-02 thermistor. This negative temperature coefficient (NTC) thermistor, designed for mid-range temperature measurement, showcases high accuracy and rapid response times. Variohm Eurosensor, a UK-based sensor manufacturer, introduced the thermistor with a resistance tolerance of ± 0.2°C over a temperature range of zero to 70°C. Targeting medical, industrial, and environmental control applications, this innovation exemplifies the market's commitment to technological advancements and diversified applications.

In January 2021, Stryker, a leading US-based manufacturer of disposable medical devices and equipment, successfully acquired OrthoSensor for an undisclosed amount. This strategic acquisition positions Stryker to drive innovation and advancements in smart sensor technologies, specifically within the joint replacement business. The integration of OrthoSensor's expertise is expected to encompass intraoperative sensors, wearables, and smart implants, enhancing Stryker's capabilities in the medical technology landscape. OrthoSensor, the acquired company, is a US-based technology firm specializing in sensor technology. The acquisition aligns with Stryker's commitment to staying at the forefront of medical device innovation and providing cutting-edge solutions in the field of joint replacement.

Major companies operating in the disposable medical devices sensors market report are Medtronic PLC, STMicroelectronics NV, Honeywell International Inc., TE Connectivity PLC, Smiths Medical Inc., GE HealthCare Technologies Inc., NXP Semiconductors NV, Analog Devices Inc., Omnivision Technologies Inc., Qualcomm Technologies Inc., Renesas Electronics Corporation, Texas Instruments Incorporated, Sensirion AG, Nuova GmbH, General Electric Company, Koninklijke Philips N.V., JantPharmacal, Gentag Inc., LifeScan Inc., Olympus Corporation, F. Hoffmann-La Roche AG, Hmicro Inc., SSI Electronics, ACE Medical Devices, Maxim Integrated Inc., Silicon Laboratories, First Sensor AG, Medical Sensors India Pvt. Ltd., Will Semiconductor Co., Measurement Specialities Inc., and Starboard Medical Inc.

North America was the largest region in the disposable medical devices sensors market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the disposable medical devices sensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the disposable medical devices sensors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The disposable medical devices sensors market consists of sales of implantable sensors, invasive sensors, strip sensors, ingestible sensors, and wearable 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.