Disposable Medical Device Sensors Market by Product (Biosensor, Image sensor, Accelerometer), Monitoring (Smart Pill, Pulse Oximeter), Diagnostics (Capsule Endoscope, Blood Glucose Strip), Therapeutics (Insulin Pump, Dialysis) - Global Forecast to 2020
“Disposable Medical Device Sensors Market - By Product (Biosensor, Image sensor, Accelerometer), Monitoring (Smart Pill, Pulse Oximeter) Diagnostic [Capsule Endoscope, Blood Glucose Strip] Therapeutic (Insulin Pump, Dialysis) - Global Forecast to 2020”
Over the years, sensors have revolutionized the use of diagnostic, surgical, and therapeutic devices in medical applications. Sensors are an integral part of medical devices as they detect even the smallest change in vital parameters. Disposable sensors play a major role in advancing diagnostic and monitoring methods and in improving the quality of healthcare services. Continuous technological advancements in the accuracy, intelligence, capability, reliability, and compactness of sensors have helped to broaden their applications to a large extent.
The global disposable medical device sensors market is expected to grow at a CAGR of 10.3% during the forecast period (2015 to 2020). Majority of the demand for sensors based disposable medical devices is driven by the growing need to reduce soaring healthcare costs, increasing prevalence of chronic disease s and rising incidence of healthcare acquired infections. The growing adoption of self-monitoring and diagnostic devices is some other factors driving growth of the global disposable medical device sensors market. In addition to the demand for diagnostic and monitoring devices for home treatment, the increasing demand of technologically advanced single use devices from healthcare providers is also expected to contribute to the growth of the global disposable medical device sensors market during the forecast years.
In 2014, North America commanded the largest share of the global disposable medical device sensors market, followed by Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Developed geographies like North America and Europe are likely to grow at a lower CAGR as compared to the Asia-Pacific market, which is expected to grow at the highest CAGR of 13.8% during the forecast period. Growth in the Asia-Pacific region is largely driven by the rising geriatric population, growing per capita income, changing lifestyles, increasing investments in the healthcare industry by key market players, rising demand for advanced technologies, and expansion of private-sector hospitals to rural areas in emerging countries such as China and India are driving the growth of the Asia-Pacific disposable medical device sensors market.
In this report, the disposable medical device sensors market is segmented by product, placement of sensors, application, and geography. By product, the disposable medical device sensors market is segmented into biosensors, temperature sensors, pressure sensors, accelerometers, image sensors, and others. In 2014, the biosensors segment accounted for the largest share of ~68% of disposable medical device sensors market. This segment is poised to reach USD 4007.6 million by 2020, growing at a CAGR of 10.3% during the forecast period. On the other hand, the image sensors segment is expected to grow at the highest CAGR of 22.1% during the forecast period, owing to the increasing demand for CMOS image sensors and the introduction of cost effective and technologically advanced products.
The disposable medical device sensors market by placement of sensors comprises wearable sensors, implantable sensors, ingestible sensors, invasive sensors, and strip sensors. The ingestible sensors segment is expected to grow at the highest CAGR of 15.3% during the forecast period owing to the increasing demand for smart pills and capsule endoscopes.
On the basis of application, the disposable medical device sensors market is segmented into patient monitoring devices, diagnostic testing devices, imaging devices, and therapeutic devices. The diagnostic testing devices segment is further divided into HIV test kits, pregnancy test kits, drug and alcohol test kits, and blood glucose test strips. The therapeutic devices segment is further divided into insulin pump sensors, dialysis device sensors, cardiac therapy devices, and cardiac catheter sensors. The patient monitoring devices segment is categorized into continuous blood pressure monitors, pulse oximeters, cardiac monitors, continuous glucose monitoring devices, implantable loop recorders, smart pills, and others. The imaging devices segment is divided into capsule endoscopes and disposable endoscopes.
Some of the major players in this market include Medtronic plc. (Ireland), GE Healthcare (U.K.), Philips N.V. (Netherlands), Smiths Medical (U.K.), TE Connectivity (Switzerland), Freescale Semiconductors, Inc. (U.S.), Omnivision Technologies, Inc. (U.S.), STMicroelectronics (Switzerland), Analog Devices, Inc. (U.S.), and Honeywell International, Inc. (U.S.).
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them garner a greater market share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for reaping greater market shares.
This report provides insights on the following pointers:
Market Penetration: Comprehensive information on product portfolios offered by top players in the disposable medical device sensors market. The report analyzes the disposable medical device sensors market by product, placement of sensors, and application across all regions
Product Development/Innovation: Detailed insights on upcoming trends, research and development activities, and new product launches in the disposable medical device sensors market
Market Development: Comprehensive information on the lucrative emerging markets by product, by placement of sensors, application, and region
Market Diversification: Exhaustive information about new products, growing regions, recent developments, and investments in the disposable medical device sensors market
Competitive Assessment: In-depth assessment of market shares, growth strategies, products, distribution networks, manufacturing capabilities, and SWOT analyses of the leading players in the disposable medical device sensors market