(PharmaNewsWire.Com, November 16, 2021 ) According to the new market research report Disposable Medical Device Sensors Market is projected to reach USD 9.4 billion by 2026 from USD 6.5 billion in 2021, at a CAGR of 7.7% during the forecast period.
Market growth is largely driven by rising concerns over hospital-acquired infections and contamination, the increasing incidence of target conditions, the growing demand for home-based medical care devices, significant technological advancements in the last few years, and government support for R&D activities for these devices. The emerging markets in developing countries are also expected to provide growth opportunities for players in the disposable medical device sensors market.
Based on applications, the disposable medical device sensors market is segmented into patient monitoring, diagnostic testing, therapeutics, and imaging. The diagnostic testing segment accounted for the largest share in 2020. The large share of this application segment can primarily be attributed to the rising incidence of lifestyle diseases across the globe. The widespread usage of glucose test strips, infectious disease test strips, and pregnancy test strips in homes as well as in clinics is another factor driving the market growth.
Based on products, the medical device sensors market is segmented into biosensors, accelerometers, temperature sensors, image sensors, and other sensors. The biosensors segment accounted for the largest share in 2020. The large share of this segment can be attributed to the wide usage of these sensors in glucose test strips, infectious disease test strips, pregnancy test strips, drug and alcohol test strips, and continuous blood glucose monitoring.
Opportunity: Emerging markets in developing countries
Emerging markets, such as China, India, Brazil, and Mexico, offer significant growth opportunities for disposable medical device sensors. This can be attributed to the rising incidence of infectious and lifestyle diseases in these countries.
> According to the IDF Diabetes Atlas report 2019, the number of individuals with diabetes in Southeast Asia was 88 million in 2019 and is projected to reach 153 million by 2045 (a 74% increment). > According to the CCDC India, more than 2 million people die every year in the country due to cardiovascular disorders (CVDs), and it is projected to increase to 4.8 million by 2020. > The IDF Diabetes Atlas report 2019 stated that the number of diabetics in the Middle East and North Africa was estimated at 55 million in 2019 and is expected to increase to 105 million by 2045 (a 96% increment).
Challenges: Vulnerability of connected medical devices in term of data leakages
Data security and privacy have become major areas of concern for patients and healthcare service providers due to the increasing global adoption of wireless medical devices. The vulnerability of connected medical devices in terms of personal information leakages acts as a challenge for the growth of the disposable medical device sensors market. With the proliferation of IoT-based connected medical devices in the global healthcare sector, these medical devices are exposed to the threats of cyberattacks. The connected nature of medical devices makes certain medical devices prone to hacking. Therefore, manufacturers of these medical devices are required to adhere to stringent standards to ensure patient data privacy and safety.
Some of the major players operating in this market are Abbott (US), F. Hoffmann-La Roche Ltd. (Switzerland), Medtronic (Ireland). In 2020, Abbott held the leading position in the disposable medical device sensors market. The company offer biosensors which are widely used by people across globe for diagnostic testing and patient monitoring. F. Hoffmann-La Roche Ltd. held the second position in the disposable medical device sensors market in 2020.
The medical device sensors market is divided into five regions, namely, North America, Europe, Asia Pacific, and Rest of the World. North America dominated the global market. The large share of the North American region is mainly attributed to the rising incidence of HAIs and chronic diseases in the region. Further, the availability of technologically advanced sensor-based disposable medical devices due to the presence of major players in the North American region also support the market growth.
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