Disposable Medical Device Sensors Market worth $9.4 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 10, 2021 /PRNewswire/ -- According to the new market research report "Disposable Medical Device Sensors Market by Product (Biosensor, Image sensor, Accelerometer), Type (Strip Sensors, Invasive Sensors, Wearable Sensors), Application (Diagnostic Testing, Therapeutics, Patient Monitoring, Imaging) - Global Forecast to 2026", published by MarketsandMarkets™, the 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.
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The 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.
Biosensors segment accounted for the larger share of the global disposable medical device sensors market in 2020.
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.
By type, the Strip Sensors segment accounted for the largest market share in 2020.
Based on type, disposable medical device sensors are segmented into strip sensors, wearable sensors, invasive sensors, and ingestible sensors. The strip sensors segment accounted for the largest share of the market in 2020. The large share of this segment can be attributed to the extensive usage of glucose test strips and infectious disease test strips and the increasing prevalence of diabetes and other infectious diseases across the globe. The widespread adoption of these sensors in diagnostic applications due to their varied benefits, such as cost-effectiveness, ease of use, non-infectious nature, and faster results, also supports market growth.
By Application, Dianostic Testing accounted for the largest market share in 2020
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.
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North America dominates the global disposable medical device sensors market
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.
The major players in the disposable medical device sensors market are Abbott (US), F. Hoffmann-La Roche Ltd. (Switzerland), Medtronic (Ireland), Texas Instrument (US), Platinum Equity Advisors LLC (US), NXP Semiconductors (Netherlands), General Electric Company (US), TE Connectivity (Switzerland), STMicroelectronics (Switzerland), Honeywell International Inc. (US), Analog Devices, Inc. (US), Smiths Group Plc (UK), and Koninklijke Philips N.V. (Netherlands)
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