Disposable Medical Sensors Market Set to Witness an Uptick during 2019 to 2025


The global disposable medical sensors market is expected to reach USD 12.3 billion by 2025, according to a new report by Grand View Research, Inc. Increasing prevalence of chronic diseases has been observed to be a major factor driving growth which is demanding for better healthcare service provision by high quality diagnostic and monitoring devices. These devices will enable patients to self-monitor and along with easy and affordable usage. In addition, the rapidly rising technological advancements is expected to bring in innovation in medical sensors.
Since SARS COV 2 virus, otherwise popularly known as coronavirus, is a newly discovered virus, there is a lot that remains to be known in terms of its symptom aggression, and its ability to create fatal conditions for the patient. Disposable medical sensors such as temperature sensors and blood glucose sensors are considered as essential to critical in determining the course of treatment for covid-19 patients. Other devices such as pulse oximeters are critical in understanding a patient’s oxygen levels, which indicates whether a patient’s lungs are working at healthy capacity. Disposable medical sensors are expected to see a huge surge in demand from both hospital and retail settings, as healthcare professionals and caregivers depend on them to ensure patient recovery. The updated report will account for Covid-19 as a key market contributor.
The market is also being driven by government initiatives to fund and encourage R&D which in turn will help in launching innovative products. For instance, the government of India increased the health expenditure from 1.4% to 2.5% for innovations, and other healthcare services. Innovations in medical sensors not only instill ease of use but also assist in making the device portable and automated.
Key players of the disposable medical sensors industry are Medtronic, Philips Healthcare, Smiths Medical, Analog Devices, NXP Semiconductor, GE Healthcare, Sensirion AG, TE Connectivity, STMicroelectronics, and OmniVision Technologies.
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https://www.grandviewresearch.com/industry-analysis/disposable-medical-sensors-industry/request/rs2
On the basis of product, the biosensor segment is accounted to be the spearhead in 2016 and is expected to maintain its dominance over the forecast period. This can be attributed to the rising demand for rapid and accurate diagnostic kit. Development of such diagnostic tools is expected to further create new growth opportunities for biosensors, thereby supporting growth of the disposable medical sensors market. Launching of new products are expected to fuel market growth. For instance, Raiing Medical launched wearable thermometer in 2016 that is rechargeable and waterproof. Similarly, MEMSIC Inc. launched new pressure sensor in 2017 which is used in breath detection.
Further Key Findings From the Report Suggest:
·         Globally, disposable medical sensors witnessed lucrative growth in 2016 and are expected to grow at a CAGR of 10.2% from 2017 to 2025
·         Biosensor segment has been observed to be the largest product segment in 2016 and is estimated to generate revenue of over USD 6.03 billion by 2025
·         On the basis of application, the diagnostic segment is expected to dominate the market space. This is attributed to the increasing incidence of various infectious and other chronic conditions, along with the growing awareness among the population.
·         The industry in Asia Pacific is expected to witness substantial growth over the next decade owing to the increasing incidence of diseases and the geriatric population with high unmet healthcare needs.
·         Some of the key players in this industry are Medtronic, Philips, GE Healthcare, OmniVision Technologies, Sensiorion AG, Smiths Medical, and Analog Devices.
The global disposable medical sensors market size was valued at USD 5.1 billion in 2016 and is expected to reach USD 12.3 billion in 2025 at a CAGR of 10.2% over the forecast period. Rising incidence of chronic diseases , and the demand for low medical devices is expected to promote the market growth over the forecast period. 
The disposable medical sensors are identified as the cost effective and powerful tools for monitoring and diagnosing diseases as well as vital human parameters, and for various therapeutic applications. Sensor based devices have evolved over the years in terms of improvement and applications. For instance, carbon nanotube based biosensors are used for the detection of microorganisms such as S. aureus and E. coli. The technological advancement such as high speed and low cost is enabling faster and accurate results.
The increasing prevalence of chronic diseases is creating demand for sensors in clinics as well as the home diagnostic devices. This is justified by the rise in constant patient monitoring and diagnosis volume, which in turn is expected to promote higher sales of these disposable products.  
Technological advancement such as the cancer tracking sensor, Micro-Electro-Mechanical Systems (MEMS) sensor technology, and fiber optic technology is expected to drive the market. Additionally, government initiatives to encourage R&D are expected to further fuel these technological advancements over the forecast period. However, factors such as inadequate reimbursement and stringent regulatory policies in certain regions like the European countries are anticipated to negatively impact the growth of the market.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-disposable-medical-sensors-market
Grand View Research has segmented the global disposable medical sensors market on the basis of product, distribution channel, end use:
Product Outlook (Revenue, USD Million, 2014 - 2025)
·         Biosensors
·         Pressure sensors
·         Accelerometer sensors
·         Temperature sensors
·         Image sensors
Type Outlook (Revenue, USD Million, 2014 - 2025)
·         Strip sensors
·         Wearable sensors
·         Implantable sensors
·         Invasive sensors
·         Ingestible sensors
Application Outlook (Revenue, USD Million, 2014 - 2025)
·         Diagnostic
·         Therapeutic
·         Patient monitoring
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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