A research study titled, “Disposable Medical Device Sensors Market by Product, Technology, and Application – Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the disposable medical device sensors market is projected to be around $8 billion by 2025.
Disposable medical sensors are portable or handheld devices used for therapeutics, diagnostics and patient monitoring. CMOS image sensors are used for capsule endoscopy applications. With constant decrease in the size of electronic devices, a camera can be fitted in a swallowable capsule. Creating such devices has been possible because of CMOS image sensors. These sensors aid in high resolution 3D imaging. Moreover, CMOS technology assists in manufacturing of radiation resistant devices that are much sturdier as compared to CCD-image sensors. Implantable sensors are used in medical research to measure parameters such as pressure, force, torque and temperature inside human body. With advancements in micro-fabrication and nano-fabrication technologies, these implantable sensors can be incorporated into implants providing unique and personalized data for each patient which can be used to optimize the diagnosis process. During the past few years disposable medical sensors market has been growing rapidly and is expected to grow consistently during the forecast period.
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Strip sensors market dominated the global disposable medical sensors market in 2016, owing to their rising usage in disease diagnostic processes and glucose monitoring tests. However, ingestible sensors market is anticipated to grow with the fastest rate over the forecast period due to increasing demand for capsule endoscopes and smart pills.
Image sensors market is expected to grow at the fastest rate during the forecast period due to their primary applications in capsule endoscopy procedures. Biosensors market held the largest share of the overall market in 2016 owing to the rising demand for these sensors in drug development processes.
U.S. dominated the North American disposable medical device sensors market in 2016 followed by Canada. This can be attributed to the large scale adoption of sensor oriented medical devices for diagnostic and therapeutic procedures. Europe is the second largest market for disposable medical device sensors, due to rising adoption of technologically advanced medical devices coupled with high purchasing power in the region.
The major companies operating in this market emphasize on product development for ensuring competitive advantage. For instance, in May 2014, Honeywell International, Inc. launched Nanopower Anisotropic Magnetoresistive Sensor ICs which provide high level of magnetic sensitivity to be used in medical applications such as medication dispensing cabinets and infusion pumps.
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Some of the major players competing in the global disposable medical device sensors market are STMicroelectronics, Given Imaging, Inc., Honeywell International, Inc., Covidien Plc., Medtronic, Freescale Semiconductor, Inc., Smiths Medical, Philips Healthcare, Measurement Specialties and Sensirion AG.
Key Findings of the Research Study:
- Strip sensors segment accounted for almost half of the overall market in 2016.This large share can be attributed to their benefits such as ease of use, cost effectiveness and non-infectious nature.
- Biosensors segment accounted for nearly two-third share of the global market in 2016 owing their large scale adoption in study of bio-molecules and their interactions as well as in drug development processes.
- Ingestible sensors market is expected to grow at a double digit CAGR during the forecast period owing to their increasing applications in capsule endoscopes and smart pills.
- North America held nearly two-fifth share of the global market in 2016 followed by Europe. This large market share can be attributed to the large scale usage of sensor-based disposable medical devices in hospitals.
- Asia-Pacific market will grow at the highest CAGR over the forecast period owing to the growing per capita income, rise in geriatric population and increasing demand for advanced healthcare technologies.