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.
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However,
the vulnerability of connected medical devices in terms of data
leakages, government regulations, and the long certification and
approval cycles are major challenges faced by the market.
The
disposable medical device sensors market is a competitive market, with
few large as well as emerging players. The prominent players in this
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).
ABBOTT (US)
Abbott
was ranked first in the disposable medical device sensors market in
2020. It is a global, diversified healthcare company dedicated to
discovering, developing, manufacturing, and marketing pharmaceuticals,
nutritional products for children and adults, and medical products such
as devices, diagnostic tests, and instruments. Abbott provides
continuous glucose and blood glucose monitoring systems under the
FreeStyle brand. The company focuses on building country-specific
portfolios made of high-quality products that meet the needs of people
in emerging markets.
F. HOFFMANN-LA ROCHE LTD. (SWITZERLAND)
Roche
held the second position in the disposable medical device sensors
market in 2020. The company offers the industry’s most comprehensive
in-vitro diagnostics solutions, covering clinical chemistry and
immunoassays, molecular and digital diagnostics, point-of-care testing,
patient self-testing, next-generation sequencing, laboratory automation
and IT, and decision support. Roche serves customers spanning the entire
healthcare spectrum—from hospitals, commercial laboratories, and
research institutions to physicians and patients. Roche Diabetes Care
aids people with diabetes and healthcare professionals through
innovative Accu-Chek products and impactful solutions for convenient,
efficient, and effective diabetes management. This includes blood
glucose meters, lancing devices, insulin delivery systems, and digital
solutions for data management, advice, coaching, and education.
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.
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.
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.
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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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