The Global Disposable Medical Device Sensors Market is expected to grow at a CAGR of around 7.6% from 2022 to 2030 and expected to reach market value around US$ 11,799 Million by 2030.
Sensors are small preprogrammed devices that monitor or measure physical changes and record, advises, and warns in critical situations. Disposable medical devices ensure are small mobile devices used to diagnose, monitoring physical properties, and for therapeutic purposes. These sensors are applicable in various therapeutic segments such as neurology, cardiovascular, oncology, radiology, ophthalmology, proctology and also used in various in-vitro and in-vivo clinical trials. These sensors are used for the measurement and monitoring body vital parameters such as blood pressure, pulse rate, heartbeat, blood oxygen levels, blood glucose levels, blood cholesterol levels and body temperature. The disposable medical devices sensors market has attained traction over the past few decades and this trend is anticipated to continue over the forecast period. Emerging economies of developing countries will render huge growth opportunities for the players. Smart pill technology sensors will provide huge growth opportunities for companies as several key market players are collaborating and investing to launch novel products in the smart pill technology sensors market.
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Growing uptake of medical sensors in the daily health needs in the home setting as well as in clinics to diagnose and treat various diseases and symptoms will drive the market. Moreover, growing chronic diseases especially cardiovascular diseases and cancer along with numerous lifestyle diseases and novel infectious diseases are fuelling the market for disposable medical device sensors. North America accounted to dominate the global disposable medical device sensors market over the forecast period. The widespread integration of various disposable sensors devices 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. Moreover, developed healthcare IT infrastructure and development in sensors will drive the market in this region. In Europe, Germany, France, and the U.K. account for a major share of the disposable medical device sensors market after North America.
Asia Pacific is also expected to have a high growth rate in forecast period owing to increased prevalence of chronic disease and patient pool. Striving medical tourism and improved healthcare infrastructures are also contributing to the growth of the region. Early integration of new advancements in medical device sensors is likely to fuel the market growth. Moreover, consumers chose healthcare options from the comfort of their home, and technologies that are contact-less to diagnose and treat. According to research, the demand for at-home diagnostic kits doubled in 2020 as compared to 2019. Increased cases and worst conditions resulted in the increased purchase of medical devices such as pulse oximeters, blood pressure monitors, digital thermometers, glucometers, and healthcare-related IoT things
Key industry Developments:
• In 2021, Abbott got FDA Emergency Use Authorization (EUA) for BinaxNOW COVID-19 testing. It is a self-antigen test kit that provides rapid results and it is the over a counter product and does not require any prescription.
• In 2020, Medtronic introduced MiniMed 770G and received FDA approval for use. It is a hybrid loop system the results can be seen by using mobile applications.
• In March 2018 Smiths Medical declared the US commercial launch of Delta Med SpA’sDeltaVen closed system catheter and it was approved by the Food and Drug Administration (FDA).
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This release was published on openPR.