Technological Advancements in Disposable Medical Device Sensors and Market Development
Market growth influenced due to following factors-
- Rising concerns over hospital-acquired infections and contamination.
- Increasing incidence of target conditions.
- Growing demand for home-based medical care devices.
Global market size-
According to the new market research report Disposable Medical Device Sensors Market is projected to reach $9.4 billion by 2026, at a CAGR of 7.7%.
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)
Top Market Segments-
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.
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.
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Geographic Overview -
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.