Increasing prevalence in chronic disorders is a key factor driving market revenue growth

VANCOUVER, BC, CANADA, January 16, 2023 /EINPresswire.com/ -- The global disposable medical device sensors market size was USD 6.54 Billion in 2021 and is expected to register a rapid revenue CAGR of 7.2% during the forecast period, according to latest analysis by Emergen Research. Increasing prevalence of chronic disorders is a key factor driving market revenue growth. According to Centers for Disease Control and Prevention (CDC), prevalence of diabetes in the U.S. was 41.9%. Majority of individuals in the U.S. do not eat a healthy diet and consume excessive levels of salt, saturated fat, and sugar, which increases their risk of acquiring chronic diseases.

Carbohydrates from foods of lower nutritional value, such as refined grains and cereals, added sugars, and potatoes, account for 42% of calories consumed in the U.S. Only 9% of calories come from higher-nutritional-value carbs such as whole grains, fruits, legumes, and non-starchy vegetables.

In addition, rising incidence of hospital-acquired infection is another key factor driving market revenue growth. According to World Health Organization (WHO), seven patients in high-income countries and 15 patients in low- and middle-income countries will get at least one Healthcare-Associated Infection (HAI) during their hospital stay for every 100 patients in acute-care hospitals. On an average, one out of every ten afflicted individuals would die as a result of HAI. Patients and babies in Intensive Care Units (ICU) are especially vulnerable. Healthcare-associated infections and antibiotic resistance have a huge impact on people's lives. Every year, over 24% of patients with health-care-associated sepsis and 52.3% of those treated in an intensive care unit die.

The market for disposable medical device sensors is constrained by absence of proper reimbursement rules. Patients must have quick access to medications and technologies they need and this requires a favorable reimbursement environment that encompasses coverage, coding, and payment. Aim of treatment and service coverage for members of insurance companies must be balanced with reasonably priced premiums and out-of-pocket cost sharing. This lack of coverage is most likely caused by devices Food and Drug Administration (FDA) approval.

The major companies Covered in the report are:

Medtronic plc, Honeywell International Inc., Koninklijke Philips N.V., General Electric Company, Sensirion AG, Gentag, Inc., Starboard Medical, Inc., Nuova GmbH, TE Connectivity, and NXP Semiconductors.

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Competitive Landscape:

The market intelligence report on the Disposable Medical Device Sensors Industry also includes an extensive investigation of the competitive landscape. It assesses the business and marketing strategies expected to be present in the market through the forecast years. It also includes an investigation of the recent advancements and other factors driving the growth of the overall market to help comprehend the progress of the companies in the coming years.

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Emergen Research has segmented the global disposable medical device sensors market based on product, type, application, and region:

Product Outlook (Revenue, USD Billion; 2019-2030)

Biosensors

Pressure Sensors

Accelerometers

Temperature Sensors

Image Sensors

Others

Type Outlook (Revenue, USD Billion; 2019-2030)

Strip Sensors

Wearable Sensors

Invasive Sensors

Ingestible Sensors

Implantable Sensors

Application Outlook (Revenue, USD Billion; 2019-2030)

Diagnostics

Patient Monitoring

Therapeutics

Regional Outlook (Revenue, USD Billion; 2019-2030)

North America

U.S.

Canada

Mexico

Europe

Germany

France

UK

Italy

Spain

Benelux

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East & Africa

Saudi Arabia

UAE

South Africa

Turkey

Rest of Middle East & Africa

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Key highlights of this research report:

The biosensors segment accounted for a significant revenue share in 2021. Biosensors can detect the smallest physiological changes in human body through accurate process monitoring and high sensitivity, which may be utilized to improve quality of life. Recent improvements in biological approaches incorporating fluorescent tags on nanomaterials have raised sensitivity limit of biosensors. Metal nanoparticles, nanowires, and graphene have been combined with affinity biosensors, making them an excellent tool for COVID-19 detection while also improving analytical performance. For example, GRIP Molecular Technologies, is developing graphene-based electronic biosensor technology that will allow for simultaneous, quick, and accurate detection of infectious illnesses such as COVID-19.

The strip sensors segment accounted for a significant revenue share in 2021. Strip sensors are commonly used in blood glucose monitoring, disease diagnostics, and magnetic nanoparticle detection. In addition, strip sensors are widely utilized because they are affordable and simple to use. Another advantage of employing strip sensors is that the findings are acquired more rapid. Furthermore, the industry is being fueled by demand for self-diagnosis and home-based medical equipment.

The North America market accounted for largest revenue share in 2021 owing to increasing prevalence of chronic disorders in this region. In addition, presence of key players is also driving revenue growth of the market. For instance, in May 2020, BioIntelliSense, Inc., a continuous health monitoring and clinical intelligence firm, announced the release of BioButton device, which expands its medical-grade biosensor product line and Data-as-a-Service (DaaS) platform.

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Disposable Medical Device Sensors Market Size Worth USD 12.29 Billion in 2030

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