Global Disposable Medical Devices Sensors Market Size

Disposable Medical Devices Sensors Market Analysis

Disposable Medical Devices Sensors Market is poised to grow at a CAGR of 10.8% during the forecast period, 2022-2027.

The global demand for disposable medical device sensors has increased as a result of the COVID-19 outbreak. This is primarily due to increased infection control measures in healthcare settings as a result of the COVID-19 virus's high virulence. People's growing awareness of simple and convenient ways to obtain faster test results also contributes to the rising demand. Consumers are increasingly choosing remote healthcare facilities for the convenience and security of their own homes. Researchers around the world have been rushing to develop accurate and efficient novel biosensor-based approaches for the early detection of SARS-CoV-2 during the current pandemic. For Instance, in April 2020, Health Canada has included the Dexcom G6 Continuous Glucose Monitoring Sensor System in medical devices for expanded use in relation to the COVID-19 pandemic. The Dexcom G6 Sensor's Canadian Medical Device Licence specifies that it be worn on the abdomen in the general adult population (belly). Thus, during the COVID-19 the demand for the disposable medical devices increased thereby expected to show positive impact on the market.

The Disposable Medical Devices Sensors market is being driven by factors such as increasing healthcare expenditure, government provisions for R&D activities, and acceptance of the sensor technology in the developing economies. For instance, according to Eurostat data published in December 2021, Germany and France had the highest current healthcare expenditure relative to GDP in 2019. The level of current healthcare expenditure in Germany was EUR 403 billion in 2019 and remains at the highest level among the European Union (EU) Member States. Current healthcare expenditure in Germany and France was equivalent to 11.7 % and 11.1 %, respectively, of gross domestic product (GDP), more than in any other EU Member State. The next highest ratios were in Sweden (10.9 %), Belgium (10.7 %), Austria (10.4 %), the Netherlands (10.2 %) and Denmark (10.0 %); none of the remaining EU Member States recorded double-digit ratios. Thus, increasing healthcare expenditure supports the market growth over the forecast period.

According to the study titled "Biosensors and Chemical Sensors for Healthcare Monitoring: A Review" published in the IEEJ Transactions on Electrical and Electronic Engineering in March 2022, It has been a top priority to use biosensors and equipment for medical diagnostic and preventive purposes. In order to control the rise in lifestyle-related diseases and their severity, developed countries need medical devices that can be used in daily life (especially for testing, diagnosis, and sensing). Wearable biological and chemical devices are significant personal devices that will be a key player in this process. Diagnostic devices are currently used in medicine for disease prevention and health management. They should also keep the costs of medical and nursing care from rising. Thus, due to the above benefits of the disposable medical devices biosensor anticipated to drive the growth of the market over the forecast period.

Thus, given the aforementioned factors, the disposable medical devices sensor market is anticipated to propel over the forecast period. However, stringent regulatory scenario and lack of awareness of new diagnostics technologies restraint the market growth.