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Disposable Medical Sensors Market

Disposable Medical Sensors Market Size by Product Type (Biosensors, Accelerometers, Image Sensors, Pressure Sensors, Temperature Sensors and Others), Application (Diagnostic, Patent Monitoring, Therapeutic, Imaging and Others), Placement Type (Strip Sensors, Implantable Sensors, Ingestible Sensors, Wearable Sensors, and Invasive Sensors), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13564
  • Published Date: Jul, 2023
  • Pages: 236
  • Category: Healthcare
  • Format: PDF
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The global disposable medical sensors market was valued at USD 7 billion in 2022 and grew at a CAGR of 12% from 2023 to 2032. The market is expected to reach USD 21.74 billion by 2032. The increasing incidence of chronic illnesses will drive the growth of the global disposable medical sensors market.

Market Introduction:

A sensor is meant to identify and detect changes in vital body parameters like temperature, pressure, and oxygen saturation and relay the information to an electronic device in an understandable format. Medical sensors can be wearable, or they can be non-wearable. The primary function of a sensor is to detect changes in body vitals, meaning they are used extensively in diagnostics. There are different medical sensors used to assess different parameters. A few common examples are heart rate, body temperature, oxygen saturation, blood glucose levels, respiration rate, and diet monitoring. Pulse-oximeters, electrocardiograms, thermometers, fluid level sensors, and sphygmomanometers are popular examples of medical sensors. As the name suggests, disposable medical sensors are single-use disposable medical devices. They are inexpensive and simple to use. They are quick single-point measurements. The disposable nature offers the highest cleanliness, hygiene and patient safety standards. Individual packaging reduces cross-contamination. Easy to use nature allows its application in home care settings.

Disposable Medical Sensors Market Size

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Recent Development
  • November 2022 - The first square 2-megapixel, 1500x1500 resolution CMOS image sensor for reusable and disposable endoscopes, catheters, and guide wires was revealed by OmniVision as the OH02B image sensor. The CameraCubeChip package (OCH2B) has been created for disposable designs. The camera control unit (CCU) tower and endoscopic camera are connected via the thinnest 4-meter interface possible thanks to OMNIVISION's AntLinx patented technology. CMOS image sensors are essential for the disposable endoscope industry because they enable high resolution and small size, generate very little heat at the tip of the scope design, and are affordable for single use. Additional size advantages are provided by the CameraCubeChip design, which also streamlines design resources and the supply chain.

Market Dynamics:

Drivers

The increasing incidence of chronic illnesses – the lifestyle changes associated with sedentary work-life, regular consumption of alcohol, cigarette smoking, processed diet and no physical exercise has contributed to the increasing incidence and prevalence of chronic diseases. The increasing obese and diabetic population also contributes to the rising patient pool. The environmental changes associated with fluctuating temperatures, pollution, and extreme weather conditions have increased the risk of diseases globally. The rising geriatric population is also driving the increasing incidence of chronic illnesses. The increasing incidence of chronic illnesses will drive the demand for disposable medical sensors to diagnose and monitor patients. The covid-19 pandemic boosted the market, as seen in the rising sales of rapid covid-19 tests. Therefore, the increasing incidence of chronic illnesses will propel the market's growth.

Restraints:

The concerns regarding the waste generated – disposable medical sensors, by nature, are single-use inexpensive medical devices thrown away after one use. The amount of medical waste generated is high with disposable medical sensors. They are made from inexpensive materials to lower their retail costs, adding to negative environmental impact. The lack of a policy framework governing the use, disposal, and discard of medical waste and poor implementation will lead to significant community and environmental consequences. Therefore, the concerns regarding the waste generated will hamper the market's growth.

Opportunities:

Product innovations – the increasing incidence and prevalence of chronic diseases and the rising likelihood of future pandemics- have encouraged market players to invest in disposable medical sensors. The increasing research and development aimed towards developing more accurate, reliable, durable and flexible medical sensors will offer lucrative opportunities in the market. The favourable and enabling regulatory environment will also augment the market's growth.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest global disposable medical sensors market, with a 35% market revenue share in 2022.

The increasing incidence of chronic diseases closely associated with the rising obese, diabetic and elderly population will drive the regional market's growth. The affordable government reimbursement policies and well-established healthcare industry will augment the market's growth. Given the presence of significant market players and a well-designed network of distributors, access to products will bode well for the market.

North America Region Disposable Medical Sensors Market Share in 2022 - 35%

 

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  • The University of California, Irvine (UCI) study team developed a wearable, disposable monitor that could track breath volume and rate constantly. The new respiration monitor was created using plastic from Shrinky Dinks, a type of well-liked children's toy, and it's meant to help kids with asthma, cystic fibrosis, or other chronic pulmonary problems. It consists of two sensors created efficiently using thin plastic sheets heated to shrink them. They should be placed on the belly and in the space between the ninth and tenth ribs.
Product type Segment Analysis

The product type segment is divided into biosensors, accelerometers, image sensors, pressure sensors, temperature sensors and others. The biosensors segment dominated the market, with a market share of around 34% in 2022. a device that detects the presence of chemicals using a living biological molecule, like enzymes or antibodies, is called a biosensor. Biosensors are widely used in the pharmaceutical, healthcare, biotechnology and food industries. Pregnancy tests and glucose monitoring sensors are common examples of biosensors. Biosensors use various transduction methods, including electrochemical, optical, and auditory. Pathogens in food can be found using biosensors. They are also used to identify a disease or pathogens in biological samples. Therefore, extensively using biosensors will propel its growth in the forecast period.

  • October 2022 - Degradable high-performance photodetectors based on nanowires were explored in a recent Opto-Electronic Advances article. Wearable systems with plenty of sensors show significant potential for various uses, such as robotic skin, rehabilitation, and health monitoring. Disposable sensors could also assist in addressing hygienic requirements in applications for health monitoring. ZnO nanowires-based high-performance ultraviolet (UV) photodetectors on flexible, biodegradable substrates were introduced due to these needs. The designed disposable, wearable instrument can precisely gauge the UV light intensity. The substrate (chitosan) and sensing (ZnO nanowires) components let the device degrade inertly in the water while washing clothing with integrated sensors. Excellent chemical stability, exceptional optical transparency, better mechanical flexibility, and excellent biodegradability are all features of chitosan as a substrate.
Application Segment Analysis

The application segment is divided into diagnostic, patent monitoring, therapeutic, imaging and others. The diagnostic segment dominated the market, with a market share of around 36% in 2022. The process of identifying or diagnosing the patient to conclude a medical condition, disease or infection through presented symptoms and indicators detected by sensors is called medical diagnosis. Diagnosis is performed through imaging, EEG, BP checks etc. They form the basis of the starting point of healthcare. Diagnostic tests are used to generate a prognosis, plan a course of treatment, and monitor progress. The increasing incidence of chronic diseases will propel the segment’s growth in the forecast period.

Placement type Segment Analysis

The placement type segment is divided into strip sensors, implantable sensors, ingestible sensors, wearable sensors, and invasive sensors. The strip sensors segment dominated the market, with a market share of around 38% in 2022. Strip sensors are dependable, reliable and practical. They are also simple and cost-effective, making them popular in hospital and at-home-care settings. Furthermore, strip sensors are versatile. Therefore, their durable, simple, and reliable nature will propel their growth during the forecast period.

  • An ultra-low-power healthcare sensor interface IC for monitoring vital signs in wearable medical and healthcare devices was unveiled by Ensilica as the ENS62020. The chip was developed to suit the demands of a wide range of single-use and home-use medical sensors, including wearable health sensors, fitness trackers, oximeters, and smart plasters. The IC is one of the first to incorporate an NFC energy harvesting circuit, making it appropriate for systems that use batteries and systems that don't. The ENS62020 utilizes a modular IC design that allows for customization and provides a product-optimized ASIC while significantly shortening the time to market.
Some of the Key Market Players:
  • ACE Medical Devices
  • Analog Devices Inc.
  • GE Healthcare
  • Honeywell International, Inc.
  • Koninklijke Philips N.V.
  • Medtronic Plc
  • Sensirion AG
  • Smith’s Group Plc
  • SSI Electronics
  • TE Connectivity

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 7 Billion
Market size value in 2032 USD 21.74 Billion
CAGR (2023 to 2032) 12%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Product Type, Application and Placement Type

Frequesntly Asked Questions

As per The Brainy Insights, the size of the global disposable medical sensors market was valued at USD 7 billion in 2022 to USD 21.74 billion by 2032.

Global disposable medical sensors market is growing at a CAGR of 12% during the forecast period 2023-2032.

The market's growth will be influenced by the increasing incidence of chronic illnesses.

The concerns regarding the waste generated could hamper the market growth.

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  • Further segmentation of the market on the basis of type, application, end use, product, technology, method, process and any other segment depending on the market
  • Segmentation on the basis of any specific country or region
  • Any segment can be classified on the basis of application
  • Application segment can be further divided on the basis of companies
  • The companies profiled are not limited, we can incorporate additional companies of your choice
  • We can split the company market share on the basis of product, application and region
  • Report can be prepared for any specific country/region/segment
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1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis by Product Type
          4.3.2. Market Attractiveness Analysis by Application
          4.3.3. Market Attractiveness Analysis by Placement Type
          4.3.4. Market Attractiveness Analysis by Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. The increasing incidence of chronic illnesses
    5.3. Restraints
          5.3.1. The concerns regarding the waste generated
    5.4. Opportunities
          5.4.1. Product innovations
    5.5. Challenges
          5.5.1. The risk of inaccurate results

6. Global Disposable Medical Sensors Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Biosensors
    6.3. Accelerometers
    6.4. Image Sensors
    6.5. Pressure Sensors
    6.6. Temperature Sensors
    6.7. Others

7. Global Disposable Medical Sensors Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Diagnostic
    7.3. Patent Monitoring
    7.4. Therapeutic
    7.5. Imaging
    7.6. Others

8. Global Disposable Medical Sensors Market Analysis and Forecast, By Placement Type
    8.1. Segment Overview
    8.2. Strip Sensors
    8.3. Implantable Sensors
    8.4. Ingestible Sensors
    8.5. Wearable Sensors
    8.6. Invasive Sensors

9. Global Disposable Medical Sensors Market Analysis and Forecast, By Regional Analysis
    9.1. Segment Overview
    9.2. North America
          9.2.1. U.S.
          9.2.2. Canada
          9.2.3. Mexico
    9.3. Europe
          9.3.1. Germany
          9.3.2. France
          9.3.3. U.K.
          9.3.4. Italy
          9.3.5. Spain
    9.4. Asia-Pacific
          9.4.1. Japan
          9.4.2. China
          9.4.3. India
    9.5. South America
          9.5.1. Brazil
    9.6. Middle East and Africa
          9.6.1. UAE
          9.6.2. South Africa

10. Global Disposable Medical Sensors Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Disposable Medical Sensors Market
          10.2.1. Global Company Market Share
          10.2.2. North America Company Market Share
          10.2.3. Europe Company Market Share
          10.2.4. APAC Company Market Share
    10.3. Competitive Situations and Trends
          10.3.1. Product Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions

11. Company Profiles
    11.1. ACE Medical Devices
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Product Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Analog Devices Inc.
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Product Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. GE Healthcare
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Product Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Honeywell International, Inc.
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Product Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Koninklijke Philips N.V.
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Product Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Medtronic Plc
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Product Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. Sensirion AG
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Product Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Smith’s Group Plc
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Product Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. SSI Electronics
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Product Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. TE Connectivity
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis

List of Table

1. Global Disposable Medical Sensors Market, By Product Type, 2019-2032 (USD Billion) 

2. Global Biosensors Disposable Medical Sensors Market, By Region, 2019-2032 (USD Billion) 

3. Global Accelerometers Disposable Medical Sensors Market, By Region, 2019-2032 (USD Billion) 

4. Global Image Sensors Disposable Medical Sensors Market, By Region, 2019-2032 (USD Billion) 

5. Global Pressure Sensors Disposable Medical Sensors Market, By Region, 2019-2032 (USD Billion) 

6. Global Temperature Sensors Disposable Medical Sensors Market, By Region, 2019-2032 (USD Billion) 

7. Global Others Disposable Medical Sensors Market, By Region, 2019-2032 (USD Billion) 

8. Global Disposable Medical Sensors Market, By Application, 2019-2032 (USD Billion) 

9. Global Diagnostic Disposable Medical Sensors Market, By Region, 2019-2032 (USD Billion) 

10. Global Patent Monitoring Disposable Medical Sensors Market, By Region, 2019-2032 (USD Billion) 

11. Global Therapeutic Disposable Medical Sensors Market, By Region, 2019-2032 (USD Billion) 

12. Global Imaging Disposable Medical Sensors Market, By Region, 2019-2032 (USD Billion) 

13. Global Others Disposable Medical Sensors Market, By Region, 2019-2032 (USD Billion) 

14. Global Disposable Medical Sensors Market, By Placement Type, 2019-2032 (USD Billion) 

15. Global Strip Sensors Disposable Medical Sensors Market, By Region, 2019-2032 (USD Billion) 

16. Global Implantable Sensors Disposable Medical Sensors Market, By Region, 2019-2032 (USD Billion) 

17. Global Ingestible Sensors Disposable Medical Sensors Market, By Region, 2019-2032 (USD Billion) 

18. Global Wearable Sensors Disposable Medical Sensors Market, By Region, 2019-2032 (USD Billion) 

19. Global Invasive Sensors Disposable Medical Sensors Market, By Region, 2019-2032 (USD Billion) 

20. Global Disposable Medical Sensors Market, By Region, 2019-2032 (USD Billion) 

21. North America Disposable Medical Sensors Market, By Product Type, 2019-2032 (USD Billion) 

22. North America Disposable Medical Sensors Market, By Application, 2019-2032 (USD Billion) 

23. North America Disposable Medical Sensors Market, By Placement Type, 2019-2032 (USD Billion) 

24. U.S. Disposable Medical Sensors Market, By Product Type, 2019-2032 (USD Billion) 

25. U.S. Disposable Medical Sensors Market, By Application, 2019-2032 (USD Billion) 

26. U.S. Disposable Medical Sensors Market, By Placement Type, 2019-2032 (USD Billion) 

27. Canada Disposable Medical Sensors Market, By Product Type, 2019-2032 (USD Billion) 

28. Canada Disposable Medical Sensors Market, By Application, 2019-2032 (USD Billion) 

29. Canada Disposable Medical Sensors Market, By Placement Type, 2019-2032 (USD Billion) 

30. Mexico Disposable Medical Sensors Market, By Product Type, 2019-2032 (USD Billion) 

31. Mexico Disposable Medical Sensors Market, By Application, 2019-2032 (USD Billion) 

32. Mexico Disposable Medical Sensors Market, By Placement Type, 2019-2032 (USD Billion) 

33. Europe Disposable Medical Sensors Market, By Product Type, 2019-2032 (USD Billion) 

34. Europe Disposable Medical Sensors Market, By Application, 2019-2032 (USD Billion) 

35. Europe Disposable Medical Sensors Market, By Placement Type, 2019-2032 (USD Billion) 

36. Germany Disposable Medical Sensors Market, By Product Type, 2019-2032 (USD Billion) 

37. Germany Disposable Medical Sensors Market, By Application, 2019-2032 (USD Billion) 

38. Germany Disposable Medical Sensors Market, By Placement Type, 2019-2032 (USD Billion) 

39. France Disposable Medical Sensors Market, By Product Type, 2019-2032 (USD Billion) 

40. France Disposable Medical Sensors Market, By Application, 2019-2032 (USD Billion) 

41. France Disposable Medical Sensors Market, By Placement Type, 2019-2032 (USD Billion) 

42. U.K. Disposable Medical Sensors Market, By Product Type, 2019-2032 (USD Billion) 

43. U.K. Disposable Medical Sensors Market, By Application, 2019-2032 (USD Billion) 

44. U.K. Disposable Medical Sensors Market, By Placement Type, 2019-2032 (USD Billion) 

45. Italy Disposable Medical Sensors Market, By Product Type, 2019-2032 (USD Billion) 

46. Italy Disposable Medical Sensors Market, By Application, 2019-2032 (USD Billion) 

47. Italy Disposable Medical Sensors Market, By Placement Type, 2019-2032 (USD Billion) 

48. Spain Disposable Medical Sensors Market, By Product Type, 2019-2032 (USD Billion) 

49. Spain Disposable Medical Sensors Market, By Application, 2019-2032 (USD Billion) 

50. Spain Disposable Medical Sensors Market, By Placement Type, 2019-2032 (USD Billion) 

51. Asia Pacific Disposable Medical Sensors Market, By Product Type, 2019-2032 (USD Billion) 

52. Asia Pacific Disposable Medical Sensors Market, By Application, 2019-2032 (USD Billion) 

53. Asia Pacific Disposable Medical Sensors Market, By Placement Type, 2019-2032 (USD Billion) 

54. Japan Disposable Medical Sensors Market, By Product Type, 2019-2032 (USD Billion) 

55. Japan Disposable Medical Sensors Market, By Application, 2019-2032 (USD Billion) 

56. Japan Disposable Medical Sensors Market, By Placement Type, 2019-2032 (USD Billion) 

57. China Disposable Medical Sensors Market, By Product Type, 2019-2032 (USD Billion) 

58. China Disposable Medical Sensors Market, By Application, 2019-2032 (USD Billion) 

59. China Disposable Medical Sensors Market, By Placement Type, 2019-2032 (USD Billion) 

60. India Disposable Medical Sensors Market, By Product Type, 2019-2032 (USD Billion) 

61. India Disposable Medical Sensors Market, By Application, 2019-2032 (USD Billion) 

62. India Disposable Medical Sensors Market, By Placement Type, 2019-2032 (USD Billion) 

63. South America Disposable Medical Sensors Market, By Product Type, 2019-2032 (USD Billion) 

64. South America Disposable Medical Sensors Market, By Application, 2019-2032 (USD Billion)

65. South America Disposable Medical Sensors Market, By Placement Type, 2019-2032 (USD Billion)

66. Brazil Disposable Medical Sensors Market, By Product Type, 2019-2032 (USD Billion) 

67. Brazil Disposable Medical Sensors Market, By Application, 2019-2032 (USD Billion) 

68. Brazil Disposable Medical Sensors Market, By Placement Type, 2019-2032 (USD Billion)

69. Middle East and Africa Disposable Medical Sensors Market, By Product Type, 2019-2032 (USD Billion) 

70. Middle East and Africa Disposable Medical Sensors Market, By Application, 2019-2032 (USD Billion) 

71. Middle East and Africa Disposable Medical Sensors Market, By Placement Type, 2019-2032 (USD Billion)

72. UAE Disposable Medical Sensors Market, By Product Type, 2019-2032 (USD Billion) 

73. UAE Disposable Medical Sensors Market, By Application, 2019-2032 (USD Billion) 

74. UAE Disposable Medical Sensors Market, By Placement Type, 2019-2032 (USD Billion)

75. South Africa Disposable Medical Sensors Market, By Product Type, 2019-2032 (USD Billion) 

76. South Africa Disposable Medical Sensors Market, By Application, 2019-2032 (USD Billion) 

77. South Africa Disposable Medical Sensors Market, By Placement Type, 2019-2032 (USD Billion) 

List of Figures 

1. Global Disposable Medical Sensors Market Segmentation

2. Disposable Medical Sensors Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Disposable Medical Sensors Market Attractiveness Analysis by Product Type

9. Global Disposable Medical Sensors Market Attractiveness Analysis by Application

10. Global Disposable Medical Sensors Market Attractiveness Analysis by Placement Type

11. Global Disposable Medical Sensors Market Attractiveness Analysis by Region

12. Global Disposable Medical Sensors Market: Dynamics

13. Global Disposable Medical Sensors Market Share by Product Type (2022 & 2032)

14. Global Disposable Medical Sensors Market Share by Application (2022 & 2032)

15. Global Disposable Medical Sensors Market Share by Placement Type (2022 & 2032)

16. Global Disposable Medical Sensors Market Share by Regions (2022 & 2032)

17. Global Disposable Medical Sensors Market Share by Company (2022)

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global disposable medical sensors market based on below mentioned segments:

Global Disposable Medical Sensors Market by Product Type:

  • Biosensors
  • Accelerometers
  • Image Sensors
  • Pressure Sensors
  • Temperature Sensors
  • Others

Global Disposable Medical Sensors Market by Application:

  • Diagnostic
  • Patent Monitoring
  • Therapeutic
  • Imaging
  • Others

Global Disposable Medical Sensors Market by Placement Type:

  • Strip Sensors
  • Implantable Sensors
  • Ingestible Sensors
  • Wearable Sensors
  • Invasive Sensors

Global Disposable Medical Sensors Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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