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Disposable Medical Sensors Market Recent Industry Developments and Growth Strategies Adopted by Players

The global market for disposable medical sensors reached $5.1 billion in 2016. The market should reach $5.6 billion in 2017 and $9.0 billion by 2022, at a five-year compound annual growth rate (CAGR) of 10.0% from 2017 to 2022.

Report Scope:

The report will analyze the global market in regard to the types, products and applications and will also focus on the regulations affecting these sensors. Regionally, the focus of the study will be the markets of North America, Europe, Asia-Pacific and Rest of the World (RoW). Disposable medical sensors include wearable sensors, implantable sensors, invasive sensors, ingestible sensors and strip sensors. The strip sensors market is growing and commands a significant market share. This report does not cover “sports and fitness” sensors or “wearable computing sensors.”

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Report Includes:

– An overview of the global market for disposable medical sensors
– Analyses of global market trends, with data from 2016, estimates for 2017, and projections of CAGRs through 2022
– Coverage of disposable medical sensors, which include wearable sensors, implantable sensors, invasive sensors, ingestible sensors, and strip sensors
– Analyses of the market by type, product, and application, and focus on the regulations affecting these sensors
– Information on the market’s dynamics, specifically growth drivers, inhibitors, and opportunities
– Profiles of major players in the industry

Summary

A growing geriatric population base, coupled with increasing prevalence of target diseases pertaining to cardiovascular, audiology and urology systems and requirement for continuous monitoring, are the most significant growth drivers of the disposable medical sensors market. In addition, growing usage rates of insulin and infusion pumps due to large prevalence levels of diabetes and other chronic diseases is expected to drive market growth further. The healthcare industry is rapidly moving towards miniaturization of equipment and use of nanotechnology for diagnostics and treatment; moreover, in keeping with this trend, manufacturers are focusing on producing MEMS (MicroElectroMechanical Systems). Growing demand for minimally invasive surgeries and the presence of high unmet medical needs in emerging Latin American and Asia-Pacific economies are responsible for the growth of the market and also present significant opportunities for the disposable sensors.

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Usage of disposable medical sensors is increasing continuously and is expected to rise at a healthy growth rate in the forecast period due to higher demand from Latin American and Asian-Pacific economies. Statistics show an increase in geriatric population all over the world. This will lead to more demand for continuous health monitoring devices for a larger number of diseases pertaining to cardiovascular, audiology and urology systems. Driving factors for this market are rising cases of hospital acquired infections, increasing chronic and lifestyle diseases, launching of technologically advanced products like MEM sensor technology, fiber optics and tracking sensors and growing awareness about wearable devices. Advances in technology have led to minimally invasive surgeries and increasing government support, and private venture capital funding will help in growth of the market. Factors which will hinder growth of the industry are stringent approval regulations for new products, sketchy reimbursement policies and long turnaround time. Opportunities for growth are present in Asian-Pacific and Latin American countries due to improving economies and higher demand.

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The global disposable medical sensors market was valued at $5.1 billion in 2016 and is expected to grow at a CAGR of 10%during the forecast period, to reach an estimated value of $9.0 billion in 2022.

Biosensors dominated the disposable sensor market in terms of revenue share; the value of this market was $1.8 billion in 2013. Increasing demand for diagnostic and monitoring devices such as cardiac pacemakers and blood glucose monitors are the key drivers of this segment.

 

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