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Disposable Medical Sensors Market to Record an Exponential CAGR by 2023

May 14th 2019 at 10:36 AM

The emergence of sensor technology and continuous advancements in the technology play a pivotal role in the growth of the global Disposable Medical Sensors Market. Disposable medical sensors are available in various types, including implantable sensors, invasive sensors, and ingestible sensors. Implantable sensors are primarily used in medical research for measuring bodily parameters such as temperature, pressure, and force. Invasive sensors are used to detect chemical and physical parameters by inserting a chord or probe inside the human body. Injectable sensors are in form of pills and are swallowed for tracking health and functions inside the human body.

In terms of product, the global market for disposable medical sensors can be segmented into digital blood pressure meters, sleep apnea monitoring devices, peak flow meters, digital thermometers, spirometers, breath analyzers, and respiration pulse oximeters. Based on technology, the market can be divided into gas, pressure, temperature, acoustic, image, and flow sensors. The report encompasses all the vital aspects of the global disposable medical sensors market.

The soaring demand for sensors in homes and clinics for the treatment or diagnosis purpose is one of the primary factors augmenting the global market for disposable medical sensors. The rising incidence of chronic diseases, including cancer, cardiovascular, and kidney disorders along with growing prevalence of hospital-acquired infections are stoking the growth of the global market. Moreover, over the past few years, there has been a dramatic rise in the number of admissions to hospitals. This factor is translating into the greater uptake of disposable medical sensors. Besides, the increasing initiatives by governments worldwide, growing investments in the healthcare sector, and continuous improvements in the wearable technology are providing a fillip to the global market.

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On the flip side, the lack of reimbursement policies is limiting the widespread adoption of disposable medical sensors. Furthermore, the changing regulatory guidelines for the manufacturing of these sensors are challenging the growth of the market. However, market players are expected to tap high unmet needs in emerging regions to maximize their revenue generation.

The key segments analyzed in the report on the basis of geography are Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America and Europe will account for a substantial cumulative share in the global arena during the forecast period. The growth of these regions is mainly driven by rapid advancements in the sensor technology and the presence of advanced and well-established healthcare information technology (HCIT) infrastructure. The domicile of a large number of key players provides an edge to these regions and ensure their fast pace growth.

Asia Pacific, on the other hand, will offer promising opportunities to global participants. The booming medical tourism industry, improving healthcare infrastructure, and rising consumer expenditure on healthcare are contributing to the growth of the region. The increasing consumer awareness is also impacting the APAC region positively.

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Players in the global market for disposable medical sensors are putting in incessant efforts to improve their offerings in terms of safety, convenience, and sterility. Product innovation and launches are special areas of focus of the majority of players in the market to enhance their visibility. Several vendors are likely to follow the mergers and acquisitions path to improve their product portfolio. Some of the prominent companies in the global disposable medical sensors market are Measurement Specialties, Sensirion AG, ST Microelectronics, MEMSIC Inc., Smiths MedicalFreescale Semiconductor Inc., Philips Healthcare, GE Healthcare, Medtronic, Honeywell International Inc. Analog Devices Inc., and Coividien plc (Medtronic).

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