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Disposable Medical Sensors Market on the Basis of Product, Application, End User and Region
In 2016, the market valued at $4.5 billion and it is projected to advance at a 10.4% CAGR during the forecast period (2018–2023).
The growing demand for low-cost medical equipment and rising prevalence of healthcare-associated infections (HAIs) are the major factors positively influencing the growth of the disposable medical sensors market. Moreover, the increasing incidence of diabetes and cardiovascular diseases is also contributing to the market growth, as the demand for monitoring devices is witnessing an increase.
The disposable medical sensors market is witnessing a trend of home healthcare services due to the rising healthcare costs and incidence of hospital-acquired infections. Technological advancements have played a major role in improving the diagnostics field by giving rise to its subset, point-of-care diagnosis. Portable devices for home healthcare use sensors for the detection of specified parameters and offer immediate results. The key manufacturing companies are increasingly investing in light and efficient sensors for point-of-care diagnosis, which can be easily used at homes.
Another factor contributing to the growth of the disposable medical sensors market is the growing number of diabetics and heart patients. Cardiovascular disease is one of the leading causes of premature death, globally. The rise in the menace of cardiovascular diseases is leading to an increasing demand for devices that measure the respiratory rate, patient activity, fluid levels, temperature, and heart rate. The manufacturers of these devices are now focusing on developing advanced cardiac monitors, continuous glucose-monitoring devices, and continuous blood pressure monitors.
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Therefore, the market for disposable medical sensors is expected to prosper during the forecast period owing to the increasing prevalence of various diseases and popularity of homecare facilities.
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