The global disposable medical sensors market is expected to reach USD 12.3 billion by 2025, according to a new report by Grand View Research, Inc. Increasing prevalence of chronic diseases has been observed to be a major factor driving growth which is demanding for better healthcare service provision by high quality diagnostic and monitoring devices. These devices will enable patients to self-monitor and along with easy and affordable usage. In addition, the rapidly rising technological advancements is expected to bring in innovation in medical sensors.
The market is also being driven by government initiatives to fund and encourage R&D which in turn will help in launching innovative products. For instance, the government of India increased the health expenditure from 1.4% to 2.5% for innovations, and other healthcare services. Innovations in medical sensors not only instill ease of use but also assist in making the device portable and automated.
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On the basis of product, the biosensor segment is accounted to be the spearhead in 2016 and is expected to maintain its dominance over the forecast period. This can be attributed to the rising demand for rapid and accurate diagnostic kit. Development of such diagnostic tools is expected to further create new growth opportunities for biosensors, thereby supporting growth of the disposable medical sensors market. Launching of new products are expected to fuel market growth. For instance, Raiing Medical launched wearable thermometer in 2016 that is rechargeable and waterproof. Similarly, MEMSIC Inc. launched new pressure sensor in 2017 which is used in breath detection.
Further Key Findings From the Report Suggest:
• Globally, disposable medical sensors witnessed lucrative growth in 2016 and are expected to grow at a CAGR of 10.2% from 2017 to 2025
• Biosensor segment has been observed to be the largest product segment in 2016 and is estimated to generate revenue of over USD 6.03 billion by 2025
• On the basis of application, the diagnostic segment is expected to dominate the market space. This is attributed to the increasing incidence of various infectious and other chronic conditions, along with the growing awareness among the population.
• The industry in Asia Pacific is expected to witness substantial growth over the next decade owing to the increasing incidence of diseases and the geriatric population with high unmet healthcare needs.
• Some of the key players in this industry are Medtronic, Philips, GE Healthcare, OmniVision Technologies, Sensiorion AG, Smiths Medical, and Analog Devices.
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Grand View Research has segmented the global disposable medical sensors market on the basis of product, distribution channel, end use, and region:
Product Outlook (Revenue, USD Million, 2014 - 2025)
• Biosensors
• Pressure sensors
• Accelerometer sensors
• Temperature sensors
• Image sensors
Type Outlook (Revenue, USD Million, 2014 - 2025)
• Strip sensors
• Wearable sensors
• Implantable sensors
• Invasive sensors
• Ingestible sensors
Application Outlook (Revenue, USD Million, 2014 - 2025)
• Diagnostic
• Therapeutic
• Patient monitoring
Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K
• Asia Pacific
o China
o Japan
• Latin America
o Brazil
o Mexico
• Middle East Asia
o South Africa
o Saudi Arabia
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.