Growth drivers including the spurring demand for low-cost medical equipment and escalating incidence of hospital-acquired infections (HAIs) will propel the disposable medical sensors market at a 10.4% CAGR during the forecast period (2017–2023).
These factors will increase the size of the market from $4.5 billion in 2016 to $8.9 billion by 2023. Currently, the market is observing technological developments and the introduction of novel devices. This is because key medical device and component manufacturers are focusing on enhancing their product portfolio to retain and even strengthen their foothold in the market.
One of the key factors driving the disposable medical sensors market growth is the increasing incidence of HAIs. The World Health Organization (WHO) states that nearly 7 out of 100 hospitalized individuals in developed nations and 10 out of 100 hospitalized patients in emerging economies contract at least one HAI. According to the European Centre for Disease Prevention and Control (ECDC), the incidence of HAIs in the region is around 7.1%. This is why the awareness regarding disposable sensors and other single-use medical equipment is rising around the world.
Browse detailed report - Disposable Medical Sensors Market Revenue Estimation and Growth Forecast
The placement of sensor segment is categorized into strip sensors, implantable sensors, ingestible sensors, wearable sensors, and invasive sensors. In 2016, the strip sensors category held the largest market share due to their surging adoption in diagnostic devices, as they are easy to use and carry a lower risk of infection transmission. The ingestible sensors category will demonstrate the fastest growth in the forecast period owing to the continuous technological innovations in these sensors and strong focus on wireless diagnostic imaging and patient monitoring.
Geographically, the North American disposable medical sensors market generated the highest revenue in 2016 due to the increasing prevalence of HAIs, booming geriatric population, and rising government expenditure on research and development (R&D) for the sensors in the region. Moreover, the high healthcare cost and rising incidence of chronic diseases support the market growth. The Centers for Disease Control and Prevention (CDC) states that 6 in 10 adults in the U.S. suffer from chronic diseases at any point in time.
The Asia-Pacific disposable medical sensors market is projected to register the fastest growth during the forecast period. This can be attributed to the surging healthcare expenditure, escalating demand for advanced technologies, growing cases of chronic ailments, and rising government initiatives and healthcare R&D funding. According to the International Diabetes Federation (IDF), China and India will be home to 150.7 million and 123.5 million diabetic patients, respectively, by 2040. Such a high incidence of chronic diseases is already driving the volume of medical procedures and procurement of disposable sensors.
Thus, the increasing incidence of HAIs and escalating number of product launches will augment the market growth in the coming years.
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