Disposable Medical Sensors Market on the Basis of Product, Application, and End User and Region
The disposable medical sensors market size is projected to reach $8.9 billion by 2023, growing at a CAGR of 10.4% during 2017-2023.The disposable medical sensors find application in diagnostic devices, therapeutic devices, patient monitoring devices, and imaging devices. The increase in prevalence of diabetes, led to the adoption of diagnostic devices for blood glucose monitoring, resulting into its largest contribution in the global disposable medical sensors market. Increasing use of CMOS image sensors that provides higher resolution, 3D imaging and precision manipulation, will act as key factors leading to the fastest growth in demand of disposable sensors for imaging devices, at a CAGR of 23.5% during the forecast period.
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Over the years there has been an increase in prevalence of diabetes and cardiovascular diseases, that drives the manufacturers in the disposable medical sensors market to develop sensory monitoring devices such as CGM, cardiac monitors, and continuous blood-pressure monitors (CBP) to cater to the need of the market globally. Cardiovascular disease is the leading cause of premature death around the world. High prevalence of cardiovascular diseases depicts increased demand for devices to monitor heart rates, respiratory rates, temperature, fluid levels and patient activity. According to the WHO, approximately 17.7 million people died from cardiovascular disease in 2015, representing 31% of the global deaths. Of these deaths, approximately 7.4 million deaths were due to coronary heart disease and 6.7 million were due to stroke.
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The European market for disposable medical sensors is expected to reach $2.3 billion in 2023, growing at a CAGR of 9.8% between 2017-2023. Europe offers significant opportunities for the growth of disposable medical sensors market. These opportunities are characterized by the increasing adoption of clinically advanced and development of sensor technologies by pharmaceutical companies operating in the region. Additionally, increase in rate of prevalence of chronic diseases such as diabetes and CVD are severely impacting the European population. According to the European Cardiovascular Disease Statistics (2017) published by the European Heart Network (EHN), CVD causes 3.9 million deaths in the Europe and more than 1.8 million deaths in the European Union (EU), every year. Increasing usage of sensors for diagnostic and prognostic application of various chronic diseases escalates the European disposable medical sensors market.
Some of the other key players operating in the disposable medical sensors market include Medtronic Plc, General Electric Company, Koninklijke Philips N.V., TE Connectivity Ltd., Smiths Group plc, NXP Semiconductors N.V., Honeywell International Inc., and Gentag, Inc.
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