Disposable Medical Devices Sensors Market - Growth, Trends, and Forecast (2020 - 2025)
The Disposable Medical Devices Sensors market is being driven by factors such as increasing healthcare expenditure, government provisions for R&D activities, and acceptance of the sensor technology in the developing economies.
Applications of the medical device sensors vary from checking/monitoring alcohol level in blood, biomechanics, blood analysis, blood flow, blood pressure, body temperature, breath analysis, eye parameters, eye pressure, fingerprint, heart rate, human identification, human motion capture, ocular movement, people counting, pulsation, and many others. The use of sensors is becoming popular as they avoid scope for human error, which can prove fatal in some conditions. The medical institutions use a sophisticated set of sensors to create a monitoring system and have a higher significance value.
The miniaturization and easy dependability make these sensors the attractive deal for the medical segment. The use of sensors is not limited to patient care as it is also used in tracking the movement of pharmaceutical and other test materials related to patients. This will drive the market to a very high growth rate in the future. Additionally, increasing healthcare expenditure, enhanced investments by venture capital firms to develop novel disposable medical devices sensors, government provisions for R&D activities are likely to drive the market growth.
Key Market Trends
Patient Monitoring is Expected to Show Rapid Growth Over the Forecast Period
Patient monitoring is one of the rapidly growing markets and disposable sensors are widely being used for patient monitoring. In the rural as well as urban areas of the developing countries, there is a growing demand for in-home patient monitoring. This rising demand is allowing the companies to utilize medical device sensors largely for patient monitoring.
There is a large number of local as well as global companies that are into the disposable sensors for patient monitoring. Some of the well-known players providing these sensors include Smiths Medical, Mediaid, Inc., etc.
It has been suggested by the studies that more than five million medical sensors were being used during the year 2018 for the purpose of patient monitoring. This indicates the rising use of medical device sensors which will directly affect the market studied in a positive manner over the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period.
North America is expected to lead the market. The major factors attributed to the growth of the market in the region are a technological advancement in innovative sensors development and high adoption rate of sensors based devices in the region. The United States holds the largest market share due to the presence of key players in the market studied.
The Asia Pacific is likely to register a high growth rate during the forecast period, owing to government initiative in setting up of new hospitals and growing demand for sensor-based devices in-home care settings.
The market studied is moderately competitive and most of the local companies are having internal competition among themselves. The larget market share, however, is gained by global companies. In developing countries such as India, South Africa, etc., the local companies are posing intense competition due to the low prices of the products. In the near future, such small to mid-sized companies are believed to gain a substantial share of the market.
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