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.
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.
Browse Details of Report @
http://www.grandviewresearch.com/industry-analysis/disposable-medical-sensors-industry
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.
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company, registered
in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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