Disposable Medical Sensors market to Attain a Value of $8.9 billion by 2023: P&S Market Research
December 26, 2017 --
NEW YORK, Dec. 26, 2017 (GLOBE NEWSWIRE) -- Global disposable medical sensors market is forecasted to attain a value of $8.9 billion by 2023, growing at a CAGR of 10.4 % during 2017-2023. The growth in the market will be led by the increasing prevalence of health care-associated infections (HAIs), growing demand for low cost medical equipment, increasing R&D investments, and rising prevalence of diabetes and cardiovascular diseases.
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The disposable medical sensors market has been categorized as biosensors, accelerometers, pressure sensors, temperature sensors, image sensors, and others, based on product. Image sensors are expected to witness fastest growth in demand during the forecast period, due to the increasing adoption for complementary metal-on silicon oxide semiconductors (CMOS) image sensors with high performance and integration functionality. The category is expected to register a CAGR of 19.2% during the forecast period.
Asia-Pacific disposable medical sensors market is predicted to witness fastest growth, due to the increasing healthcare expenditure over the years, rise in prevalence of chronic diseases in the region, growing government initiatives and funding for R&D sector, and increase in the adoption of advanced technologies. According to the International Diabetes Federation (IDF) 2015 report, China and India are among the top ten countries with the highest number of people suffering with diabetes. An estimated 109.6 million and 69.2 million people are suffering from diabetes in China and India, respectively, and it has been projected that the number will reach up to 150.7 million and 123.5 million, by 2040.
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Globally, the key providers in the disposable medical sensors industry are launching new products to gain a larger market share. For instance, in February 2017, Sensirion AG, announced the launch of its new proximal flow sensor SFM3400, at the MD&M West trade fair in in Anaheim, California. The SFM3400 is a fully bi-directionally calibrated digital flow sensor with fast signal processing time. It measures flow rates of up to 33 slm with respiratory applications used in neonatology and paediatrics. The sensor is available as both single use (SFM3400-D) and reusable (SFM3400-AW) solution.
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., STMicroelectronics N.V., and Gentag, Inc.
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