Global disposable medical sensors market is expected to reach USD 7,543.1 million by 2020, according to a new study by Grand View Research, Inc. Increasing prevalence of HAIs (hospital acquired infections) and government initiatives aimed at reducing central-line associated bloodstream infections and surgical site infections in ward located and ICU patients are expected to serve the market as high impact rendering drivers. Introduction and subsequent rise in usage rates of novel technologies such as cancer tracking sensors, Hba1c sensors and MEMS pressure sensors is expected to boost future market growth.
Strip sensors dominated the overall product segment in terms of revenue and were valued at USD 1,800.2 million in 2013. Increasing prevalence of chronic diseases such as diabetes, cancer and cardiovascular disorders and the consequent rise in demand for diabetes and cancer biomarkers strip sensors are some factors accounting for its large share.
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Further key findings from the study suggest:
- Image sensors are expected to be a high growth segment over the forecast period owing to the introduction of technology advancements such as optic fiber technology; low power miniature CMOS image sensors and ZSRL image sensors. These sensors enable medical imaging and endoscopy systems to function with accuracy and therefore, help in effective diagnostic and therapeutic interventions.
- Disposable medical sensors based diagnostic applications dominated the overall market with revenue estimated at over 1,700.0 million in 2013. Increasing demand for point of care diagnoses such as i-stats, biosensors for the diagnosis and monitoring of glucose levels in emergency rooms is expected to drive the market during the forecast period.
- North America dominated the global market, accounting for over 35% of total revenue in 2013 on account of the presence of sophisticated healthcare infrastructure and growing R&D spending for the development of miniaturized and convenient medical sensors.
- Asia Pacific disposable medical sensors market is expected to grow at a CAGR of over 11.0% over the next six years, which is the highest among all regions. Increasing demand for home healthcare biosensors and improving healthcare infrastructure in emerging countries such as China and India are some factors contributing to its rapid growth.
- Some key players of disposable medical sensors include Honeywell International, Inc, Covidien Plc, STMicroelectronics, Given Imaging, Inc., GE Healthcare, Medtronic, Freescale Semiconductor, Inc., Philips Healthcare, Analog Devices, Smiths Medical, Measurement Specialties and Sensirion AG.
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About Grand View Research
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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