The disposable medical devices and medical sensors market is anticipated to grow at CAGR of 10% from 2017 to 2025. Market growth can be attributed to the increased occurrences of diabetes and infectious & chronic ailments over the globe.
The other factors which are anticipated to drive the market for disposable medical devices are sustained innovations and technological advancements in the point of care diagnosis and monitoring outside hospitals.
At the same time, the increased need for monitoring conditions of the remote patient and next generation disposable medical sensors such as painless diabetes screens, wearable wrist watches are few incentives driving the demand for disposable medical devices.
Extensive number of administrative endorsements for bio degradable devices is also expected to positively influence the global disposable medical devices and medical sensors market. However absence of adequate repayment options for novel technologies and stringent administrative procedures are major factors that may constrain the worldwide disposable medical device sensors growth over the coming years.
Biosensors market held the largest global share in 2016 attributed to their increased consumption in drug development processes. The image sensors segment is projected to grow at a very high CAGR over the forecast period. Growth in this segment is due to the increased demand for CMOS image sensors and emerging endoscopy products such as camera pills and disposable endoscopes.
The growth of strip sensors is mainly due to their rising usage in disease detection and glucose monitoring tests. However, ingestible sensors market is projected to grow at the fastest rate over the estimated period due to increasing demand for capsule endoscopes and smart pills.
By placement, the industry is divided into wearable, implantable, ingestible, invasive, and strip sensors. The growth of strip sensors segment is driven by the widespread acceptance in diagnostic applications, cost effectiveness, convenience, non-infectious nature, and faster results.
The therapeutic devices segment includes insulin pump, dialysis device, cardiac therapy devices, and cardiac catheter sensors which helps the physicians to get access to better computerised and quick reports. The diagnostic testing devices unit is further segmented into HIV test kits, drug & alcohol test kits, and blood glucose test strips.
In order to distinguish between the diagnostic markets landscape, an overall understanding of the inter-segment relationships and intra-segment breakdowns is necessary; this is especially important when segmentation across diagnostic companies is not standardized.
Patient monitoring devices is expected to grow at a fast pace. The respiratory monitors segment is also anticipated to grow rapidly over the forecast period. This growth can be attributed to the increased occurrences of obstructive sleep apnea and the rising alternate uses of capnographs.
The remote patient monitoring (RPM) devices segment has also been doing exceptionally well, with the help of government regulations to control the rising healthcare costs. The technological advancements and launch of new products are contributing to the growth of RPM devices.
Healthcare centres and laboratories dominate the market as most of the indicative tests are performed in-house. The hospitals, academic & analytic research facilities segment held the maximum share in 2016 and are anticipated to dominate the market over the next few years. The demand for healing centres or demonstrative research centres is developing as they provide a proper lab setting, where information obtained from patient samples is used for investigation and development of personalized medications.
North America was the largest market for these therapeutic instruments owing to the developed healthcare industry, raising consumer awareness, government activities, and new launch and advancements. Implementation of hygiene and cleanliness measures by virtue of the stringent regulatory system is expected to boost the overall market consumption in Europe.
Rising economies in Asia-Pacific mostly India, China, South Korea, and Japan are anticipated to demonstrate a steady growth rate in medical product usage by virtue of creating healthcare facilities which in turn is supposed to bring higher market demand over the forecast period.
India and China are anticipated to offer remarkable opportunities on account of healthcare infrastructure improvement and increasing number of private hospitals. In Africa, industry is projected to grow at a lower rate due to the absence of healthcare sector advancement initiatives and expensive medical services. Central and South America is foreseen to rise at the steady rate primarily on account of high cost along with minimum awareness by the territorial government.
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase disposable medical devices and medical sensors over the coming years. Few of the consumers are Stanley Healthcare, Gerson Institute, and StemGenn Therapeutics Hospital.
The major organizations operating in this market concentrate on product development for maintaining competitive advantage. In May, 2014 Honeywell International, Inc. launched Nano power Anisotropic Magnetoresistive Sensor ICs which gives high level of magnetic sensitivity to be used in healthcare applications such as medication dispensing cabinets and infusion pumps.
Siemens being a global healthcare company, are continuously developing the product portfolio base, from medical imaging and laboratory diagnostics, to advanced healthcare services along with other technological advancements for therapeutic and molecular diagnostics.
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