Disposable Medical Sensors Market witnessing formidable growth landscape in the foreseeable future: P&S Market Research

New York, New York, UNITED STATES

NEW YORK, May 24, 2018 (GLOBE NEWSWIRE) -- The disposable medical sensors market size is projected to grow at a CAGR of 10.4% during 2017-2023, reach $8.9 billion by 2023. The market is growing mainly due to 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.

The different government and non-government organizations across the globe are focusing on providing universal healthcare without financial hardship. Hospitalization increases the burden of healthcare cost and threat to hospital acquired infections, therefore, healthcare providers and government bodies are focusing on home healthcare. Besides being an effective means of improving efficiency and reducing healthcare cost, point of care technologies are of more importance in countries with large population and lack of healthcare access in rural areas. With the emerging innovation in healthcare, the point of care diagnosis is supporting the demand for portable medical devices, that make use of sensor technology for efficient diagnosis, and offers immediate results. This has also led to the growing trend of miniaturization of sensors. The key players are designing light and efficient sensors for point of care diagnosis especially for the development of devices for home care, which is a trend witnessed in the global disposable medical sensors market.

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The increasing demand to produce low cost medical equipment is a major factor driving the growth of the global disposable medical sensors market. The high cost of medical devices acts as a major barrier in the growth of the global medical devices market. Additionally, the unfavorable reimbursement policies of medical devices make them less affordable by the large pool of patients. The expensive medical equipment adds to the soaring costs of healthcare, thereby necessitates the use of affordable equipment specially in the emerging economies owing to the low percentage of GDP spent on healthcare compared to high end economy. Hence, the medical device manufacturers look for low cost alternative solutions to address this demand. The development of disposable medical sensors requires a careful balance between materials, performance, reliability, cost, and shelf life; that fulfils the primary need to avoid infections. Different types of plastics are used in the manufacturing of disposables because they are relatively inexpensive in comparison to the use of costly, sturdier materials such as ceramics or steel for the development of reusable devices. Therefore, the demand of low cost medical equipment will drive the growth of the global disposable medical sensors market.

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Some of the other key players operating in the disposable medical sensors market include General Electric Company, Medtronic Plc, TE Connectivity Ltd., Koninklijke Philips N.V., NXP Semiconductors N.V., Smiths Group plc, Gentag, Inc. and Honeywell International Inc.

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