Disposable medical devices sensors are the need of the hour because of the relative ease of use, cost-effectiveness, non-infectious nature and the major one being faster response as well as more rapid results. With increased usage of analytics in the healthcare field, efficient data gathering will play an essential role in getting adequate results. Thus, the disposable medical devices sensors will play a significant role in achieving appropriate data needs. These devices are used to measure basic vital signs such as heart rates, breathing rates, pulse transmit time, temperature, blood oxygenation levels and others where changes help in identifying an anomaly of any sort. The new technology can be credited for this expectation as various advancements are allowing companies to make distinctive devices with better features and unique services. For instance, Ibis Biosciences has developed a machine which is capable of identifying around 1000 common disease-causing pathogens within few hours of blood sample collection, accurately.
The primary driver of the disposable medical devices sensors market is the increasing ubiquity of chronic and long-term diseases. According to World Health Organization, chronic disease prevalence is going to increase by 57% by the year 2020, a serious concern. Another significant driver is the surging concern over healthcare-associated infections and contaminations also known as Nosocomial infections. Urinary tract infections are the most common healthcare infections among all age groups.
These diseases also depend on the kind of facility into which a person is admitted. Thus, disposable medical devices sensors can help in maintaining hygiene standards. Another market accelerator is the support associated with Government initiative for research and development in the healthcare industry as well as increasing investment by venture capitalist firms. Furthermore, the market is driven by rising need to reduce healthcare costs through low-cost medical devices and technology. Currently, Point-Of-Contact Testing (POCT) has helped with reduction of costs by reducing manual labor associated with healthcare. Thu, advancement in such technologies and disposable equipment related to it, will inevitably drive the market growth. However, stringent Government regulatory procedures and lack of reimbursement policies may hamper the growth of the market.
The global disposable medical devices sensors market can be segmented by product, by application, by end-user, and by geography. By product, the market can be categorized into wearable, implanted, ingestible, invasive sensors and strip sensors. The market can be divided by application into patient monitoring devices, diagnostic testing devices, therapeutic devices and imaging devices. Each category is further subdivided into at least four divisions. By end-user, the market is segmented into hospitals, diagnostic laboratories, home care and clinics. By region, we can divide the market into North America, Europe, Asia-Pacific and, Middle East and Africa.
North America and Europe account for the majority of the market share because of established competencies in the healthcare industry. However, Asia-Pacific market will grow at the highest CAGR owing to increasing medical tourism, healthcare expenditures, raising awareness and rising per capita income.
The crucial players in the market are Medtronic plc, GE Healthcare, Philips N.V., Smiths Medical, Freescale Semiconductors Inc., TE connectivity and Honeywell International Inc.
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