The Disposable medical devices sensors market is expected to register a CAGR of 10.8%, during the forecast period, 2018 to 2023. North America dominates the market, due to growing market of Disposable Medical Devices Sensors.
Analog Devices, Freescale Semiconductor, Inc., Ge Healthcare, Given Imaging, Honeywell International, Inc., Medtronic Plc, Philips Healthcare, Sensirion Ag, Smiths Medical
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Rapid Increase in Advancement an Acceptance of Sensor Technology:
The medical sensors are not limited to this use as they find their applications varying from checking/monitoring alcohol level in blood, biomechanics, blood analysis, blood flow, blood pressure, body temperature, breath analysis, eye parameters, eye pressure, fingerprint, heart rate, human identification, human motion capture, ocular movement, people counting, pulsation, and many others. The use of sensors is becoming popular as they avoid scope for human error, which can prove fatal in some conditions. The medical institutions use a sophisticated set of sensors to create a monitoring system and have a higher significance value. The miniaturization and easy dependability make these sensors the attractive deal for the medical segment. The use of sensors is not limited to patient care as it is also used in tracking the movement of pharmaceutical and other test materials related to patients. This will drive the market to a very high growth rate in the future. Additionally, increasing healthcare expenditure, enhanced investments by venture capital firms to develop novel disposable medical devices sensors, government provisions for R&D activities are likely to drive the market growth.
Stringent regulatory framework:
In the expanding market for medical devices and therapies, there are stringent regulatory policies in place to ensure the safety of such drugs and devices. Pre-market approval is an FDA process of scientific and regulatory review to evaluate the safety and effectiveness of drugs and devices. There have been procedures by the FDA to heighten the post-market surveillance. The FDA review process takes twice as much time as European regulatory commissions review bodies. Hence, citizens from countries where the review process is shorter benefit more than countries with longer review processes and stringent regulations. The presence of stringent regulations is dampening the innovation in the market and hindering the growth of this market. Strict regulatory policies is thus, likely to impede the growth of market. Also, the lack of awareness in new diagnostics technologies may induce users to stick to conventional methods, although this can be addressed with effective marketing.
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North America to Dominate the Market:
North America is expected to lead the market. The major factors attributed to the growth in the region are technological advancement in innovative sensors development, and high adoption rate of sensors based devices in the region. Asia Pacific is likely to register high growth rate during forecast period, owing to government initiative in set up of new hospitals and growing demand for sensor-based devices in home care settings.
Key Developments in the Market:
• December 2015: Medtronic acquired CardioInsight in 2015
Reasons to Purchase this Report:
• Current and future disposable medical devices sensors Market outlook in the developed and emerging markets
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