Improved healthcare is the crucial agenda for all the governments across the world. In order to attain better healthcare, medical devices and applications need to be up to the mark. This makes sensors and other devices a vital part of this entire process. Rising demand for advanced medical applications is driving the growth and innovation in the sensors market as well. Today, disposable medical devices sensors market is witnessing steady growth in terms of revenue, market expansion and rise in demand in various parts of the world. Several other aspects like rising awareness about healthcare in the developing countries and increasing number of aging population are also changing the demand patterns in the industry.
Segmentation in Medical Devices Sensors Market
The disposable medical devices sensors market is segmented on the basis of the types of applications, type of sensor devices, types of products and geographic regions. According to the demand patterns across various geographic regions, the market is divided into four regions, which include Asia Pacific, North America, Europe and rest of the world. The rest of the world region includes Middle East, Africa and Latin America.
- Products: The types of products in the industry are segmented into wearable sensors, invasive sensors, implantable sensors, strip sensors and ingestible sensors. Based on recent reports, strip sensors are leading the global industry in terms of demands and applications.
- Sensor Types: Sensor types include temperature sensors, image sensors, pressure sensors, biosensors, accelerometers and others. Biosensors are estimated to dominate the market with over 50% of market shares worldwide.
- Applications: Diagnostics, patient monitoring and therapeutics. These three segments are further divided based on their types and applications in various medical and diagnostic settings.
Market Drivers and Forecasting
Major drivers in the disposable medical devices sensors market include increasing number of aging population, rising instances of chronic diseases, which require regular monitoring; building interest and investments of government in healthcare sector, major capital investments in the market, rising healthcare costs and increasing number of hospital acquired infections, etc. Rapid growth and attention towards healthcare sector in underdeveloped third world countries and emerging markets like Asia, Africa and Middle East are also creating buzz in the sensors market for disposable medical devices.
According to the market research reports, the industry is expected to maintain a healthy growth rate (CAGR) of over 10% from 2013 to 2018. During this period, the disposable medical devices sensors market is expected to become worth $6,212.7 million by 2018. As of 2013, the market is worth $3,831.6 million.