WELLESLEY, Mass., Sept. 27, 2017 (GLOBE NEWSWIRE) -- The use of disposable medical sensors is increasing continuously, and this market is expected to expand at a healthy double-digit growth rate, with the potential to reach $9.0 billion by 2022. In a new report by BCC Research, the industry’s prospects and regional markets are examined by types of sensor technology, products and applications.
Statistics show an increase in geriatric populations all over the world. This will lead to more demand for continuous health monitoring devices for a larger number of diseases pertaining to cardiovascular, audiology and urology systems. According to BCC Research’s report, Disposable Medical Sensors: Technologies and Global Markets, a robust expansion from $5.1 billion in 2016 global sales will be partially due to high unmet medical needs and demand in emerging Latin American and Asian-Pacific economies. BCC Research expects that North America will continue to dominate the global market throughout the forecast period.
In addition, insulin and infusion pumps are increasingly used due to the high prevalence of diabetes. This and other chronic diseases are expected to drive market growth even further.
Research Highlights
- Market drivers include more hospital-acquired infections, increasing rates of chronic and lifestyle diseases, launch of technologically advanced products and growing awareness of wearable devices.
- The global disposable medical sensors market is expected to grow at a five-year compound annual growth rate (CAGR) of 10.0%.
- Rising demand for diagnostic and monitoring devices, such as cardiac pacemakers and blood glucose monitors, is the key driver of the biosensors segment.
“The healthcare industry is rapidly moving toward miniaturization of equipment and use of nanotechnology for diagnostics and treatment. Moreover, in keeping with this trend, manufacturers are focusing on producing microelectromechanical systems,” said Vijay Laxmi, BCC Research analyst. “The growing demand for minimally invasive surgeries also presents a significant opportunity for disposable sensors.”
Market Drivers, Restraints, and Opportunities
Advances in technology, increasing government support and private funding (e.g., venture capital) will contribute to expansion of the market. Factors that will hinder growth of the industry include stringent approval regulations for new products, sketchy reimbursement policies and long turnaround times. Opportunities for growth are present in Asian-Pacific and Latin American countries due to improving economies and higher demand.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.