Moreover, the increasing incidence of diabetes and cardiovascular diseases is also contributing to the market growth, as the demand for monitoring devices is witnessing an increase. In 2016, the market valued at $4.5 billion and it is projected to advance at a 10.4% CAGR during the forecast period (2018–2023).
The disposable medical sensors market is witnessing a trend of home healthcare services due to the rising healthcare costs and incidence of hospital-acquired infections. Technological advancements have played a major role in improving the diagnostics field by giving rise to its subset, point-of-care diagnosis. Portable devices for home healthcare use sensors for the detection of specified parameters and offer immediate results. The key manufacturing companies are increasingly investing in light and efficient sensors for point-of-care diagnosis, which can be easily used at homes.
Another factor contributing to the growth of the disposable medical sensors market is the growing number of diabetics and heart patients. Cardiovascular disease is one of the leading causes of premature death, globally. The rise in the menace of cardiovascular diseases is leading to an increasing demand for devices that measure the respiratory rate, patient activity, fluid levels, temperature, and heart rate. The manufacturers of these devices are now focusing on developing advanced cardiac monitors, continuous glucose-monitoring devices, and continuous blood pressure monitors.
The disposable medical sensors market is segmented by geography, product, application, and placement of sensor. Ingestible, strip, invasive, wearable, and implantable sensors are the categories of the placement of sensor segment. The ingestible sensors category is expected to grow the fastest, at a 22.1% CAGR, during the forecast period. This can be attributed to the increasing focus on wireless diagnostic imaging and patient monitoring systems.
The application segment of the disposable medical sensors market is classified into imaging, diagnostic, patient monitoring, and therapeutic devices. During the historical period, the diagnostic devices classification led the market and would do so during the forecast period too. But during the forecast period, the imaging devices classification is projected to grow the fastest, owing to the increasing use of complementary metal-on silicon oxide semiconductor (CMOS) image sensors that provide 3D imaging, precision manipulation, and higher resolution.
Therefore, the market for disposable medical sensors is expected to prosper during the forecast period owing to the increasing prevalence of various diseases and popularity of homecare facilities.
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