Global disposable medical devices sensors market: $6.2 billion industry forecast by 2018
Disposable Medical Devices Sensors Market: Global Forecast to 2018 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-25 04:35:01
The global disposable medical devices sensors market is valued at an estimated $3,831.6 million in 2013 and is poised to grow at a CAGR of 10.1% from 2013 to 2018, to reach $6,212.7 million by 2018. Based on product type, the strip sensors market holds the largest share of 49.6% in 2013. This large share is attributed to the extensive use of these sensors in homes as well as in clinics, for diagnostic purposes. However, the ingestible sensors market is poised to grow at the highest CAGR.
Recently, the FDA lowered the regulatory bars for the launch of ingestible sensors and this is a major reason for the high growth of this market. Based on sensor type, image sensors are slated to witness the highest growth. This growth is likely to be driven by technological advancements, due to which products with superior technologies are being launched in the market. The launch of the CMOS chip-on-tip technology is one such example. Moreover, the cost effectiveness of capsule endoscopes as compared to the traditional process is another reason driving the growth of this market.
The major factors driving the disposable devices sensors market are increasing number of hospital acquired infections, rise in government investments, rise in venture capitalist investments, and rising healthcare costs. Moreover, the lowering of regulatory bars by FDA for ingestible sensors, collaborations between various companies, and the untapped Asian market are the various growth opportunities for this market.
The global disposable devices sensors market is dominated by North America, followed by Europe, Asia, and Rest of the World (RoW). North America will continue to lead the global disposable devices market in the forecast period, followed by Asia. Over the next five years, the growth of the global disposable devices sensors market in the Asian region is likely to be centered at Taiwan, China, Japan, Singapore, and India. This growth will be driven by increasing research-related activities, government support in the form of investments and grants, and the rising number of diabetic and cardiovascular patients in these regions.
The major players in the disposable devices sensors market include Analog Devices, Inc. (U.S.), Covidien Plc (Ireland), Freescale Semiconductor, Inc. (U.S.), GE Healthcare (U.K), Given Imaging (Israel), Honeywell International, Inc. (U.S.), Measurement Specialties (U.S.), Medtronic (U.S.), Philips Healthcare (The Netherlands), Smiths Medical (U.S.), ST Microelectronics (Switzerland), and Sensirion AG (Switzerland), among others.
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