2024 Disposable Medical Devices Sensors Market Summary: 5 Key Findings
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What Growth Projections are in Place for the Disposable Medical Devices Sensors Market Between 2024-2033?
The market size for sensors in disposable medical devices has experienced substantial growth in the past few years. The market, which was valued at $8.36 billion in 2023, is expected to escalate to $9.16 billion in 2024, with a compound annual growth rate (CAGR) of 9.6%. The historical growth can be attributed to various factors such as the increase in chronic diseases, strict regulatory norms, preference for at-home healthcare by patients, emphasis on infection control, efforts in remote patient monitoring, advancements in point-of-care testing, rise of preventive healthcare awareness, globalization in the healthcare sector, and integration of smart implants.
Expectations are that the disposable medical devices sensors market size will experience substantial growth in the near future, escalating to $13.55 billion by 2028 with a compound annual growth rate (CAGR) of 10.3%. Factors contributing to this projected growth in the forecast period include the rise of telehealth services, integration on digital health platforms, a focus on non-invasive monitoring methods, progress in flexible electronics, enhancements in neonatal care, usage in smart bandages, and improved healthcare connectivity, with an emphasis on cost-effective solutions. Key trends driving this growth during the forecast period involve wearable health technology, advancements in sensor technologies, the advent of smart inhalers and respiratory monitoring devices, application of artificial intelligence (AI), remote monitoring of key health indicators, continuous glucose monitoring (CGM) systems, and evolving biosensor technologies.
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What Are the Major Factors Contributing to the disposable medical devices sensors Market Expansion?
The escalating prevalence of persistent diseases and illnesses that last a year or longer is anticipated to fuel the advancement of the disposable medical device sensors market. These chronic health conditions require consistent medical intervention and limit everyday activities. Disposable medical device sensors play a significant role in diagnosing, treating, and monitoring these diseases, directly contributing to the market’s expansion. For instance, data published by the World Health Organization (WHO) in September 2022 states that noncommunicable diseases (NCDs) cause the death of 41 million individuals annually, equating to 74% of global deaths. The leading contributor to NCD deaths is cardiovascular diseases, accounting for 17.9 million deaths each year. Consequently, the intensifying prevalence of chronic diseases is forecasted to propel the disposable medical device sensors market’s growth.
Which Key Segments Shape the Disposable Medical Devices Sensors Market?
1) By Product Type: Biosensors, Temperature Sensors, Pressure Sensors, Accelerometers, Image Sensors, Consumables
2) By Application: Patient Monitoring, Diagnostics, Therapeutics
What Are the Transformative Trends Influencing the Disposable Medical Devices Sensors Market?
Technological progression in sensor devices is a prominent trend emerging in the disposable medical devices sensors market. Key companies in this market are striving to integrate advanced technologies and introduce innovative monitoring methods. These strides forward allow these businesses to stand out and remain competitive. For example, in June 2022, Medtronic Plc, a U.S. medical device firm, shared new data from Europe and Chile along with clinical information on its MiniMed 780G system featuring the sophisticated Guardian Sensor 3 for insulin administration at the American Diabetes Association (ADA) 82nd Scientific Sessions. The data exhibited an enhanced user experience provided by the Guardian Sensor 3, powered by SmartGuard Technology. This sensor offers various customization options, fitting to individual lifestyles. The Guardian Sensor 3 can also be integrated into the MiniMed 780G system designed for those with Type 1 diabetes aged 7 or over, who require 8 or more units of insulin each day.
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North America was the largest region in the disposable medical devices sensors market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the disposable medical devices sensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Disposable Medical Devices Sensors Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the disposable medical devices sensors market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Disposable Medical Devices Sensors Market Include
1. Disposable Medical Devices Sensors Market Executive Summary
2. Disposable Medical Devices Sensors Market Segments
3. Disposable Medical Devices Sensors Market Size And Template Market Growth Rate
4. Key Disposable Medical Devices Sensors Market Trends
5. Major Disposable Medical Devices Sensors Market Drivers
……
25. Key Mergers And Acquisitions In The Disposable Medical Devices Sensors Market
26. Top Disposable Medical Devices Sensors Companies
27. Disposable Medical Devices Sensors Market Opportunities And Strategies
28. Disposable Medical Devices Sensors Market, Conclusions And Recommendations
29. Appendix
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