Press release
How the Disposable Medical Sensors Market Has Witnessed Substantial Growth in Coming Years?
These factors will increase the size of the market from $4.5 billion in 2016 to $8.9 billion by 2023. Currently, the market is observing technological developments and the introduction of novel devices. This is because key medical device and component manufacturers are focusing on enhancing their product portfolio to retain and even strengthen their foothold in the market.
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One of the key factors driving the disposable medical sensors market growth is the increasing incidence of HAIs. The World Health Organization (WHO) states that nearly 7 out of 100 hospitalized individuals in developed nations and 10 out of 100 hospitalized patients in emerging economies contract at least one HAI. According to the European Centre for Disease Prevention and Control (ECDC), the incidence of HAIs in the region is around 7.1%. This is why the awareness regarding disposable sensors and other single-use medical equipment is rising around the world.
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Geographically, the North American disposable medical sensors market generated the highest revenue in 2016 due to the increasing prevalence of HAIs, booming geriatric population, and rising government expenditure on research and development (R&D) for the sensors in the region. Moreover, the high healthcare cost and rising incidence of chronic diseases support the market growth. The Centers for Disease Control and Prevention (CDC) states that 6 in 10 adults in the U.S. suffer from chronic diseases at any point in time.
Thus, the increasing incidence of HAIs and escalating number of product launches will augment the market growth in the coming years.
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