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Disposable Medical Sensors Market Report 2024 - Disposable Medical Sensors Market Share, Opportunities, And Statistics
Disposable Medical Sensors Market
According to The Business Research Company's, The disposable medical sensors market size has grown rapidly in recent years. It will grow from $11.86 billion in 2023 to $13.93 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. The growth in the historic period can be attributed to rising incidence of chronic diseases, emphasis on patient monitoring and safety, preventive healthcare measures, government initiatives and healthcare policies, ncreased awareness and adoption of wearable devices.
The disposable medical sensors market size is expected to see rapid growth in the next few years. It will grow to $26.68 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The growth in the forecast period can be attributed to rapid growth in remote patient monitoring, ntegration of iot and connectivity solutions, focus on home healthcare, advancements in sensor materials, global health pandemic preparedness. Major trends in the forecast period include rise of wearable and iot-enabled sensors, advancements in sensor technologies, increased emphasis on infection prevention, integration of artificial intelligence (ai) and big data analytics, expanding applications in chronic disease management.
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Market Drivers and Trends:
The rising concerns over hospital-acquired infections and contamination are expected to propel the growth of the disposable medical sensors market. Healthcare-associated infections (HAIs) are infections that affect people while they are being treated for another ailment in a healthcare facility. The increasing use of reusable medical equipment in hospitals, such as pulse oximetry sensors, catheters, stethoscopes, and other reusable devices, is one of the major causes of this increased prevalence. The use of contaminated medical equipment, particularly among newborns and other inpatients, is another factor contributing to the rising frequency of HAIs in hospitals. Disposable medical sensors can help avoid these infections by reducing the possibility of patient-to-patient cross-contamination. For instance, in 2021, according to the Centers for Disease Control and Prevention, a US-based health agency under the Department of Health and Human Services, hospital-acquired methicillin-resistant staphylococcus aureus (MRSA) infections increased by 14% from 2020 to 2021. Further, there was 7% increase in central line-associated bloodstream infection (CLABSI) between 2020 and 2021. Therefore, rising concerns over hospital-acquired infections and contamination drive the growth of the disposable medical sensors market.
Technological advancements are a key trend gaining popularity in the disposable medical sensors market. Major players in the market are increasingly adopting new technologies, such as miniaturization, wireless technologies and others, to improve patient care and outcomes. For instance, in November 2022, Omnivision, a US-based manufacturer of semiconductor solutions, including digital imaging, analogue, and touch & display technology, introduced the OH02B image sensor. It is a square 2-megapixel (MP) resolution (1500x1500) CMOS image sensor for gastrointestinal, ENT, orthopaedic, surgical, dental, and veterinarian reusable and disposable endoscopes, catheters, and guide wires. It also comes in a 2.5x2.5mm CameraCubeChip package (OCH2B) for disposable designs. It is equipped with the unique Omnivision AntLinx technology, which enables the thinnest four-meter interface link between the endoscopic camera and the camera control unit (CCU) tower.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Sensirion AG; Smith's Medical; GE Healthcare; Philips Healthcare; Honeywell International Inc.; TE Connectivity; STMicroelectronics; NXP Semiconductor; GENTAG Inc.; OmniVision Technologies Inc.; SSI Electronics; Covidien plc.; Qualcomm Technologies Inc.; Novosci Corporation; Medtronic plc; Analog Devices Inc.; Amphenol Corporation; General Electric Company; TE Connectivity; First Sensor AG; Coto Technology; ams AG; Sensata Technologies; Murata Electronics; BioVision Technologies Inc.; TDK InvenSense; Omron Corporation
Disposable Medical Sensors Market 2024 Key Insights:
• The disposable medical sensors market will grow to $26.68 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%.
• Surging Hospital-Acquired Infections To Drive Market Growth
• Technological Advancements Driving Innovation In Disposable Medical Sensors Market
• North America was the largest region in the disposable medical sensors market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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