The Latin America Disposable Medical Devices Sensors Market size was valued at USD 1.06 billion in 2022. It is further estimated to be growing at a CAGR of 8.95% and value USD 1.62 billion by 2027.
The growth of the Latin America disposable medical device sensors market is primarily due to growing concerns about contamination, rising prevalence of nosocomial infections, stringent government regulations, the increasing demand for home care devices, technological advancements, and ongoing R&D activities in the years to come. In addition, the growing rate of cases of chronic diseases such as cancer, respiratory disorders, cardiovascular disease, kidney disease, and other hospital-acquired infections (HAI) will accelerate market growth. For example, in Mexico, the rate of nosocomial infections in hospitals is between 2.2 and 16%, While in Peru, the general prevalence for HAIs was recorded at 8.5%. Of these cases, over 53% were males, and over 64% were adults over 65 years of age. Furthermore, regarding the type of nosocomial infections reported, 88.8% of people suffered from nosocomial pneumonia, and over 12% had urinary tract infections. Additionally, the aging population and increasing rate of hospital admissions are also driving the market's growth.
Studies suggest that more than five million medical sensors were used in 2019 to monitor patients, which indicates the increasing use of medical device sensors, including sensors for home and remote clinics. Increased technological advancements in the healthcare sector, including new surveillance techniques and digital innovation, are also influencing the market. These are gaining ground for various healthcare applications, such as cholesterol monitoring, glucose checks, pregnancy monitoring, and DNA analysis, directly affecting the studied market. Increasing adoption has led to early clinical intervention and care of the target population with positive outcomes, thus opening up lucrative avenues for players in the Latin America disposable medical device sensors market.
Implementing strict government policies regarding medical practices and general reimbursement policies for device sensor systems is projected to challenge the market of Latin America's disposable medical device sensors during the forecast period.
This research report on the Latin America disposable medical device sensors market has been segmented and sub-segmented into the following categories:
By Placement of Sensors:
By Patient Monitoring:
By Imaging Devices:
By End User:
In 2020, the regional market in Brazil had dominated the Latin American market, and this trend is estimated to continue over the forecast period. The market growth can be primarily attributed to the increasing incidence of HAIs and chronic diseases and large mergers and investments by international companies in the region. In addition, the availability of technologically advanced sensor-based disposable medical devices supports the market growth. Furthermore, emerging markets of developing countries and quick releases and product launches are growing several mergers and acquisitions in the region.
Regional markets in Argentina, Peru, Columbia, and Mexico are anticipated to grow steadily due to increased awareness of the population, an increased partnership between government and non-local profit organizations for product development, availability of medical equipment, and skilled manpower. In addition, innovations and technological advancements such as smart pill technology sensors will provide lucrative growth opportunities. Smart sensor technologies are revolutionizing the medical device industry in these regions. The growing need for remote patient monitoring and innovative disposable medical sensors such as wearable smart wristwatches, painless diabetes monitors, etc., are expected to create opportunities for players in the Latin America disposable medical sensors market during the forecast period.
KEY MARKET PLAYERS:
Companies playing a promising role in the Latin American disposable medical device sensors market profiled in the report are Medtronic plc., Philips Healthcare, Analog Devices, Inc., GE Healthcare, Smiths Medical, Honeywell International, STMicroelectronics, Freescale Semiconductors, Inc., Omnivision Technologies, Inc., and Sensirion AG.
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