The market is estimated to grow at a CAGR of 6. 5% during 2020–2027. The growth of the South and Central America biomedical sensors market is attributed to the key driving factors such as the rising incidence of lifestyle-based diseases (CVD) and an increasing adoption of biomedical sensors.
However, the security concerns regarding the use of biomedical sensors restrain the market growth.
Factors such as antimicrobial resistance, adoption of unhealthy lifestyles, consumption of alcohol, and smoking contribute to the rising prevalence of lifestyle-based diseases such as diabetes. As per the International Diabetes Federation, in 2019, ~463 million adults had diabetes, and this number is expected to reach 700 million by 2045.
Therefore, the demand for biomedical sensors is increasing for regular health monitoring. Moreover, cardiovascular diseases (CVD) pose a significant threat to human health and lead to a tremendous burden on developed and developing economies worldwide.
According to the World Health Organization (WHO), CVD accounted for nearly 17.9 million deaths in 2018. This poses the need for patient monitoring devices to mitigate the death rate caused due to lifestyle-based diseases.
Additionally, rising number of geriatric population and increasing cases of obesity are the factors promoting the healthcare awareness among population. Various established players in the medical device industry have been investing a significant amount in R&D activities to develop better and advanced solutions to cater to the needs of their customers.
With the regulations laid down by the government bodies, it is possible to obtain better and reliable health management solutions, ensuring quality care, patient safety, and disease management. For instance, the Centers for Disease Control and Prevention (CDC) leads efforts to control communicable and infectious disease outbreaks and promote immunization to the people.
The federal government also aids states with funding and guidance for work such as emergency preparedness. Thus, the above factors drive the growth of the South and Central America biomedical sensors market.
South and Central America is witnessing a growing number of COVID-19 positive cases. With the second wave of COVID-19 outbreak, the number of cases in Latin American countries is increasing.
Currently, Brazil is rapidly increasing its clinical programs to fight against the novel coronavirus. Therefore, the focus on COVID-19 detection tests is rising.
For instance, more than 5 million SD biosensor test were imported to Peru, according to import records compiled by one of the nation’s leading diagnostic companies. Such initiatives would bring significant growth opportunities for the South and Central America biomedical sensors market in long run.
Based on type, the South and Central America biomedical sensors market is bifurcated into wired and wireless. The wireless segment held a larger market share in 2019, also the same segment is anticipated to register a higher CAGR in the market during the forecast period.
Based on sensor type, the South and Central America biomedical sensors market is segmented into temperature, pressure, image sensors, biochemical, inertial sensors, motion sensors, electrocardiogram (ECG), and other sensor types. The temperature segment held the largest market share in 2019, whereas the motion sensors segment is anticipated to register the highest CAGR in the market during 2020–2027.
The South and Central America biomedical sensors market, by product, is bifurcated into invasive sensors and non-invasive sensors. The non-invasive sensors segment held a larger market share in 2019, also the same segment is anticipated to register a higher CAGR in the market during the forecast period.
Based on application, the South and Central America biomedical sensors market is segmented into medical diagnostics, clinical therapy, imaging, and personal healthcare. The medical diagnostics segment held the largest market share in 2019, whereas the personal healthcare segment is anticipated to register the highest CAGR in the market during 2020–2027.
A few of the primary and secondary sources referred to while preparing the report on the South and Central America biomedical sensors market are the World Health Organization (WHO) and Ministry of Health in Argentina (ANMAT).
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