Disposable Medical Sensors Market to grow at 11% CAGR till 2020

February 15, 2017

The global disposable medical sensors market stood at around USD 3.9 million in 2013. As per ongoing trends, the industry is poised to expand at a nearly 11% CAGR over the forecast period (2014 to 2020). Introduction of MEM sensor technology, cancer tracking sensors, and fiber optic technology is a vital factor that drives growth. MEM sensor technology is used to detect levels of triglycerides, glucose, and c-reactive proteins. Popularity of sensors in home diagnostics and in clinics could further augment product demand in the forthcoming years. High incidence of chronic and serious illnesses propels the need for regular medical tests, diagnosis, and patient monitoring. Strip & wearable medical sensors are used extensively in periodical patient monitoring & disease diagnosis.

The worldwide disposable medical sensors market is classified as per products, technologies, applications, and regions. The product portfolio comprises wearable sensors, strip sensors, implantable sensors, invasive sensors, and ingestible sensors. In revenue terms, the industry was led by strip medical disposable sensors in 2013. These find use in disease testing, glucose monitoring, and in the identification of distribution of magnetic nano-particles. Furthermore, strip medical sensors are ideal for self-diagnosis & monitoring of lifelong diseases. Demand for ingestible sensors is anticipated to be the highest over the forecast period.

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On the basis of technologies, the overall industry is divided into biosensors, image sensors, pressure sensors, accelerometers, temperature sensors, and others. Biosensors may dominate the worldwide industry because of applications in monitoring & diagnostics devices, like blood glucose monitors and cardiac pacemakers. The market for image sensors can expand at a remarkable CAGR in the years to come. Rapid progress of this segment owes to demand for CMOS image sensors and popularity of optical fiber technology.

Based on applications, the Disposable Medical Sensors Market is trifurcated into diagnostics, therapeutics, and patient monitoring. In 2013, highest demand for disposable medical sensors was from the diagnostics segment. Prevalence of chronic disorders and a rapidly growing geriatric population are factors that are responsible for its growth. It is anticipated that the patient monitoring segment will register a high CAGR over the forecast period. Key drivers are demand for portable medical devices and high incidence of diseases, such as diabetes and cancer.

Regions in the global disposable medical sensors industry are Europe, Asia Pacific, North America, and Rest of the World. North America dominated the overall industry in 2013. This region is fueled by well developed medical infrastructure, high incidence of hospital acquired infections, and presence of numerous public & private funding programs. Europe could be the second largest industry over the forecast period. High usage rate of diagnostic & patient monitoring medical devices is a chief regional driver. However, Asia Pacific may witness robust growth from 2014 to 2020 because of steady improvements in healthcare infrastructure and several unmet medical needs.

Companies in the global industry are Smiths Medical; Honeywell International Inc.; GE Healthcare; Given Imaging; and Medtronic among others. A team of researchers from MIT and from Brigham & Women’s Hospital has developed an ingestible electronic device that helps monitor physiological conditions and even deliver drugs. It is a tiny voltaic cell that can be sustained by acidic fluids in the patient’s stomach. This system generates sufficient power for drug delivery devices and small sensors to run in the gastrointestinal tract over long periods.

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