Increasing demand for sensors in clinics as well as in the home for diagnostic and treatment purposes is expected to drive the global disposable medical sensors market demand. The introduction of technologically advanced products such as fiber optic technology, MEM sensor technology for detecting c-reactive protein, glucose and triglycerides and cancer tracking sensors is also expected to drive the disposable medical sensors market. With an ever increasing prevalence of chronic and long-term diseases, the demand for constant patient monitoring and diagnosis is on a rise.
The global disposable medical sensors market revenue was estimated at USD 3,830 million in 2013 and is expected to grow at over 10% from 2014 to 2020. Wearable and strip medical sensors which help in constant patient monitoring and diagnosis are expected to capitalize on this trend and gain demand over the next six years. In addition, the market is witnessing growth in demand for miniaturized disposable medical sensors which cater to the changing dynamics of the healthcare industry. These sensors are cost effective and can be easily fitted into portable and handheld medical devices which are rapidly gaining demand in home healthcare and point of care establishments.
Global disposable medical sensors market revenue, by product, 2013 - 2020, (USD Million)
Major product segments in the disposable medical sensors market include wearable sensors, implantable sensors, invasive sensors, ingestible sensors and strip sensors. Strip medical disposable sensors dominated the disposable medical sensors market in terms of revenue in 2013 owing to its increasing usage rates in applications such as detecting the uniform distribution of magnetic nano-particles, glucose monitoring, and disease testing. Moreover, growing market penetration rates of home healthcare based medical devices has now enabled patients with the ability to self-diagnose and monitor long-term illnesses using these products. Ingestible disposable medical sensors are expected to grow at the fastest CAGR over the next six years. Major factors expected to boost segment demand include growing demand for digital medicine and sensor-enabled pills.
Key technologies in the market include temperature sensors, pressure sensors, image sensors, biosensors, and accelerometers. Biosensors are expected to dominate the overall market throughout the forecast period. Increasing demand for diagnostic and monitoring devices such as cardiac pacemakers, blood glucose monitors are the key drivers of this segment. Image sensors market is expected to grow at the fastest CAGR during the forecast period. The introduction of technologically advanced and cost effective products such as optical fiber technology and growing demand for CMOS image sensors are some drivers attributing to such rapid segment growth.
Application segments estimated and analyzed in this study include diagnostics, patient monitoring, and therapeutics. Disposable medical sensors market for diagnostic purposes dominated the overall market in 2013. Increasing global geriatric population base and prevalence of chronic diseases requiring frequent monitoring are some factors attributing to its large share. Patient monitoring segment of this market is expected to grow at the fastest CAGR over the next six years. Growing prevalence of chronic diseases such as cancer and diabetes coupled with increasing market penetration rates of portable medical devices used in home healthcare establishments are some factors accounting for its rapid growth rate.
The North American disposable medical sensors market accounted for the largest share in 2013 owing to increasing prevalence of hospital-acquired infections, the presence of sophisticated healthcare infrastructure and the presence of private and public funding programs pertaining to the development of disposable sensor devices. Europe, on account of high usage rates of patient monitoring and diagnostic medical devices, is expected to hold the second largest market share throughout the forecast period. Asia Pacific on account of the presence of high unmet medical needs and rapidly improving healthcare infrastructure is expected to grow at the fastest CAGR during the forecast period.
Key players of the disposable medical sensors market include Covidien Plc, Honeywell International, Inc, Given Imaging, Analog Devices, Inc., GE Healthcare, Freescale Semiconductor, Inc., Medtronic, Philips Healthcare, STMicroelectronics, Smiths Medical, Measurement Specialties and Sensirion AG. The market is technology driven and therefore, manufacturers engage in rigorous R&D to develop new and technologically advanced products which cater to the changing needs of healthcare practitioners.
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