Disposable Medical Sensor Market Grew to $4.2B in 2014

With a growing demand for disposable medical devices that are safe and therefore cost-effective to use, disposable medical sensors have witnessed a surge in demand. BCC Research reveals in a new report that manufacturers, in an attempt to cater to the changing dynamics of the market, are shifting their focus towards developing disposable medical sensors.

The global disposable medical sensors market grew to $4.2 billion last year, up from $3.8 billion in 2013. BCC expects the sector grow at a compound annual growth rate (CAGR) of 10.2 percent over the next four years to reach an estimated value of $6.8 billion in 2019. Biosensors dominated the disposable sensor market in terms of revenue share. Increasing demand for diagnostic and monitoring devices such as cardiac pacemakers and blood glucose monitors are the key drivers of this segment, the report claims.

A growing geriatric population coupled with spreading prevalence of target diseases pertaining to cardiovascular, audiology and urology systems are the most significant growth drivers of the disposable medical sensors market, BCC researchers note. In addition, rising usage rates of insulin and infusion pumps due to pervasive levels of diabetes is predicted to drive market growth further.

“The healthcare industry is rapidly moving towards miniaturization of equipment and use of nanotechnology for diagnostics and treatment. In keeping with this trend, manufacturers are focusing on producing MEMS (MicroElectroMechanical Systems),” said BCC Research analyst Vijay Laxmi. “Growing demand for minimally invasive surgeries and the presence of high unmet medical needs in emerging Latin American and Asia-Pacific economies are responsible for the growth of the market and also present significant opportunities for the disposable sensors.”