June 2, 2015 — According to a new report from BCC Research, the global market for disposable medical sensors grew to $4.2 billion in 2014 from $3.8 billion in 2013. The market is expected to grow at a five-year compound annual growth rate (CAGR) of 10.2 percent from 2014 to 2019, reaching $6.8 billion in 2019.
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. The report reveals that manufacturers, in an attempt to cater to the changing dynamics of the market, are shifting their focus towards developing disposable medical sensors.
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.
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. 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.”
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