Disposable Medical Sensors Market Trends and Outlook 2018-2026: Top Players Medtronic Plc, Koninklijke Philips N.V., GE Healthcare
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Rising incidence of chronic diseases leading to increasing need for faster and efficient diagnostics, therapeutics, and patient monitoring is expected to drive demand for disposable medical sensors. Chronic conditions such as cardiovascular diseases, diabetes, cancer, strokes, chronic obstructive pulmonary diseases, and obesity are among the most commonly encountered chronic diseases in the world. According to the World Health Organization (WHO) 2017, the global prevalence of cancer has risen from 4.7% of the total world population in 1980 to 8.5% in 2014, which accounted for nearly 422 million patients suffering from the disease in 2014. Moreover, WHO also states that the Global Burden Disease Study reports a prevalence of 251 million patients suffering with chronic obstructive pulmonary diseases (COPD) in 2016. Patient monitoring and diagnostic devices used for treatment of these patients incorporating disposable medical sensors is thus, expected to augment the market growth. Moreover, advancements in micro-technologies such as microfluidic chips, medical MEMS, and lab-on-a-chip technologies are expected to support the market growth during the forecast period. For instance, according to a research article published in MEMS Journal 2018, disposable and non-disposable medical sensors are advantageous in miniaturizing components and systems of MEMS and also helps in reduction of cost of the systems. However, unfavorable reimbursement policies for medical devices integrated with disposable sensors are expected to hinder the market growth.
On the basis of region, the global disposable medical sensors market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds a dominant position in the global disposable medical sensors market and is expected to retain its dominance over the forecast period. This is owing to development of technologically advanced integrated medical devices and solutions as well as new entrants in the region involved in product innovations. For instance, True Wearables, Inc., a medical device start-up based in California, introduced Oxxiom, world’s first wireless, continuous and fully disposable single pulse oximeter in January 2016 that measures arterial oxygen saturation, perfusion index and pulse rates. Moreover, rising prevalence of patients suffering with chronic diseases such as Type-1 diabetes that demand continuous monitoring of blood glucose levels are expected to propel growth of the region in the global market. According to the American Diabetes Association 2015, around 1.25 million children and adults in the U.S. suffered from diabetes.
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Key players operating in the global disposable medical sensors market include Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, FreeScale Semiconductors, Omnivision Technologies, Inc., Smiths Medical, Analog Devices, Inc., Honeywell International, Inc., and others. Market players are focused towards providing technologically advanced products to sustain their presence in the market. For instance, in October 2014, Sensirion AG introduced a disposable liquid flow sensor solution for medical devices that provides compact and cost-effective solution for safer and reliable automatic drug delivery at hospitals and home based settings.
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