DISPOSABLE MEDICAL SENSORS MARKET ANALYSIS

Market Challenges And Opportunities

Market Dynamics

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.