Report highlights growth areas in medical device sector

A report by RnR Market Research says that the global disposable devices sensors market is technology driven and is marked by the ‘Threat of Obsolescence,’ wherein technologies as well as their adoption by medical device manufacturing companies, patients, and clinicians changes very rapidly. The medical devices industry has seen a paradigm shift and is now focusing on disposable sensor-based devices, as these devices are comparatively less expensive and help in curbing hospital acquired infections (HAIs).

The ingestible sensor devices segment, including smart pill sensors and capsule endoscope sensors, is the fastest growing segment in the disposable devices sensors market. In recent years, many companies have shifted their focus towards developing smart pills, as these pills provide continuous patient monitoring at a low cost. Capsule endoscopes are non-invasive and are patient friendly, which is a major reason for their high growth. In addition, these capsules are able to diagnose small pathologies which cannot be easily detected by traditional endoscope procedures. The strip sensors market, which includes all the major disposable devices containing biosensors, is the largest segment. The reason for this large share is the wide use of these devices in home and private clinics. Also, with rising chronic and lifestyle diseases across the globe, the market for strip sensors and biosensors is expected to grow.

In the coming years, growth of the disposable devices sensors market is likely to be centered at Taiwan, China, Japan, Singapore, and India. These countries offer an array of opportunities for growth and are likely to serve as revenue pockets for the disposable devices sensors market. All these countries offer high growth potential as compared to mature markets such as the U.S. Growth in these markets is spurred by the growing incidence of diabetes and cardiac disease as the population ages. According to the International Diabetes Federation (IDF), diabetes affects 285 million people globally, and this number is expected to reach 438 million by 2030, with two-thirds of all diabetes cases in low- to middle-income countries. The Asian region is also witnessing a number of collaborations between major sensor companies and research firms, for development of new products. Also, governments of various Asian countries have extended their support in the form of investments, funds, and grants for improving research and development in the sensors area.

The global disposable devices sensors market is highly competitive and all the existing players in the market are engaged in developing new and advanced products to maintain their market share. However, insurance providers are reluctant to provide reimbursement for new devices. For instance, inadequate reimbursement for Zio Patch (a patch for continuous cardiac monitoring developed by iRhythm Technologies, Inc.) is a major problem for its acceptance in the market. The existing regulatory environment and the potential for overuse of such devices are the major factors due to which insurance providers refrain from providing reimbursements for new technologies. This reimbursement issue is a major challenge which the market is currently facing.

The report covers the sensors used in disposable medical devices and accessories. Sensors that are used in reusable or durable equipment/devices are not considered in the market estimation. In addition, implantable devices such as ICDs and pacemakers contain blended sensors. However, only accelerometers are considered for market estimation.

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