Sensor Patch Market Size, Share, Emerging Trends, Sales Revenue, Future Plans and Industry Outlook 2023
Research Reports
Jan 07, 2021
Market Research Future published a research report on “Global Sensor Patch Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Overview
A sensor patch is a wearable digital health device which is majorly used for healthcare applications like geriatric care, long-term medical care, and childcare. These devices are wearable medical solutions on the body allowing continuous and semi-continuous monitoring of physiological and mental parameters ranging from simple on skin temperature measurement to more sophisticated electrocardiogram measurements without tethering the patients to a wired medium. Apart from medical applications, sensor patch devices are also used in fitness and sports applications. According to Market Research Future (MRFR), the global Sensor Patch Market is expected to grow up to 600 million at 45% CAGR by the end of the forecast period of 2017 to 2013.
The global sensor patch market is driven by factors including the rise of healthcare expenditure, growing inclination for wearables by consumers in health monitoring application. Furthermore, the technological developments in sensor networks also contribute to the growth of the sensor patch market. Nevertheless, increased health insurance portability and accountability compliances can hinder the growth of the market. A significant challenge faced by manufacturers of sensor patches is designing and devising a skin-friendly adhesive to ensure product efficiency in the market. Sensor patches need to be gentle for the consumer, and durable to avoid the potential for any misevaluation while processing and avoid discomfort or allergy upon removal. Another primary restraint of the market is the high cost of the research, manufacturing, and designing of sensor patches and the requirement of advanced integrated technology.
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Key Players:
The key players in the global sensor patch market include- Frontier Smart Technologies Group Ltd. (UK), Abbott Laboratories (US), Medtronic (Ireland), DexCom (US), Feeligreen SA (France), G-Tech Medical Inc. (US), Texas Instruments (US), Isansys Lifecare Ltd. (UK), iRhythm Technologies (US), Kenzen Inc. (US) and Leaf Healthcare Inc. (US) among others.
Segmental Analysis
The sensor market has been segmented by application, end-users, and region. By application, the market is segmented into diagnostic, monitoring, imaging, wellness and fitness, medical therapeutics, and others. By the end-users, the market is segmented into healthcare, fitness, sports, and others. By region, the global sensor patch market is segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW). Diagnostic accounts for the largest market share since it is widely used in the healthcare industry.
Regional Analysis
North America is assessed to be the largest market share, primarily due to the U.S. and Canada. Several technologically innovative medical devices, growing demand for monitoring devices by the rising population, increasing investments, and capabilities of research & development are expanding the scope of application areas of sensor patch. The increasing geriatric population and medical awareness are leading to technological advancement in the region. Moreover, increasing occurrence of numerous chronic diseases has led to higher demands of medical innovations, subsequently contributing to the sensor patch market.
Europe is another leading region of the global market, medical advancements and high demand from countries like France, Germany and the U.K.
Asia-Pacific is expected to grow substantially over the forecast period of 2017 to2023. The reason is attributed to increasing demand for high-end technology solutions, urbanization and increasing acceptance of innovative technologies. Countries such as Japan, China, and India contribute significantly to the overall market share due to the growing consumer awareness of innovative technologies and the rising popularity of wearable devices.
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Intended Audience
- Device manufacturers
- Network Operators
- Distributors
- Suppliers
- Research firms
- Software Developers
- Commercial Banks
- Vendors
- Government Agencies
- Cyber security Vendors
- End-user sectors
- Technology Investors
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