Global Sensor Patch Market Scope
Sensor patches are designed for measuring moisture
in healthcare settings. They are used for monitoring personnel in sports,
fitness, and healthcare. The global Sensor Patch Market report by Market Research
Future (MRFR) analyzes certain trends and developments to make astute
predictions for the period of 2017 to 2023 (forecast period). The COVID-19
outbreak and its effects on the industry are explored in full detail.
The global sensor patch market is expected to reach
approximately USD 600 million by the end of 2023 at 45% CAGR during forecast
period. The large spending budget of healthcare organizations and focus on
improving patient outcomes can drive the market demand. Moreover, preference of
wearables, awareness of benefits of telehealth, and rise in disposable income
levels of patients can also contribute to the demand for sensor patches. This
is evident by the demand for patches in monitoring of diseases such as cardiovascular
disorders, cancer, and diabetes.
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Popularity of health and fitness devices, launch of
new fitness bands, and technological breakthroughs can bode well for the
market. Bodywear devices worn on the wrist and chest for monitoring fitness
levels are gaining credibility among fitness enthusiasts and health experts.
Adoption of wearable patches in various sports and its ability in detecting
injuries can drive its demand during the assessment period.
Segmentation
On the basis of application, the market can be
segmented into monitoring, diagnostic, imaging, wellness and medical
therapeutics among others. Out of these, diagnostic accounted for the largest
market share since it is widely used in the healthcare industry.
By end user, it is segmented into fitness, sports,
healthcare, and others. The fitness segment is estimated to drive the demand
for sensor patches owing to the accuracy of the recording of its metrics. Small
size of sensors and capability for detecting calorie count, blood oxygen level,
and heart rate can drive the segment growth. On the other hand, the healthcare
segment can win certain shares of the market owing to rise in healthcare
expenditure and focus on geriatric care.
Regional Analysis
Regionally, North America accounted for the largest
market share from countries such U.S. and Canada among others. It is attributed
to various technologically advanced medical devices, increasing demand for
monitoring devices by the growing population, increasing investments in
research & development and also increasing capabilities of R&D are
broadening the application areas of sensor patch.
However, the Asia Pacific sensor patch market is
expected to grow at an astounding rate over the forecast period. This is
attributed to growing demand for high-end technology solutions, urbanization,
and increasing acceptance of innovative technologies. Integration of medical
devices for delivering quality care to patients and investments by wearable
manufacturers can augur favorably for the market. The large patient pool in
China and India and the outbreak of the COVID-19 virus coupled with accurate
diagnosis of the disease can spur the demand for sensor patches.
Competitive Outlook
Abbott Laboratories, Feeligreen SA, Texas
Instruments, Medtronic, Kenzen Inc., Leaf Healthcare Inc., DexCom, iRhythm
Technologies, Isansys Lifecare Ltd., Frontier Smart Technologies Group Ltd.,
and G-Tech Medical Inc. are key players of the global sensor patch market.
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