Global Sensor Patch Market Scope
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. 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. 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.
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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.
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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