The Medical Patches and Sensors Market report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Various factors fueling the market growth of medical patches and sensors include increasing penetration of the device in home care and outpatient settings. The growing demand of medical patches across various applications such as fitness, and potential to diagnose various disease conditions such as cancer, diabetes, cardiac disorders, and high blood pressure is expected to fuel the market growth of medical patches and sensors over the forecast period. Such sensors are also incorporated into general consumers wearable such as Fujitsu’s, (a Japanese tech giant), discovered a wearable sensor tag , that can be worn on to the body or is attached to a walker, monitoring various body signs such as temperature and blood pressure.
The major challenge while developing such medical devices is designing and formulating a skin-friendly adhesive in case of patch-based wearable sensor. The medical patch should be gentle, still strong to avoid the potential for any discomfort and allergy upon removal. Another major restraint of the market is high cost of the technology. The manufacturing and designing cost of medical patches and sensors are too high and require advanced integrated technology. Various technical and clinical failures associated with the use of technology is malfunctioning of the sensors creating further discomforts.
The U.S. signifies the leading for disposable medical patches and sensors market in North America trailed by Canada. Europe is anticipated to be the succeeding largest region in the global medical patches and sensors market followed by North America. France, Germany, and the U.K. are projected to account for a major share in the Europe medical patches and sensors market over the forecast period. APAC is expected to signify a high growth rate over the next five years. North America accounts for the largest market share for global medical patches and sensors market attributed to soaring geriatric population and greater awareness leading to higher penetration of the technology in the region. Additionally increasing incidence of various chronic diseases have led to higher demands of such medical innovations. Asia Pacific is expected to grow at a faster pace in the global medical patches and sensors market owing to growing number of individuals adopting the use of these sensors in home care settings.
Key players of operating in global medical patches and sensors market are Medtronic Plc., Measurement Specialties Inc., NXP Semiconductors N.V., STMicroelectronics N.V., Honeywell International, Inc., Smiths Medical, First Sensor AG.Proteus Digital Health, Inc., CapsoVision, Inc., Given Imaging, Inc., Olympus Corporation, and Medimetrics Personalized Drug Delivery. The companies are increasingly engaged in strategic partnerships, collaborations, mergers and acquisitions to capture a greater pie of market share as the market is in the nascent stage.
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