According to a new report by Reports and Data, the global Sensor Patch market size is expected to reach USD 13.41 Billion from USD 0.85 Billion in 2019, delivering a CAGR of 41.2% through 2027.
The market growth is driven by the growing geriatric population and increasing need for sensor patches among diabetic patients across the globe. Also, an increase in disposable income and consumers’ inclination towards wearable devices for monitoring health are other key factors propelling the sensor patch industry growth.
Prominent Players in the Global Sensor Patch Market:
- Abbott Laboratories
- Dexcom, Inc.
- Irhythm Technologies, Inc.
- Medtronic PLC
- Gentag, Inc.
- Texas Instruments Incorporated
- Kenzen Inc.
- Proteus Digital Health, Inc.
- Preventice Solutions, Inc.
- Vitalconnect, Inc.
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Diabetes is one of the leading causes of death across the globe. According to the Centre for Disease Control and Prevention, nearly 79,535 individuals die every year due to the disease. The rising prevalence of diabetes is leading to the growing adoption of sensor patches for monitoring blood glucose on a regular basis, which, in turn, is stimulating the blood glucose sensor patch market. As people are becoming more conscious of their health and mindful of their health stats through monitoring and diagnosing, the sensor patch market is anticipated to garner major gains through 2027. However, high product cost, and side-effects like skin rashes and nausea, may limit product adoption.
The ECG sensor patch products are likely to make significant contributions to the sensor patch market revenue share on account of rising consumer awareness regarding wearable devices. Flexible, lightweight, connected sensor patches provide ample convenience to athletes and sports players. These patches are also experiencing high demand from the healthcare sector due to its wireless connectivity and convenience to patients during medical care or sleep.
Wearable sensor patches are gaining major popularity as they save individuals’ health data and regularly display the statistics on a mobile application to help them track or monitor how they are doing, their rest patterns, and physical activities. The monitoring application segment accounted for 42.6% of the sensor patch market in 2019 and is likely to gain major traction through 2027.
Based on wearable type, the bodywear patches are witnessing high demand for healthcare and fitness applications. These wearable sensors are quite small and can be integrated into smart patches to aid the users in achieving daily fitness goals by monitoring their health condition.
In the regional landscape, the Asia Pacific region and is forecast to exhibit the highest growth rate of 42% over the analysis period. The regional industry growth is driven by the implementation of healthcare IT solutions and medical devices to provide cost-effective and quality clinical care to patients in the region.
North America is anticipated to maintain dominance in the industry landscape over the projected timeline on account of the presence of major market players and an increase in the R&D activities for the development of advanced monitoring devices in the region.
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Sensor Patch Market: Segmentation
For the purpose of this report, Reports and Data has segmented the global Sensor Patch market on the basis of technology, product type, wearable type, application, end-users, and region:
Technology Outlook (Revenue, USD Million; 2017-2027)
Product Type Outlook (Revenue, USD Million; 2017-2027)
- Temperature Sensor Patch
- Blood Glucose Sensor Patch
- Blood Pressure/Flow Sensor Patch
- Heart Rate Sensor Patch
- ECG Sensor Patch
- Blood Oxygen Sensor Patch
Wearable Type Outlook (Revenue, USD Million; 2017-2027)
Application Outlook (Revenue, USD Million; 2017-2027)
- Medical Therapeutics
End Users Outlook (Revenue, USD Million; 2017-2027)
- Fitness And Sports
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- Latin America
Click On The Link To Read Key Highlights Of The Report And Look At Projected Trends For Years To Come: https://www.reportsanddata.com/report-detail/sensor-patch-market
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