The increasing need for sensor patches among the diabetic patient and growing geriatric population is expected to drive the market demand.
Market Size – USD 0.85 Billion in 2019, Market Growth – CAGR of 41.2%, Market Trends –High demand for portable and wearable sensor patches.
The Global Sensor Patch Market is expected to be valued at USD 13.41 Billion in 2027 from USD 0.85 Billion in 2019, registering a CAGR of 41.2% throughout the forecast period. Various factors accelerating the industry’s growth are the rising disposable income, and the growing consumers’ preferences towards several wearable devices for diagnosis of diseases. The rising trend of IoT, the fast development in the sector of automotive, the increasing use of smartphones, and the high enhancement in different sensors are further encouraging the industry growth.
High cases of diabetes and various other diseases, especially among the aging population, are creating an enormous demand for monitoring the patient’s irregularities. Consumers are highly inclined to different wearable devices to monitor in healthcare. The growing adoption of wireless and portable devices is another factor fueling industry growth. A group of parents are acquiring various diagnostic sensors for infants, promoting sector’s growth.
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A limiting factor in the industry includes the sensors’ assimilation with the devices, since it is extremely costly. Moreover, it is causing nausea and skin rashes. The growing need for the sensor patch by various consumers, combined with the development in the sector of fitness, is granting lucrative avenues in the market.
The industry is observing an enormous demand at the time of the COVID-19 since the industry players are manufacturing sensor patches, monitoring the fatigue level and patient’s temperature, and alerting physicians accordingly, to understand the patient’s condition.
To identify the key trends in the industry, click on the link below:
Further key findings from the report suggest
- Bodywear patches are widely used in various fitness and healthcare applications. The bodywear devices including chest straps and smart patches are worn on the chest and arms to monitor fitness. These sensors are very tiny and are integrated into smart patches for aiding the users in monitoring their health conditions along with achieving fitness goals.
- The sensor patches are able to store the patient’s/individual’s data, regularly sending those to the user’s mobile application to aid them in keeping track of their health, and activity.
- The fitness and sports sub-segment are experiencing a steadfast growth, since it is gaining popularity among athletes for transforming training, and recovering from severe injuries. The growing population’s average life expectancy worldwide is augmenting demand in the sector.
- North America accounted for the substantial industry share, and is foreseen to retain its dominance over the estimated timeline. The existence of several industry players and the increasing R&D activities for the development of modern devices are fostering the regional market growth.
- Leading players in the industry are Irhythm Technologies, Inc., Abbott Laboratories, Dexcom, Inc., Texas Instruments Incorporated, Medtronic PLC, Gentag, Inc., Kenzen Inc., Proteus Digital Health, Inc., Vitalconnect, Inc., and Preventice Solutions, Inc.
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-user, 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-User Outlook (Revenue, USD Million; 2017-2027)
- Fitness and Sports
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Table of Content
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Sensor Patch Market Segmentation & Impact Analysis
4.1. Sensor Patch Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
18.104.22.168. Rising demand for portable medical devices and wearable sensors
22.214.171.124. Increasing geriatric population
4.2.3. Market restraints analysis
126.96.36.199. Regulatory issues
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence
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