New York, November 22, 2021 – Reports and Data has published its latest report titled “Sensor Patch Market Size, Share And Demand By Technology, By Product Type (Temperature Sensor Patch, Blood Glucose Sensor Patch, Blood Pressure/Flow Sensor Patch, Heart Rate Sensor Patch), By Wearable Type, By Application, And By End-Users, Forecasts To 2027”
Advancements in wearable solutions, rising geriatric population, and growing trend of telehealth are some key factors driving market growth
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According to Reports and Data, the global sensor patch market size is expected to reach USD 13.41 Billion in 2027 from USD 0.85 Billion in 2019 and is expected to register a revenue CAGR of 41.2% during the forecast period, 2021-2027.
Drivers, Restraints, and Opportunities
Sensor patches are used in medical settings such as long-term medical care, childcare, geriatric care, and among others, to assess moisture levels. These patches are widely used across healthcare and fitness industry, such as in diagnosis of numerous diseases such as blood pressure, diabetes, cancer, and cardiac disorders. Moreover, increasing number of COVID-19 diagnostic tests, rising cases of chronic diseases and ageing population have led to increase in the number of diagnostic procedures performed worldwide. This has boosted demand for sensor patches and is further expected to positively impact revenue growth of the market.
In addition, increasing awareness regarding the benefits of sensor patches, regular health checkups, growing popularity of telehealth, increasing preference towards wearable devices for healthcare monitoring and increase in disposable income are some factors contributing to the revenue growth of the market. Further, integration of IoT, artificial intelligence, and machine learning in healthcare and fitness industry has further boosted market growth. However, complexity in healthcare insurance policies, and unfavorable government regulations are some factors expected to restrain market revenue growth over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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ECG Sensor Segment to Dominate Other Product Type Segment:
ECG sensor segment is expected to dominate other product type segment over the forecast period due to increasing popularity of wearable devices, mainly for fitness applications. Furthermore, due to its wireless connectivity, the healthcare sector is expected to drive the use of an ECG sensor patch, as it offers convenience to patients during sleep, personal hygiene, or medical care.
North America to Account for a Significantly Larger Revenue Share:
North America is expected to account for a significantly large revenue share over the forecast period owing to availability of advanced monitoring devices and initiatives towards integration of medical devices and IT solutions. Further, well-structured healthcare infrastructure and presence of key market players are some factors driving market growth in the countries in the region.
Asia Pacific to Lead in Terms of Revenue CAGR:
Asia Pacific market revenue is expected to expand at a robust revenue CAGR over the forecast period attributed to growing popularity of wearable devices in fitness sector, government initiatives to develop healthcare care infrastructure, and growing medical tourism. In addition, government and private initiatives towards integration of IoT applications in healthcare sector, especially in emerging economies such as India and China, drive revenue growth of the APAC market.
Major Companies in the Market Include:
- Abbott Laboratories
- Irhythm Technologies, Inc.
- Dexcom, Inc.
- Medtronic PLC
- Texas Instruments Incorporated
- Gentag, Inc.
- Proteus Digital Health, Inc.
- Kenzen Inc.
- Preventice Solutions, Inc.
- Vitalconnect, Inc.
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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 Type Outlook (Revenue in Billion USD; 2017-2027)
Product Type Outlook (Revenue in Billion USD; 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 in Billion USD; 2017-2027)
Application Type Outlook (Revenue in Billion USD; 2017-2027)
- Medical Therapeutics
End Users Outlook (Revenue in Billion USD; 2017-2027)
- Fitness And Sports
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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