Regionally, North America accounted for the largest market share from countries such U.S. and Canada among others. The reason 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, Asia-Pacific is expected to grow over the forecast period, 2017-2023. The reason is attributed to growing demand for high-end technology solutions, urbanization and increasing acceptance of innovative technologies.
The global sensor patch market can be bifurcated as application, end-users and region. On the basis of application, the market can be segmented into diagnostic, monitoring, 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.
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The factors contributing to the growth of the sensor patch market are increasing expenditure in the healthcare sector, increasing disposable incomes in OECD countries, increasing consumer preference for wearable devices for healthcare monitoring and increasing awareness about telehealth. Also, increasing demand for medical patches across various applications such as fitness and diagnose for various diseases such as cancer, diabetes, cardiac disorders and blood pressure is expected to boost the growth of the market. However, factors such as high cost related to diagnoses and various health insurance issues are hindering the growth of the sensor patch market. Furthermore, evolution of various diagnostic technologies is expected to boost the growth of the sensor patch market over the forecast period, 2017-2023.
Sensor patch is specially designed to measure moisture conditions in various medical areas such as geriatric care, long-term medical care and childcare among others. The sensor patches are widely adopted for monitoring purposes in various industries such as healthcare, and fitness and sports.
The global Sensor Patch Market is highly competitive. Various established international brands, domestic brands and as well as new entrants form a competitive landscape. The key players are nonstop increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. The sensor patch market is highly competitive due to the presence of several large vendors.
The global sensor patch market is expected to reach approximately USD 600 million by the end of 2023 with 45% CAGR during forecast period 2017-2023.
The key players in the global sensor patch market include- Frontier Smart Technologies Group Ltd. (UK), Abbott Laboratories (US), Medtronic (Ireland), DexCom (US), Feeligreen SA (France), G-Tech Medical Inc. (US), Texas Instruments (US), Isansys Lifecare Ltd. (UK), iRhythm Technologies (US), Kenzen Inc. (US) and Leaf Healthcare Inc. (US) among others.
For the purpose of this study, Market Research Future has segmented the market of sensor patch into application, end-users and region.
- Wellness and Fitness
- Medical therapeutics
On the basis of region, the global market for sensor patch has been segmented into Europe, North-America, Asia-Pacific and rest of world (RoW). North America, led by the U.S., currently accounts for the highest market share. This is mainly attributed to the presence of established players in the region and easy availability of the latest versions of sensor patch in both the U.S and Canada. Moreover, increased government support in medical science research and development programs is reflecting favourably on the region’s market. Meanwhile, the market in Asia Pacific is also projected to witness a healthy growth over 2023. Improving healthcare system and rising per capita income is creating markets opportunities for various high-end healthcare products including sensor patch.
Latest Industry Highlights:
- Medtronic (MDT), a prominent medical device company based in Dublin, Ireland has recently announced that its latest indication for Guardian Sensor 3 got FDA clearance. With addition of the expanded indication the sensor can now be worn on the upper arm, hence providing a greater user experience with enhanced performance and higher accuracy.
- Reportedly, FDA recently approved the commercial marketing of Dexcom’s G6 integrated continuous glucose monitoring (iCGM) system. Primary function of the device is to determine level of body glucose. FDA classified (iCGM) system under less-stringent class II medical device.
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- Device manufacturers
- Network Operators
- Research firms
- Software Developers
- Commercial Banks
- Government Agencies
- Cyber security Vendors
- End-user sectors
- Technology Investors
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