Wearable technology such as the sensor patch will play a greater role in healthcare transformation in the coming years. This is because wearables are closely tied with a changing healthcare delivery model. The emergence of such leading-edge model has added more dynamism to the care giving. Doctors and physicians are now able to keep tract of their patients, irrespective of the place they are at, this has also helped reduce hospital or clinic visits. Factors as such are driving the popularity of sensor patch worldwide. As per the latest study conducted by Market Research Future (MRFR), the global market for sensor patch is expected to surpass the USD 600 Mn towards the end of 2023, reflecting a robust CAGR of 45% during the forecast period (2017-2023). Medical devices are undergoing tremendous change in design and technology, hence delivering improved patient experience. Modern medical devices are evidently becoming smaller, compact and more mobile, thereby creating new solutions for conventional methods. Integration of such devices have allowed healthcare organisations to have more fluent patient interactions, collect highly accurate patient data and deliver treatment effectively.
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Sensor patch is being increasingly used for examining moisture levels on the skin. Such examinations playing an important role in diagnostics and treatment for areas such as prolonged therapeutic care, childcare, and geriatric care among others. Healthcare and fitness remains the primarily application area for sensor patch. Increased prevalence of chronic disorders such as cardiac disorders, diabetes, blood pressure, and cancer is driving the demand for medical equipments and wearables that can time to time read and monitor the physical condition of the patient. This, in turn, is creating growth opportunities for sensor patch. Moreover, demand for medical patches is also increasing owing to their increasing use for maintaining physical fitness and diagnostic purposes. During the assessment period, the global market for sensor patch is also expected to be influenced by factors such as rising healthcare expenditure, growing consumer interest in wearable devices and technological advances in telehealth. On the other hand, reimbursement issues and high cost of device continues to undermine the potentials of the market.
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.
Global Market for Sensor Patch – Competitive landscape
Presence of a large number of established companies makes the global market for sensor patch highly competitive. Some of the key players mentioned in MRFR’s report include Isansys Lifecare Ltd. (UK), Abbott Laboratories (US), DexCom (US), G-Tech Medical Inc. (US), iRhythm Technologies (US), Leaf Healthcare Inc. (US), Frontier Smart Technologies Group Ltd. (UK), Medtronic (Ireland), Feeligreen SA (France), Texas Instruments (US), and Kenzen Inc. (US).
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
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.
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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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