Market Synopsis of Global Sensor Patch Market
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.
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.
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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.
The global sensor patch market is expected to grow significantly over the forecast period, 2017-2023. Healthcare segment of sensor patch market globally drives the market majorly due to increasing demand for better solutions for diagnosis and monitoring. The market is expected to have higher growth rate as compared to the previous years. The global sensor patch market segmented into four main regions such as North America, Asia-Pacific, Europe and Rest of the World. Healthcare segments hold a largest share in the North-American region. The reason is attributed to implementation of sensor solutions and increasing number of patients with diabetes. However, the fitness sector is gaining weightage with the use of sensor patch. Also, organizations are looking for better technologically advanced solutions in this region. Therefore, healthcare segment of sensor patch market accounted for the largest market share.
Asia-Pacific region is expected to grow at a fast pace over the forecast period, 2017-2023. Countries such as Japan, China and India contributes largely to the overall market share. The reason is attributed to increasing healthcare expenditure, increasing consumer awareness of innovative technologies and gaining popularity of wearable devices.
North-America accounted for the largest market share. Countries such as U.S. and Canada contributes largely to the overall market share. The reason is attributed to technologically advance 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.
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
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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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