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.
The sensor market has been segmented by application, end-users, and region. By application, the market is segmented into diagnostic, monitoring, imaging, wellness and fitness, medical therapeutics, and others. By the end-users, the market is segmented into healthcare, fitness, sports, and others. By region, the global sensor patch market is segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW). Diagnostic accounts for the largest market share since it is widely used in the healthcare industry.
North America is assessed to be the largest market share, primarily due to the U.S. and Canada. Several technologically innovative medical devices, growing demand for monitoring devices by the rising population, increasing investments, and capabilities of research & development are expanding the scope of application areas of sensor patch. The increasing geriatric population and medical awareness are leading to technological advancement in the region. Moreover, increasing occurrence of numerous chronic diseases has led to higher demands of medical innovations, subsequently contributing to the sensor patch market.
Europe is another leading region of the global market, medical advancements and high demand from countries like France, Germany and the U.K.
Asia-Pacific is expected to grow substantially over the forecast period of 2017 to2023. The reason is attributed to increasing demand for high-end technology solutions, urbanization and increasing acceptance of innovative technologies. Countries such as Japan, China, and India contribute significantly to the overall market share due to the growing consumer awareness of innovative technologies and the rising popularity of wearable devices.
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