The global Sensor Patch market is forecast to reach USD 13.41 Billion by 2027, according to a new report by Reports and Data. The key factors propelling the growth of the market are an increase in disposable income, and consumers' inclination towards wearable devices for diagnosis is driving the market growth. The growing drift of the internet of things (IoT), development in the automotive industry, rising use in smartphones, and enhancement in sensors will encourage market growth.
High incidences of diabetes and other diseases, especially among the elderly, is creating a need to monitor the patient continuously for irregularities. Consumers are more inclined to wearable devices for monitoring in the healthcare sector. A rise in the adoption of portable and wireless devices is another factor supporting market growth. More parents are adopting diagnostic sensors for infants, which will also encourage market growth.
Sensor Patch Market Overview:
The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
Further key findings from the report suggest:
- Bodywear patches can be used for different healthcare and fitness applications. The bodywear devices such as smart patches and chest straps are worn on the arms and chest for monitoring fitness. These wearable sensors are very small and can be integrated into smart patches to help the users monitor health conditions and achieve daily fitness goals.
- The wearable sensor patches stores the individual's data and regularly sends it to the mobile application for display to help them monitor or keep track of how they are doing, their activity, and rest patterns. Monitor segment held the largest market share of 42.6% in the year 2019.
- The sensor patch in the fitness and sports sector is expected to witness high growth as it is becoming popular among athletes to transform training, performing, and recovering from injuries. The increase in the average life expectancy of the population across the globe is further augmenting market demand.
- Diabetes is among the most widespread disease, and according to CDC, 79,535 die every year due to the disease. The blood glucose sensor patch witnesses a high adoption rate as these patients are expected to monitor blood glucose on a regular basis. This is crucial as any sudden increase in the level of glucose can lead to hypoglycemia, thereby leading to several severe complications.
- North America held for the major market share, and the region is anticipated to maintain dominance during the forecast period. The presence of key market players and an increase in the research and development activities for the development of advanced monitoring devices will further foster market growth.
Top Companies Profiled in the Report Include:
Abbott Laboratories, Irhythm Technologies, Inc., Dexcom, Inc., Medtronic PLC, Texas Instruments Incorporated, Gentag, Inc., Proteus Digital Health, Inc., Kenzen Inc., Preventice Solutions, Inc., and Vitalconnect, Inc., among others.
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Technology Outlook (Revenue, USD Million; 2017-2027)
- Conductometric
- Amperometric
- Potentiometric
Product Type Outlook (Revenue, USD Million; 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
- Others
Wearable Type Outlook (Revenue, USD Million; 2017-2027)
- Wristwear
- Footwear
- Neckwear
- Bodywear
Application Outlook (Revenue, USD Million; 2017-2027)
- Monitoring
- Diagnostics
- Medical Therapeutics
End Users Outlook (Revenue, USD Million; 2017-2027)
- Healthcare
- Fitness and Sports
Key Regional Markets Studied in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- The Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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