Sensor Patch Market Research Report- Global Forecast 2027

Sensor Patch Market, By Application (Diagnostic, Monitoring), By End-users (Healthcare, Sports) - Forecast 2027

ID: MRFR/SEM/2783-HCR | February 2021 | Region: Global | 100 pages

Market Overview:
Sensor patch is one such wonderful product in the Wearable Patch Market in healthcare that has brought a revolution in diagnosis and treatments. It has proved useful for the patients and the doctors to track and monitor the patient’s recording irrespective of their location. With a CAGR of 45% for the forecast period 2017-2023.

Also, the Sensor Patch Market is expected to touch the projected valuation of 600 billion USD by the end of 2023. Its increased use in the diagnostic and treatment field has led to considerable growth in the Sensor Patch Market Size. Also, factors like increased awareness about the healthcare system and the increase in the geriatric population have been responsible for the market’s growth to a great extent. An increase in the prevalence of chronic diseases is also one of the major factors for the Global Sensor Patch Market growth.

COVID-19 Analysis:
The global economy seems to have gone upside down due to the recent pandemic that has struck the entire world. No matter what age they are at or the business they have been handling, every individual has suffered to an extent where the loss is irreplaceable. But there needs to be a solution. The financial, physical, and mental stress that the pandemic has brought needs to be dealt with utmost precaution.

The industry experts have prepared the report after a thorough study of the Sensor Patch Industry has every detail that business requires to combat the loss and ensure that the future is safe for them. The Sensor Patch Market Analysis, including the current market size, the qualitative and the quantitative analysis of the Body Temperature Sensor Patch Market, and also the recent and the future trends have been discussed in the report, which gives a clear picture of how things should work at the present moment, looking at the pandemic scenario.

Market Dynamics
The Global ECG Sensor Patch Market is expecting considerable growth during the forecast period. The growth is indeed going to be quick and steady.

Major drivers in the growth of the sensor patch market are the increase in the demand for portable medical equipment and are easily wearable patch sensors. Also, an increase in the geriatric population across the globe is one of the major factors that help them detect the proportion of glucose, which is a very common problem among older people. Along with this, acceptance of telehealth systems and advanced online technologies tend to bring a boost in the sensor patch market. Sensor patches are also being widely used for detecting diabetes, cardiovascular disarranged, and circulatory strain.

High costs associated with medical insurance tend to hamper the growth of the sensor patch market. Also, regulations by HIPAA tend to restrict the growth of the market.

Regulatory Implications:
HIPAA also called the Hospital Insurance protection, and accountability act has been a major restraint in the market’s growth. The sensor patch market has been affected to a great extent owing to these regulatory compliances. The cost of medical insurance does not let every individual opt for it.

Thus, this creates a hurdle for the growth of the sensor patch market. This protection act has provided a stable platform to the insurance industry but proved to be hazardous for the growth of the sensor patch market altogether. Though the Sensor Patch Market Size is expecting a rise owing to many driving factors, the regulatory compliance still seems to overcome the drivers and tend to push it backward.

Segmentation Overview:
The sensor patch market has been divided into the following:

  • Based on the application

  • Based on the end-users

  • Based on the application

Based on the application, the Sensor Patch Industry has the following subtypes:

  • Monitoring

  • Wellness and fitness

  • Diagnostic

  • Imaging

  • Medical therapeutics

  • Others

The diagnostic segment tends to dominate the market due to an increase in chronic illnesses and an increase in the geriatric population.

Based on the end-user:
Based on the end-users, the market has the following subcategories:

  • Fitness

  • Healthcare

  • Sports

  • Others

The healthcare segment tends to dominate the Sensor Patch Market Share with the highest CAGR.

Regional Analysis:
Based on the region, the Global Sensor Patch Market has the following regional segments:

  • North-America

  • Asia-Pacific

  • Europe

  • RoW

The region that dominates the market is North America. The growth in the region is attributed to the availability of all the major players in the regions and the easy availability of sensor patches in all the parts across North America. Also, the region has been getting tremendous support from the government, which has also created favorable conditions for the growth of the market in the region.

The Asia Pacific is expecting considerable growth in the market due to the increase in the health care facilities and also increase in the per capita income of the population across major countries in Asia, including India, China and Japan.

Competitive Landscape:
Major sensor patch manufacturers include Abbott Laboratories (US), Kenzen Inc. (US), Frontier Smart Technologies Group Ltd. (UK), Leaf Healthcare Inc. (US), Medtronic (Ireland), rhythm Technologies (US), Feeligreen SA (France), Texas Instruments (US), DexCom (US), Isansys Lifecare Ltd. (UK) and G-Tech Medical Inc. (US).

All the major players in the Sensor Patch Market Share have been working simultaneously to bring tremendous growth in the market. They all have been focussing on bringing the latest technologies in the field, which can take care of the cost associated with the manufacturing and ensure the quality of the products. Along with following the regulations laid down by HIPAA, they all have also been trying to uplift the market in the best possible way they can. The mergers, acquisitions, and collaborations have proved to be the biggest asset in the ECG Sensor Patch Market growth. The strategies that are well planned are being implemented by sensor patch manufacturers most efficiently ever.

Recent Advancements:
Here is the list of few recent advancements in the sensor patch market:

  • A major company in wearable patch device named Medtronic announced its clearance for the Guardian sensor three from the FDA. This sensor can easily be worn on the upper arm, improving the user experience and performance.

  • FDA recently approved the commercial marketing of Dexcom’s g6 integrated continuous glucose monitoring system. The Wearable Patch is designed to work to determine the level of glucose in the body. It has been classified under the less stringent medical device class 2.

  • In January 2020, Micra AV was approved by the FDA for Medtronic, the smallest pacemaker with AV synchrony. This is a wonderful wearable patch device that works on patients with AV block, which otherwise tends to block the signals between the heart’s chambers.

  • Dexcom agreed to integrate Dexcom G 6 and future G7 into an automated insulin delivery system that will be a revolutionary step in sensor patches.

  • Cephea Valve technologies were acquired by Abbott industries in January 2019. The company took this step to expand its horizons in structural heart therapies segments

Report Overview:
The report that has been prepared for the Sensor patch market results from the in-depth study of the industry experts, which makes sure that every small detail is provided to the companies. The overview of the market and the effect of COVID-19 on the sensor patch market have been discussed in detail. The market dynamics include the pointers like the growth of the market, major factors that act as drivers in the growth, and the factors that can as restraints and hamper the market’s growth.

The regulatory implications affecting the growth of the market have also been discussed in the report. The segmentation of the market based on different factors, including the regions, are also included. The names and the strategies implemented by the major players in the market are also included in the report. The recent advancements in the wearable skin patch market, which ensures that the companies stay up to date with the latest patch wearable technology, have also been part of the report.

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Frequently Asked Questions (FAQ) :

Global sensor patch market is projected to grow at approximately 45% CAGR during the assessment period (2017 -2023).

The valuation of the global sensor patch market is estimated to increase to USD 600 MN by the end of 2023.

Diagnostic is the largest application segment in the global sensor patch market.

North America holds the largest share in the global sensor patch market, followed by the Asia Pacific region and Europe, respectively.

Abbott Laboratories (US), Frontier Smart Technologies Group Ltd. (UK), Medtronic (Ireland), Feeligreen SA (France), DexCom (US), G-Tech Medical Inc. (US), Isansys Lifecare Ltd. (UK), Texas Instruments (US), iRhythm Technologies (US), Leaf Healthcare Inc. (US), and Kenzen Inc. (US), are some of the top players operating in the global sensor patch market.