ID: MRFR/SEM/2783-HCR | 100 Pages | Published By Shubham Munde on March 2023
Sensor Patch Market is expected to touch the projected valuation of 600 billion USD by the end of 2023 and CAGR of 45% for the forecast period 2017-2023
Sensor Patch Market Overview:
In addition, the global sensor patch market is expected to increase at a CAGR of 45%, with a value of USD 600 billion over the estimated forecast year of 2020-2027.
Over the forecast years, the sensors patch market is likely to be driven by the growing trend of telehealth and the acceptance of biological hazard sensing in defense applications. In addition, the ever-increasing cosmetics market and rising demand for wearable health monitoring applications are expected to enhance the market in the following years. Additionally, the market is expected to be fueled by the growing population and the increased use of the sensor patch to monitor glucose levels during the estimated period. There are a number of constraints and problems that could restrict market expansion.
The increase in demand for portable medical equipment and the availability of easily wearable patch sensors are two significant factors in the sensor patch market’s growth. However, an increase in the global population is one of the critical variables that aid in detecting glucose proportions, which is a prevalent concern among the elderly. In addition, the market for sensor patches is expected to grow as telemedicine systems, and advanced internet technologies become more widely accepted. Sensor patches are also commonly used to detect diabetes, cardiovascular issues and circulatory strain.
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.
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.
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.
The sensor patch market has been divided into the following:
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:
The healthcare segment tends to dominate the Sensor Patch Market Share with the highest CAGR.
Based on the region, the Global Sensor Patch Market has the following regional segments:
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.
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.
The competitive rivalry among the electronic skin patch market players is high due to some key players, like sense, vital connect, lean healthcare, etc. They can continually innovate their products by significant investment in the most extensive infrastructure facilities. Strategic partnerships and mergers and acquisitions have enabled such companies to gain a strong foothold in the market.
The researchers from the institute for basic science in Seoul, South Korea, developed an electric skin patch capable of performing accurate glucose measurements while delivering the insulin. The increasing population is expected to benefit and target the end-users in the market.
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.
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.