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.
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:
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.