Global Sensor Patch Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
Global Sensor Patch Market: Overview
“The global Sensor Patch Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Sensor patches are type of adhesive patches attached to body and they help to monitor and diagnose condition of an individual. It does not pierce the skin, however, it operates using small electric current. Patch sensors can operate on small area over single hair follicle in case of measurement of glucose in individual’s blood.
It is commonly designed into shape of standard Band-Aid patch. Some types of patch sensors are connected to electronic devices such as smartphones, tablets, etc. All the collected data is securely transferred to connected devices regularly and automatically. Sensor patches can be worn during various daily activities such as exercising, swimming, etc.
Global Sensor Patch Market: Dynamics
Increasing preference for wearable devices for monitoring in healthcare sector is a major factor driving growth of the global sensor patch market. In addition, rising adoption of technologically advanced portable and wireless devices is another factor supporting growth of the global market.
Sensor patches help to monitor, detect, and provide information regarding patient’s health during his daily activities while providing continuous monitoring. They are small in size and can easily hidden under clothing. Furthermore, rising disposable income and increasing investments in R&D activities in healthcare sector are factors expected to support growth of the global sensor patch market over the forecast period.
However, sensor patches can potentially cause skin rashes and make an individual nauseous, and these factors may hamper adoption of the products thereby restrain revenue growth of the global sensor patch market. Nevertheless, growing use of electronic information and telecommunication technology in healthcare sector providing health care services can create high revenue opportunities for players in the target market.
Global Sensor Patch Market: Segment Analysis
On the basis of sensor type, the blood glucose sensor patch segment is dominating the global market in terms of revenue. Increasing number of diabetes patients and growing requirement of daily monitoring of glucose level in blood are factors supporting growth of this segment in the global market. On the basis of application, the diagnostics segment is expected to account for high growth in terms of revenue over the forecast period.
Increasing adoption of diagnostics sensor especially for infants is a factor anticipated to fuel growth of this segment in the target market.
Global Sensor Patch Market: Regional Analysis
Currently, market in North America accounts for major share in terms of revenue and is anticipated to maintain its position over the forecast period. Presence of prominent players and increasing investment in R&D activities for development of advanced monitoring devices are factors driving growth of the target market in this region.
High disposable incomes and growing adoption of new technology among consumers are also factors propelling growth of the target market in this region. Market in Europe is anticipated to witness lucrative growth in terms of revenue in the near future, followed by Asia Pacific.
Global Sensor Patch Market Segmentation:
Segmentation by sensor type:
- Blood Oxygen Sensor Patch
- Heart Rate Sensor Patch
- Blood Pressure/Flow Sensor Patch
- Blood Glucose Sensor Patch
- ECG Sensor Patch
- Temperature Sensor Patch
Segmentation by application:
Segmentation by end-use industry:
- Fitness and Sports
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Abbott Laboratories
- Medtronic plc
- DexCom, Inc.
- Texas Instruments Incorporated
- iRhythm Technologies, Inc.
- Gentag, Inc.
- Proteus Digital Health, Inc.
- SMARTRAC N.V.
- Kenzen, Inc.
- Vitalconnect, Inc.
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