Wearable technology such as the sensor patch will play a greater role in healthcare transformation in the coming years. This is because wearables are closely tied with a changing healthcare delivery model. The emergence of such leading-edge model has added more dynamism to the care giving. Doctors and physicians are now able to keep tract of their patients, irrespective of the place they are at, this has also helped reduce hospital or clinic visits. Factors as such are driving the popularity of sensor patch worldwide. As per the latest study conducted by Market Research Future (MRFR), the global market for sensor patch is expected to surpass the USD 600 Mn towards the end of 2023, reflecting a robust CAGR of 45% during the forecast period (2017-2023). Medical devices are undergoing tremendous change in design and technology, hence delivering improved patient experience. Modern medical devices are evidently becoming smaller, compact and more mobile, thereby creating new solutions for conventional methods. Integration of such devices have allowed healthcare organisations to have more fluent patient interactions, collect highly accurate patient data and deliver treatment effectively.
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Sensor patch is being increasingly used for examining moisture levels on the skin. Such examinations playing an important role in diagnostics and treatment for areas such as prolonged therapeutic care, childcare, and geriatric care among others. Healthcare and fitness remains the primarily application area for sensor patch. Increased prevalence of chronic disorders such as cardiac disorders, diabetes, blood pressure, and cancer is driving the demand for medical equipments and wearables that can time to time read and monitor the physical condition of the patient. This, in turn, is creating growth opportunities for sensor patch. Moreover, demand for medical patches is also increasing owing to their increasing use for maintaining physical fitness and diagnostic purposes. During the assessment period, the global market for sensor patch is also expected to be influenced by factors such as rising healthcare expenditure, growing consumer interest in wearable devices and technological advances in telehealth. On the other hand, reimbursement issues and high cost of device continues to undermine the potentials of the market.
The key players in the global Sensor Patch Market include- Frontier Smart Technologies Group Ltd. (UK), Abbott Laboratories (US), Medtronic (Ireland), DexCom (US), Feeligreen SA (France), G-Tech Medical Inc. (US), Texas Instruments (US), Isansys Lifecare Ltd. (UK), iRhythm Technologies (US), Kenzen Inc. (US) and Leaf Healthcare Inc. (US) among others.
The global sensor patch market is expected to grow significantly over the forecast period, 2017-2023. Healthcare segment of sensor patch market globally drives the market majorly due to increasing demand for better solutions for diagnosis and monitoring. The market is expected to have higher growth rate as compared to the previous years. The global sensor patch market segmented into four main regions such as North America, Asia-Pacific, Europe and Rest of the World. Healthcare segments hold a largest share in the North-American region. The reason is attributed to implementation of sensor solutions and increasing number of patients with diabetes. However, the fitness sector is gaining weightage with the use of sensor patch. Also, organizations are looking for better technologically advanced solutions in this region. Therefore, healthcare segment of sensor patch market accounted for the largest market share.
Asia-Pacific region is expected to grow at a fast pace over the forecast period, 2017-2023. Countries such as Japan, China and India contributes largely to the overall market share. The reason is attributed to increasing healthcare expenditure, increasing consumer awareness of innovative technologies and gaining popularity of wearable devices.
North-America accounted for the largest market share. Countries such as U.S. and Canada contributes largely to the overall market share. The reason is attributed to technologically advance medical devices, increasing demand for monitoring devices by the growing population, increasing investments in research & development and also increasing capabilities of R& D are broadening the application areas of sensor patch.
Latest Industry Highlights:
- Medtronic (MDT), a prominent medical device company based in Dublin, Ireland has recently announced that its latest indication for Guardian Sensor 3 got FDA clearance. With addition of the expanded indication the sensor can now be worn on the upper arm, hence providing a greater user experience with enhanced performance and higher accuracy.
- Reportedly, FDA recently approved the commercial marketing of Dexcom’s G6 integrated continuous glucose monitoring (iCGM) system. Primary function of the device is to determine level of body glucose. FDA classified (iCGM) system under less-stringent class II medical device.
Global Market for Sensor Patch – Segmental Analysis
The report published by MRFR offers a descriptive segmental analysis of the market based on end-user (sport and healthcare), application (medical therapeutics, monitoring, wellness, diagnostic, imaging and others). The diagnostics application segment is expected to command for a relatively market share during the forecast period.
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- Device manufacturers
- Network Operators
- Research firms
- Software Developers
- Commercial Banks
- Government Agencies
- Cyber security Vendors
- End-user sectors
- Technology Investors
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