Market Overview —
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.
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.
On the basis of region, the global sensor patch market has been segmented into Europe, North-America, Asia-Pacific and rest of world (RoW). North America, led by the U.S., currently accounts for the highest market share. This is mainly attributed to the presence of established players in the region and easy availability of the latest versions of sensor patch in both the U.S and Canada. Moreover, increased government support in medical science research and development programs is reflecting favourably on the region’s market. Meanwhile, the market in Asia Pacific is also projected to witness a healthy growth over 2023. Improving healthcare system and rising per capita income is creating markets opportunities for various high-end healthcare products including sensor patch.
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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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