The global Sensor Patch market is forecasted to grow at a rate of 41.2% from USD 0.85 Billion in 2023 to USD 13.41 Billion in 2032. The market is witnessing growth due to the increasing expenditure in the healthcare sector growing disposable incomes in developing nations, increasing consumer preference for wearable devices for healthcare monitoring, and the growing trend of telehealth.
There is a high demand for sensor patches across healthcare and fitness end-users, such as the diagnosis of various diseases like diabetes, cancer, blood pressure, and cardiac disorders. However, high costs related to diagnosis and health insurance issues are hindering the growth of the market. Sensor patches are designed to measure moisture conditions in medical areas such as long term medical care, geriatric care, and childcare, among others.
Request a Sample@ https://www.qyresearchmedical.com/sample/119204
North America held for the major market share, and the region is anticipated to maintain dominance during the forecast period. The presence of key market players and an increase in the research and development activities for the development of advanced monitoring devices will further foster market growth.
Wearable Type Outlook:
FreeStyle Libre by Abbott Diabetes Care is placed on the arm and can be worn for up to 14 days. The patch is used to measures the level of glucose in the interstitial fluid under the skin between the cells.
The measurements is not as accurate as a blood test, still the patch allows patients to monitor their level of glucose consistently and wirelessly, by downloading an app on their phones or using a reading device.
The new sensor patches can be worn around the wrist, and its sensor wil be able to measure glucose levels every 10-15 minutes. Most importantly, these sensors does not require calibration, a limiting factor of all such painful fingersticks devices.
Product Type Outlook:
The ECG sensor patch segment held a significant market share owing to the rising consumer awareness for wearable devices, mainly for fitness applications. Lightweight, flexible, and connected sensor patches provide convenience to sports players and athletes.
They can intensity their performance, and individuals can reach their personal fitness goals by monitoring their heart rate to maintain the proper intensity of work out by using a sensor patch.
Moreover, the healthcare sector is expected to drive the usage of an ECG sensor patch owing to its wireless connectivity that would drive the convenience to patients during personal hygiene, sleep, or medical care.
End Users Outlook:
The sensor patches are introducing new and innovative ways of delivering healthcare services in both clinical and remote settings, enabling patient comfort and safety. Increased activity of the sympathetic nervous system leads to increased blood pressure, heart rate, and sweating, ultimately leading to changes in skin conductivity. These changes are measured by the sensor patches.
The market products are becoming increasingly popular among athletes as they comfortably adhere to the user\’s skin, do not interfere with the individual\’s movement, and can record more accurate data. The device can enable analysis and monitoring of various physiological conditions such as respiration, heart rate, activity, and sleep patterns, along with tracking alterations in patient response to medication.
The sensor patch is witnessing a steady growth in the Asia Pacific region and is anticipated to register the highest CAGR of 42.0% during the forecast period. The increase in the demand for the implementation of healthcare IT solutions and medical devices in the region to provide quality clinical and cost-effective care to patients will foster market demand. The international companies are investing in the region to capitalize on the growing opportunities. The outbreak of the COVID-19 pandemic has increased the number of patient pools, especially in India and China.
- Healthcare segment is forecasted to grow with a growth rate of 41.3% during the forecast period. The rise in the incidences of complex diseases and implementation of lockdowns, has fueled the growth of telehealth and healthcare devices, which help patients monitor their own health.
- Diabetes is a major cause of concern among the generl public as the number of people suffering from the disease is steadily rising. People are becoming more conscious towards their health and are mindful of monitoring and diagnosing their own health stats, thus propelling market demand.
- Researchers have developed gel-covered wireless sensors that monitor infants’ vital signs, such as skin temperature, heart rate, and respiration rate. The sensors can be placed on the foot chest or wrist. They send data via wireless connections to a tablet or smartphone. The inconspicuous sensors permit parents to have more skin-to-skin contact with their newborns.
- Scientists in Korea have developed a patch-based health diagnosis sensor system that can easily be attached to the skin, like a band-aid. The sensor collects various health information in real-time by monitoring biosignals and certain movements.
Companies considered and profiled in this market study
Abbott Laboratories, Irhythm Technologies, Inc., Dexcom, Inc., Medtronic PLC, Texas Instruments Incorporated, Gentag, Inc., Proteus Digital Health, Inc., Kenzen Inc., Preventice Solutions, Inc., and Vitalconnect, Inc., have been profiled in the report. They are the major manufacturers of the product.
The players operating in the market have undertaken a number of strategies related to the market in the period 2023-2020. The key highlight is:
- In November 2019, A team of researchers from Northwest University and Tsinghua University, both in China, has developed a patch that can be used to measure six health-related biomarkers by analyzing sweat.
- The new patch is designed by embedding sensors in a woven graphite-silk fabric. The conductivity was improved by using graphite doped with nitrogen atoms. The patch could then be applied to the skin on the arm and used to collect data from sweat for glucose, lactate, sodium ions, ascorbic acid, potassium, and uric acid levels. The patch was also flexible, which allowed it to conform to the skin.
- Epicore Bioystem\’s sweat-sensing technology has several roles to play in response to the coronavirus pandemic, including monitoring patients\’ electrolyte levels and non-invasively measuring their sweat cytokine levels and fatigue. Physicians could use this information to predict cases in which COVID-19 will become life-threatening. If the technology were built into an N95 respirator mask, it could also track the health and fatigue of medical staff.
The industry offers numerous growth opportunities. Thus, a number of startups providing innovative products and technologies have been entering the market. Some of them are Epicore Biosystems, PeerBridge Health Inc., Kenzen, VitalConnect, and GraphWear Technologies, among others.
In November 2019, Peerbridge Health announced that it has closed USD 11 million in funding from Ascent Biomedical Ventures, Northwell Health, Olipan Investments and Kinled Holding, company founder Dr. Angelo Acquista and other unnamed backers, for the ECG sensor patch.
Mergers and Acquisitions are an integral part of the Sensor Patch industry. Along with the companies operating in the market, other key market players have also been entering the industry.
- VivaLNK partnered with Reckitt Benckiser (RB) in April 2020, to distribute a wearable continuous temperature monitor worldwide. The products, Nurofen FeverSmart and Enfasmart FeverSense are aimed at parents who wish to automatically track temperature changes in their child in order to take immediate action following detection of a fever. These certified products are electronic skin patches that continuously monitor changes in body temperature over several days as required.
- Qualcomm Life and Benchmark in Septmeber 2023, announced a partnership to develop their own disposable biometric patches for their inpatient and outpatient monitoring.
Reports and Data forecast promising developments for increased adoption of Sensor Patch technology. According to industrial experts, application relating to Sensor Patch will increase. Moreover, new manufacturers are expected to enter the market, which is likely to provide platform-centric Sensor Patch solutions for production applications. New companies entering the industry would focus on innovating and providing through advanced technologies, thereby reducing complexity and lowering the overall total cost of operation. Experts also believe that increase in the adoption of science for research in emerging nations would be a key development area for the industry.
Segments Covered in the report
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2023 to 2032. The scope of the report can be defined as:
For the purpose of this report, have segmented the global Sensor Patch market on the basis of technology, product type, wearable type, application, end-users, and region:
Technology Outlook (Revenue, USD Million; 2023-2032)
Product Type Outlook (Revenue, USD Million; 2023-2032)
- Temperature Sensor Patch
- Blood Glucose Sensor Patch
- Blood Pressure/Flow Sensor Patch
- Heart Rate Sensor Patch
- ECG Sensor Patch
- Blood Oxygen Sensor Patch
Wearable Type Outlook (Revenue, USD Million; 2023-2032)
Application Outlook (Revenue, USD Million; 2023-2032)
- Medical Therapeutics
End Users Outlook (Revenue, USD Million; 2023-2032)
- Fitness And Sports
Regional Outlook (Revenue, USD Million; 2023-2032)
- North America
- Asia Pacific
- Latin America
Buy quantitative research Report at discounted price – USD 1500 https://www.qyresearchmedical.com/report/checkout/119204/1500
You can place an order or ask any questions, please feel free to contact email@example.com | +1 9197 992 333
QYResearch Medical has more than 4000 global well-known customers, covering more than 30 industries including pharmaceuticals, medical technology & devices, healthcare services etc. Company services cover one-stop solution as Data-Analysis-Suggestion-Consulting Implementation. Research regions cover North America, Europe, Latin America, Middle East and Africa, Asia- Pacific.
For Latest Update Follow Us: