Market Overview
A sensor patch is a wearable digital health device which is majorly used for healthcare applications like geriatric care, long-term medical care, and childcare. These devices are wearable medical solutions on the body allowing continuous and semi-continuous monitoring of physiological and mental parameters ranging from simple on skin temperature measurement to more sophisticated electrocardiogram measurements without tethering the patients to a wired medium. Apart from medical applications, sensor patch devices are also used in fitness and sports applications. According to Market Research Future (MRFR), the global Sensor Patch Market is expected to grow up to 600 million at 45% CAGR by the end of the forecast period of 2017 to 2013.
The global sensor patch market is driven by factors including the rise of healthcare expenditure, growing inclination for wearables by consumers in health monitoring application. Furthermore, the technological developments in sensor networks also contribute to the growth of the sensor patch market. Nevertheless, increased health insurance portability and accountability compliances can hinder the growth of the market. A significant challenge faced by manufacturers of sensor patches is designing and devising a skin-friendly adhesive to ensure product efficiency in the market. Sensor patches need to be gentle for the consumer, and durable to avoid the potential for any misevaluation while processing and avoid discomfort or allergy upon removal. Another primary restraint of the market is the high cost of the research, manufacturing, and designing of sensor patches and the requirement of advanced integrated technology.
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Key Players:
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.
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.
Regional Overview
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 2027. Improving healthcare system and rising per capita income is creating markets opportunities for various high-end healthcare products including 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.
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Intended Audience
· Device manufacturers
· Network Operators
· Distributors
· Suppliers
· Research firms
· Software Developers
· Commercial Banks
· Vendors
· Government Agencies
· Cyber security Vendors
· End-user sectors
· Technology Investors
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Market Overview:Level sensors are devices that are utilized to detect the level of liquids, fluids and powders.
Market Research Future (MRFR) has published a report stating that the Covid 19 Analysis on Level Sensor Market is marked to expand at a noteworthy CAGR of 9% during the forecast period of 2017-2023.Market Drivers:Various industries are relying on advanced level sensors for supervising and monitoring fluid levels.
With the development of digital sensors and smart sensors that are compact in size and are available at low cost, the adoption of advanced level sensors has increased significantly, which in turn is propelling the growth of the global Covid 19 Analysis on Level Sensor Market.
The contact type segment is sub-segmented into pneumatic, vibratory probe, hydrostatic, magnetic & mechanical float, magnetostrictive, and guided wave.
The non-contact type segment has been sub-segmented into ultrasonic, microwave/radar, optical, laser, micro-electro-mechanical system (MEMS), and others.
Based on application, the Level Sensor Industry has been segmented into consumer goods, automobile, industrial manufacturing, chemicals, dry bulk, pharmaceuticals, waste and water management, oil and gas, energy and power, and healthcare.Regional Analysis:Geographically, the global Level Sensor Industry has been segmented into five major regions such as Asia Pacific, North America, Europe and the Middle East and Africa.
The growth of this market is mainly driven by the rising demand for portable medical devices and wearable sensors, increasing elderly population, and growing use of sensor patches to monitor glucose level.
Growing adoption of telehealth and advancements in wearable solutions and digital technologies provide major opportunities for the growth of the sensor patch market.Download PDF Brochure:https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=50239064Blood glucose sensor patch to hold largest share of sensor patch market during forecast periodIn 2019, the blood glucose sensor patch segment held the largest size of the sensor patch market.
The monitoring of blood glucose is essential as a sudden increase in the level of glucose cause hyperglycemia, while a sudden decrease can cause hypoglycemia, thereby leading to several complications, including cardiac or vascular events (heart attacks or strokes), kidney problems, eye problems, etc.
The demand for self-testing devices is driving the market.Largest share of diagnostics in sensor patch market is due to increasing incidences of chronic diseasesThe growing number of diagnostic tests for COVID-19 has resulted in the need for integration of this data into health information systems (HIS).
The increasing incidences of chronic diseases and the rising geriatric population have resulted in the increasing number of diagnostic procedures performed globally.
Sensor patches are now being accepted in the healthcare industry for diagnostics applications as the current and historical data gathered by sensor patches assist clinicians with precise diagnostics.
Sensor Patch Market is expected to grow at a significant CAGR in the upcoming years as the scope, product types, and its applications are increasing across the globe.
A Sensor Patch is typically radio frequency identification (RFID) activated that could easily be attached to the human skin for monitoring health conditions.
For the health monitoring purposes, consumers are choosing wearable devices.
Sensors patches as per requirement can produce analytics to alert doctors about the signs of life threating diseases such as heart failure, stroke, kidney failure, etc.
Top Key Manufacturers of Sensor Patch market are :-Abbott Laboratories (US)Irhythm Technologies, Inc. (US)Dexcom, Inc. (US)Medtronic PLC (US)Texas Instruments Incorporated (US)Other Sensor Patch Market by Product Type:Temperature Sensor PatchBlood Glucose Sensor PatchOther Sensor Patch Market by Applications:HealthcareFitness and SportsOther Geographical Analysis of Sensor Patch Market:- United StatesEUChinaJapanSouth KoreaTaiwan Sensor Patch Market is categorized based on product type, applications, end users, and geography.
Lightweight, Flexible, and connected sensor patches offer conveniences to sports players.
