Growing demand for monitoring physiological parameters of patients to drive global sensor patch market until 2027
According to TechSci Research report, “Sensor Patch Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027”, Global sensor patch market was valued at over USD950 million in 2021 and is forecast to grow at a CAGR of 11.83% to reach USD1817.62 million by 2027. Sensor patches are attached to the human body for monitoring a range of vital signs and provide specific treatments when required. The outbreak of COVID-19 and the increasing prevalence of chronic diseases are driving the growth of the sensor patch market.
The increasing chronic illness among individuals has propelled the global sensor patch market as these sensors are used for monitoring patients’ vital parameters. For instance, with accelerating urbanization, people are adopting a more sedentary lifestyle. This is pushing obesity rates and cases of diseases such as diabetes upward. These illnesses require regular monitoring or regular check-up. Hence, sensor patches are used for the regular monitoring of chronic diseases.
The sensor patches are portable and easy to use, and some of them even do not require medical supervision. This has helped people use or monitor their vitals themselves as it takes time and effort to visit medical facilities for regular check-ups. The portability of the patches helps individuals to carry their kit wherever they require, increasing the ease of use of the product.
Browse 130 market figures spread through 176 Pages and an in-depth TOC on “Global Sensor Patch Market”
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Global Sensor Patch market is segmented on the basis of product type, application, end user, and regional distribution. On the basis of product type, the market is segmented into temperature sensor patch, blood glucose sensor patch, blood pressure/flow sensor patch, heart rate sensor patch, blood oxygen sensor patch and others. The blood glucose sensor patch segment is expected to register the fastest growth in the global sensor patch market on account of the growing prevalence of diabetes worldwide. According to the International Diabetes Federation, as of 2019, around 463 million adults (20-79 years) were living with diabetes, and this number is expected to increase to 700 million by 2045. This, in turn, would increase the demand for blood glucose sensor patches, glucometers, etc.
Leading players operating in Global Sensor Patch market include:
- iRhythm Technologies Inc.
- DexCom Inc.
- g.tec medical engineering GmbH
- Medtronic PLC
- Texas Instruments Inc.
- Abbott Laboratories Inc.
- Feeligreen SA
- Gentag, Inc.
- G-Tech Medical, Inc.
- Hivox Biotek Inc.
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“The North America region is the largest in the global sensor patch market with a share of 36.02% in 2021, owing to the region’s large and growing geriatric population, which is susceptible to different kinds of diseases, especially countries like the USA and Canada. Additionally, supportive government policies, R&D and healthcare schemes launched by them across the three countries in the region are expected to support market growth. Furthermore, increasing healthcare expenditure coupled with growing health awareness among the population across different countries in the region is further expected to drive the market growth in the region through 2027.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Sensor Patch Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027, Segmented By Product Type (Temperature Sensor Patch, Blood Glucose Sensor Patch, Blood Pressure/Flow Sensor Patch, Heart Rate Sensor Patch, Blood Oxygen Sensor Patch and Others), By Application (Diagnostic & Imaging, Monitoring, Others), By End User (Hospitals & Clinics, Home Care, Laboratory Diagnostic, Fitness and Sports), By Region, By Company”, has evaluated the future growth potential of global sensor patch market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global sensor patch market.
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