Sensor Patch Market: Global Industry Analysis and Forecast (2023-2029)

Sensor Patch Market was valued at US$ 1.78 Bn. in 2022. Global Sensor Patch Market size is estimated to grow at a CAGR of 41.8% over the forecast period.
Sensor Patch Market Definition:
Sensor patches are adhesive patches that help diagnose and monitor an individual's condition. By quantitative and continuous detection of skin temperature, skin conductance, and pulse-wave in the human physiological range, the Sensor Patch provides constant assessment and complete analysis of human psychological stress. These work with a low-voltage electric current that does not pierce the skin. In the case of testing glucose in an individual's blood, they can function in a small area the size of a hair. They can also be used to connect to consumer electronics.

The sensor patch can be used for health and wellness monitoring, safety monitoring, home rehabilitation, Monitoring, Imaging, Diagnostic, Medical Therapeutics, Wellness & Fitness, treatment efficacy assessment, and early detection of illnesses, among other uses. They are divided into Blood Oxygen Sensor Patches, Temperature Sensor Patches, Blood Pressure/Flow Sensor Patches, Heart Rate Sensor Patches, Blood Glucose Sensor Patches, and ECG Sensor Patches, depending on the product. Fitness and Sports, as well as Healthcare, are two end-users of sensor patches.To know about the Research Methodology :- Request Free Sample Report
Sensor Patch Market Dynamics:
The increase in demand for portable medical equipment and the availability of easily wearable patch sensors are primarily driving the sensor patch market's growth across the globe. In addition, an increase in the global geriatric population is one of the key variables that aid in the detection of glucose proportions, which is a prevalent concern among the elderly. The market for sensor patches is expected to grow as telemedicine systems and advanced internet technologies become more widely accepted. Sensor patches are also commonly used to detect diabetes, cardiovascular problems, and circulatory strain.

Advancement in Sensor Patch:

Growing R&D efforts to upgrade and manufacture more novel sensor patches are assisting market growth by developing unique sensor patches that can monitor more important data. A silk-based sweat analysis sensor patch, an N-doped internal image structure, and the succeeding fabric, for example, are all made from carbon textiles to detect six health-related indicators at the same time. By providing superior electrical carbon fiber conductivity, plentiful functional sites, and good water absorption to transfer active electrons and enable improved access to reactants, the perforated structure allows it to behave as an efficient electrode with high electrochemical sensitivity. This sensor is used to develop a dual-acting sweat analysis component that can simultaneously detect glucose, lactate, ascorbic acid, uric acid, Sodium, and Potassium. The device's mix of selected receivers, signal collection, and transmission components allows users to see real-time sweat analysis.

Growing Adoption of Telehealth across the Globe:

Telehealth technology has become more popular in recent years. To administer self-health care and access healthcare services remotely, digital information and communication technology, such as computers and mobile devices, is used. The adoption of innovative technologies such as sensor patches has soared and continues to grow as customers have begun to focus on the convenience of using them. Furthermore, customers' expectations that technology will make their lives easier, resulting in increased levels of satisfaction, are influencing sensor patch adoption. In addition, an increase in disposable income and a change in customer lifestyles are two more factors that are boosting the market growth.

Growing Adoption of IoT in Sensor Patch:

Various industries throughout the world have adopted the Internet of Things in recent years (IoT). Sensors have long been a part of the Internet of Things, and they're used in a wide range of applications. The adoption of IoT technology in the healthcare sector, like many other industries, is increasing, thanks to advancements in wireless technology, device downsizing, and innovation in connected medical devices. The Internet of Things (IoT) combines the digital and physical worlds to improve diagnostic and treatment speed and accuracy, as well as track and adjust patient behavior and health status in real-time. In addition, because the sensor patches are IoT devices, they can be used by anyone who is not under medical supervision. Other technologies, such as big data, artificial intelligence, smartphone apps, and 3D printing, are also allowing MedTech companies to expand their reach. For virtual consultations, telemedicine is used in the same way as sensor patches are used to monitor vital signs.
Sensor Patch Market Segment Analysis:
Based on the Product, the Sensor Patch Market is segmented into Temperature Sensor Patch, Blood Glucose Sensor Patch, Blood Pressure/Flow Sensor Patch, Heart Rate Sensor Patch, ECG Sensor Patch, Blood Oxygen Sensor Patch, and Others. The Blood Glucose Sensor Patch segment held the largest market share accounting for 34% in 2022. Many diabetic people are encouraged to check their blood glucose levels on a frequent basis. A quick increase in blood glucose levels causes hyperglycemia, whereas a sudden reduction causes hypoglycemia, which can lead to a variety of issues, including cardiac or vascular events (heart attacks or strokes), renal problems, vision problems, and so on. It is critical to monitor glucose levels on a regular basis in order to keep diabetes under control. The market is being driven by the demand for self-testing devices.Based on the Application, the Sensor Patch Market is segmented into Monitoring, Diagnostics, and Medical Therapeutics. The Diagnostics segment held the largest market share accounting for 59% in 2022. The segment growth is attributed to the increased prevalence of chronic diseases and the growing senior population across the globe.
Sensor Patch Market Regional Insights:
The Asia Pacific region held the largest market share accounting for 39% in 2022. The regional market for sensor patches is being driven by the growing requirement in Asia for the installation and integration of medical devices and healthcare IT systems in order to provide patients with cost-effective and high-quality clinical treatment. As a result, numerous wearable solution firms are expanding their operations in Asia to take advantage of the emerging potential. In addition, the COVID-19 outbreak has increased the number of patients in the region, particularly in China and India. The market in APAC will grow due to the increasing number of patients and the increasing need for accurate and fast diagnosis and treatment of this disease.

The North America region is expected to witness significant growth at a CAGR of 38.5% during the forecast period. The region’s growth is attributed to strong R&D expenditure and the biggest market share from nations like the United States and Canada. Because of the rapid development in the requirement for the adoption and integration of medical devices and healthcare IT solutions to deliver cost-effective and high-quality clinical care to patients, North America region is expected to grow at a substantial rate during the forecast period.

The objective of the report is to present a comprehensive analysis of the global Sensor Patch Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Sensor Patch Market dynamic, structure by analyzing the market segments and projecting the Sensor Patch Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Sensor Patch Market make the report investor’s guide.
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Sensor Patch Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US$ 1.78 Bn.


Forecast Period 2023 to 2029 CAGR:
41.8%
Market Size in 2029:
US$ 20.6 Bn.


 Segments Covered:
by Product
• Temperature Sensor Patch
• Blood Glucose Sensor Patch
• Blood Pressure/Flow Sensor Patch
• Heart Rate Sensor Patch
• ECG Sensor Patch
• Blood Oxygen Sensor Patch
• Others


by End-Use Industry
• Healthcare
• Fitness & sports


by Application
• Monitoring
• Diagnostics
• Medical Therapeutics



Sensor Patch Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Sensor Patch Market Key Players
• Abbott Laboratories
• iRhythm Technologies, Inc.
• Dexcom, Inc.
• Medtronic PLC
• Texas Instruments Incorporated
• Proteus Digital Health, Inc.
• Gentag, Inc.
• Kenzen Inc.
• Vitalconnect, Inc.
• Smartrac N.V.
• Nanosonic, Inc.
• Isansys Lifecare Ltd.
• Leaf Healthcare, Inc.
• Frontier Smart Technologies
• Feeligreen
• G-Tech Medical
• Humavox Ltd.
• Vpatch Cardio Pty Ltd.
• Hocoma AG
• Masimo Corporation

Frequently Asked Questions:

1] What segments are covered in the Global Sensor Patch Market report?
Ans. The segments covered in the Sensor Patch Market report are based on Product, End-Use Industry, and Application.

2] Which region is expected to hold the highest share in the Global Sensor Patch Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Sensor Patch Market.

3] What is the market size of the Global Sensor Patch Market by 2029?
Ans. The market size of the Sensor Patch Market by 2029 is expected to reach US$ 20.6 Bn.

4] What is the forecast period for the Global Sensor Patch Market?
Ans. The forecast period for the Sensor Patch Market is 2023-2029.

5] What was the market size of the Global Sensor Patch Market in 2022?
Ans. The market size of the Sensor Patch Market in 2022 was valued at US$ 1.78 Bn.