Market Overview
The global sensor patch market is estimated to reach the approximate valuation of USD 600 million by 2023, reveals Market Research Future (MRFR). The market can attain a CAGR of 45% during the forecast period (2017-2023).
Primary Drivers and Key Restraints
Sensor patch can be described as a small device that looks like a chip. It is activated by the Radio Frequency Identification (RFID) which is fixed to the human skin for detecting the physiological changes that take place in the human body. Its most extensive use is in geriatric care, long-haul therapeutic care, and childcare. Other applications include diagnosis, by diagnosing the accurate results of health conditions. They are an essential aspect of the healthcare system since they help convey mind specifically to the patients. Moreover, they help support preparatory care and help measure treatments that have taken place.
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Surging per capita income in healthcare along with the growth in income of people favors the market. Also, the relief offered by the sensor to patients adds to the market strength. Apart from this, high demand among consumers for wearable devices also benefits the market. Other equally important factors include rise of IoT (Internet of things), the progression of the automation industry, increasing use of smartphones and advancements in sensors.
However, assimilation of the sensor with the device can prove to be detrimental to the worldwide market in the coming years. On the bright side, rising demand for sensor patch among consumers as well as the booming automotive sector all over the world offers a host of opportunities to the market.
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.
Market Segmentation
Application and end-users are the primary segments as per which MRFR has segregated the sensor patch market, to give a better understanding of every aspect of the market.
The end-users in the market are sport and healthcare.
Depending on the application, the market includes medical therapeutics, monitoring, wellness, diagnostic, imaging, and others. Out of these, the diagnostics application segment is anticipated to lead the market with the highest share.
Regional Insight
The market for sensor patch is spread across the main regions of Europe, Asia Pacific (APAC), North America, and the rest of the world (RoW).
North America, with the United States (U.S.) at the forefront, is the reigning region in the global market. The remarkable market performance is the result of the huge number of renowned players in the region combined with the easy availability of new versions of sensor patch. Canada is another important market for sensor patch in the region. Increased government support, especially in medical science research and development programs is helping the regional market advance rapidly.
APAC can attain the fastest growth rate in the sensor patch market during the review period. With the surge in technological advancements along with rising popularity of sensor patch, the regional market is bound to have a lucrative run in the coming years. Countries like India, Japan and China, contribute significantly to the overall market in the region. Advancing urbanization, buyers’ inclination towards innovative products, and high popularity of wearables stimulates the growth of the sensor patch market in the region.
In Europe, rising interest in restorative patches for a variety of applications like wellness and predict different infections like diabetes, malignancy, circulatory strain and cardiovascular disarranges is taking the market to greater heights.
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