Sensor patches are wearable technology that senses moisture levels in pediatric care, geriatric care, and long-term care. It can detect urine levels and relays the data to off-shelf receivers to provide alerts to caregivers. It is available in dry or wet formats and attached without skin contact for avoiding irritation. The global sensor patch market report by Market Research Future (MRFR) defines the scope and opportunities available to the industry for the period of 2017 to 2023 (forecast period). The COVID-19 pandemic and the impact on the industry production and supply chain are included in the report.
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The global sensor patch market is expected to reach approximately USD 600 million by the end of 2023 with a reported 45% CAGR during the forecast period.
Rising preference for wearables, large healthcare expenditure, and rising income levels of patients in developing countries can drive the market demand. Huge demand of patches for gauging fitness metrics and diagnosis of diseases such as cancer, diabetes, and others can drive the market. According to Northwestern University’s Querrey Simpson Institute for Bioelectronics, sensor patches in latest wearables can be used in tracking and monitoring of neonatals and newborns. The rise of COVID-19 cases has created a demand for patches which can detect the symptoms at the earliest and curb the spread. The sensor patch developed by AbilityLab can monitor early symptoms and the progress of the disease.
But high costs of devices and lack of insurance coverage can impede market growth.
Regionally, North America accounted for the largest market share from countries such U.S. and Canada among others. The reason is attributed to various technologically advanced medical devices, increasing demand for monitoring devices by the growing population, increasing investments in research development and also increasing capabilities of RD are broadening the application areas of sensor patches. Large number of chronic diseases and monitoring of debilitating diseases among the elderly can drive the regional market demand.
However, Asia Pacific (APAC) is expected to grow over the forecast period. This is attributed to growing demand for high-end technology solutions, urbanization and increasing acceptance of innovative technologies. The spike in COVID-19 cases and the burden on existing healthcare staff can induce the demand for sensor patches among countries.
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The global sensor patch market is segmented by application and end-users.
On the basis of application, the market can be segmented into imaging, diagnostic, monitoring, wellness and medical therapeutics, and others. Out of these, diagnostic accounted for the largest market share since it is widely used in the healthcare industry. The development of microneedles by scientists in Japan for painlessly penetrating the skin and diagnosing diseases at a preemptive stage is expected to revolutionize administering of necessary fluids.
By end-users, it is segmented into sports, fitness, healthcare, and others. The sports segment is likely to attain a large share of the global sensor patch market owing to its ability to measure fitness levels among athletes. It has been useful in diagnosing COVID-19 symptoms at the earliest at the slightest uptick in temperature levels.
Isansys Lifecare Ltd., Abbott Laboratories, iRhythm Technologies, Kenzen Inc., Texas Instruments, Feeligreen SA, Frontier Smart Technologies Group Ltd., G-Tech Medical Inc., DexCom, Medtronic, and Leaf Healthcare Inc. are key players of the global sensor patch market.