The growing demand for real-time monitoring of wearer’s health status is driving the global sensor patch market.
Covid-1 Impact & Market Status:
In early 2020, key economies around the world issued mobility bans and suspension orders. Many industries were severely affected including the global sensor patch market. Owing to mobility restrictions in different parts of the world, the manufacturing industry faced supply side shortages, shortage of productive workers, and insufficient supply of metal products as well as raw materials. As price of antimony is directly proportional to the availability of antimony, declining supply of antimony and high market demand led to a rise in antimony prices severely impacting the growth of global sensor patch market. However, the post-pandemic scenario and regained momentum across all the industries including chemical, automotive, manufacturing, and others has led to steady increase in demand of antimony. This has led to surge in market performance of global sensor patch market.
This report on global sensor patch market gives a sneak-peak into the latest trends and developments in the global sensor patch market. The report details the market size, growth rate of global sensor patch market along with individual market sizes and growth rates. Moreover, the report presents growth rate projections based on current facts, figures, and trends and previous years’ data from 2018-2020. The report highlights the opportunities existing and forthcoming in the global sensor patch market with risks and challenges the market players should address to realize full market potential. The report discusses the competitive environment of the antimony market at domestic and global level. The report studies the performance of the global sensor patch market in key countries and regions. Finally, the report provides some recommendations and solutions for the market players which help to take well-informed decisions.
The Blood Glucose Sensor Patch Will Account For The Largest Proportion Of The Sensor Patch Market Throughout The Forecast Period.
In 2020, the blood glucose sensor patch category held the largest proportion of the global sensor patch market. Many diabetics are recommended to regularly check their blood glucose levels. 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.
The rise in demand for portable medical devices and wearable sensors has had a direct impact on the growth of the sensor patch market throughout the predicted period. Similarly, the sensor patch sector is predicted to grow as the population ages and more people use sensor patches to monitor their glucose levels. The rapid rise in healthcare spending is likely to boost market growth.
Diagnostics Segment Accounted For The Largest Part Of The Sensor Patch Market.
The rising rates of chronic diseases, growing number of COVID-19 diagnostic tests have forced the data's inclusion into health-information systems (HIS). The increased frequency of chronic diseases, combined with the world's ageing population, has resulted in an increase in the number of diagnostic procedures conducted globally. Furthermore, the sensor patch industry is predicted to benefit from the significant increase in OECD countries' disposable incomes, as well as a surge in consumer interest in wearable electronics for healthcare monitoring.
The rising rate of chronic illnesses has increased the need of sensor technologies that could provide real-time health status monitoring. This has increased the reliance on sensor patch furthering the development of global sensor patch market.
Owing to benefits such as low power consumption, real-time health status monitoring, continuous monitoring & feedback, timely prevention of diseases, treatment and control, sensor patch is experiencing rapid adoption as opposed to traditional healthcare, thus fostering remarkable progress in global sensor patch market.
The factors like increasing per capita healthcare expenditure, rising disposable incomes in OECD countries, increasing awareness for health monitoring applications, and sensor patch offering comfortability is driving the global sensor patch market.
Advantages such as instantaneous results, non-invasive nature, real-time tracking of vital physiological parameters, early detection of certain health conditions encourage further adoption of sensor patch. The market value of global sensor patch market is estimated to reach close to USD 1633 million by 2028 with an annualized growth rate of 47.5% through the forecast period 2021-2028.
The key factors such as advancements in miniaturization technology, recent advances in fabrication and packaging techniques, blend of 3G and 4G technology, day-by-day increasing demand of personal diagnostics and monitoring owing to benefits of wearable technology is resulting in impressive growth of global sensor patch market.
Sensor patches are a sort of passive UHF and single-chip RFID sensor that is used to monitor or detect moisture levels in medical environments. These devices are commonly used in child care, geriatric care, and long-term medical care. Sensor patches are self-adhesive patches that aid in the diagnosis and monitoring of a person's health. These use a low-voltage electric current that does not pierce the skin to function.
However, skin acts as a natural defender of the immunity system that resists and protects body from external environment, resistance to mechanical sensing, high strain caused by slipping of skin, complicated skin structure differing from individual to individual is hindering the ability of designers to develop enhanced sensor patches. These factors remain certain challenges to the growth of global sensor patch market.
Furthermore, rolling of 5G networks, miniaturization of technology, stretchable microelectronics and telecommunication, day-by-day increasing demand of personal diagnostics and monitoring owing to benefits of wearable technology is anticipated to be growth opportunity to the global sensor patch market.
The major players in global sensor patch market are Texas Instruments Incorporated, Dexcom Inc, Abbot Laboratories, iRhythm Technologies Inc, Gentag Inc, Isansys lifecare ltd, Kenzen Inc, HIVOX BIOTEX INC, Leaf Healthcare, and Feeligreen SA among others. To strengthen their position in the worldwide sensor patch market, these businesses have used a variety of strategies, including product launches, partnerships, collaborations, mergers and acquisitions, and joint ventures.
Latest Innovations in the Sensor Patch Market: a Snapshot
- The FDA approved Medtronic's Micra AV, the world's smallest pacemaker with atrioventricular (AV) synchronisation, in January 2020. (Ireland). This pacemaker is designed for persons who suffer from AV block, a condition in which electrical signals between the heart's chambers (the atria and ventricle) are disrupted.
Sensor Patch Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 1633 million|
|Growth Rate||CAGR of 47.5 % during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Texas Instruments Incorporated, Dexcom Inc, Abbot Laboratories, iRhythm Technologies Inc, Gentag Inc, Isansys lifecare ltd, Kenzen Inc, HIVOX BIOTEX INC, Leaf Healthcare, and Feeligreen SA among others.|
Key Segments of the Global Sensor Patch Market
Type Overview, 2018-2028 (USD Billion)
- Glucose sensor patch
- Temperature sensor patch
- Respiratory sensor patch
- Pulse rate sensor patch
- Position sensor patch
- Motion sensor patch
- Hydration sensor patch
- Gas sensor patch
- Pressure sensor patch
Application, 2018-2028 (USD Billion)
- Health fitness monitoring
- Medical diagnostics
- Fashion industry
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa