Sensor Patch Market Insights
The global sensor patch market is expected to grow at a CAGR of 40.9% over the forecast period mainly due to the rising per capita health expenditure and net disposable income of the OECD countries. Moreover, the increasing adoption of fitness wearables among the consumers to track their fitness activities is also anticipated to drive the market growth.
However, policies such as the Health Insurance Portability and Accountability Act (HIPAA) act as restraints for the market growth. The information generated by different device manufacturers and mobile app makers are protected under HIPAA regulations. Thus, the business entities need to follow the HIPAA compliances while they work towards making innovations.
Sensor Patch Market: Product Insights
Based on products, the global sensor patch market is segmented into blood glucose sensor patch, blood pressure/flow sensor patch, temperature sensor patch, heart rate sensor patch, ECG sensor patch, and blood oxygen sensor patch among others.
The market for blood glucose sensor patch is expected to occupy the highest market share attributing to increasing count of diabetic patients across the world. Diabetic patients need to check their blood glucose level on a regular basis so as to keep it under control. Thus, the increasing demand for self-testing blood glucose devices is projected to stimulate market growth over the coming years.
Sensor Patch Market: Application Insights
By application, sensor patch market is segmented into monitoring and diagnostics. The diagnostic application of the product is expected to grow significantly due to its increasing adoption by clinicians in healthcare sectors. The scope for diagnostic sensor patches is also expected to rise over the forecast period.
Sensor Patch Market: Vertical Insights
On the basis of vertical, the sensor patch market is divided into Healthcare, and Fitness & Sports. The healthcare sector is expected to hold the largest share over the coming years owing to the growing adoption of the product. Sensor patches makes the communication between doctors, staff and patients easier, making it convenient to monitor the health status of patients. Along with clinical application there has been an increase in non-clinical application of the product such as ambulatory monitoring in home healthcare.
Sensor Patch Market: Regional Insights
North America occupied the largest market share in the global market due to the increasing demand for monitoring and other advanced medical devices, particularly by old age population. Moreover, high R&D investment in fitness wearables by consumers coupled with growing preference for improved lifestyle is anticipated to contribute towards the regional growth.
Sensor Patch Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase sensor patch over the coming years. Some leading consumers of this market are UnitedHealth Group, Abbott, McKesson, Fitbit and Reebok.
Sensor Patch Market: Market Share & Competitor Analysis
The global market for this product is expected to be significantly large due to the presence of a large number of manufacturers. Key players operating in the global market include Medtronic, Abbott Laboratories, GraphWear, iRhythm Technologies Inc., Hocoma AG, and Frontier Smart Technologies Group Ltd. among others.
In October 2016, GraphWear Technologies announced its sweat assessment wearable patch, which tracks glucose and electrolyte levels by analyzing users’ sweat.
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