The global sensor patch market is expected to increase from USD 31.6 Million in 2016 to USD 562.1 Million by 2023, at a CAGR of 47.03% between 2017 and 2023. Some of the key factors driving this market are the increasing per capita healthcare expenditure and disposable incomes in OECD countries, consumer preference for wearables in health monitoring application, and comfortability offered by sensor patch.
The market for blood glucose sensor patch accounted for the largest market in 2016. The large market of blood glucose sensor patch is mainly attributed to increasing number of patients with diabetes across the world. According to World Health Organization, about 422 million people were affected by diabetes in 2014 worldwide. Many patients with diabetes have been advised to monitor blood glucose on a regular basis. Monitoring glucose level regularly is essential to keep diabetes under control. The demand for self-testing devices is driving the sensor patch market. The painful pricking procedure used by other glucose monitoring devices can be considerably avoided by implementing sensor patches.
The market for diagnostics application is expected to grow at the highest rate during the forecast period. Diagnostics application of sensor patch is now being accepted in the healthcare industry as the current and historical data gathered by sensor patches assist clinicians with precise diagnostics. There is increasing scope for diagnostics sensor patches in childcare as infants cannot communicate about their health status.
The sensor patch held the largest market in the healthcare industry in 2016. The sensor patch market in the healthcare industry is driven by various clinical and nonclinical applications. Adoption of sensor patches in clinical healthcare is improving the communication between doctors and medical staff, hospital or medical institution, and the wearer of sensor patch to track and monitor the health of the patients. The sensor patch market is also driven by nonclinical application where sensor patch is used in ambulatory monitoring for in-home healthcare. The market for sensor patches in geriatric and childcare is gaining traction.
The Health Insurance Portability and Accountability Act (HIPAA) compliances is the restraining factor for the growth of sensor patch market as the information generated by different device manufacturers, mobile app makers, etc. is protected under HIPAA regulations and various entities and their business associates are involved in data computing and analytics need to adhere to HIPAA compliances while they work toward staying innovative in the market.