Sensor Patch Market by Product, Application, End-User Industry, and Geography - Global Forecast to 2023
LONDON, Aug. 22, 2017 /PRNewswire/ -- "Sensor patch market is projected to grow at a CAGR of 47.03% between 2017 and 2023"
The sensor patch market has entered the growth phase and is expected to grow further in the coming years. The market is expected to be worth USD 562.1 million by 2023, at a CAGR of 47.03% between 2017 and 2023. The drivers for this market are increasing per capita healthcare expenditure and disposable incomes in OECD countries, consumer preference for wearable in health monitoring application, and comfortability offered by sensor patch. The main restraint for this market is Health Insurance Portability and Accountability Act (HIPAA) compliances.
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"Market for ECG sensor patch expected to grow at the highest CAGR during the forecast period"
The ECG sensor patch market is expected to grow at the highest CAGR during the forecast period. One of the major reasons why ECG sensor patch would drive the market is the rising consumer awareness for wearable devices primarily for fitness applications. Flexible, lightweight, and connected sensor patches offer convenience to sports players and athletes. Sports players and athletes can manage to intensify their performance. Individuals can reach their personal fitness goals by tracking heart rate to maintain the right intensity of work out by using sensor patch. Moreover, the healthcare industry is expected to drive the use of ECG sensor patch owing to its wireless connectivity that would drive the convenience to patients during sleep, personal hygiene, or medical care.
"Sensor patch market for monitoring application accounted for the largest share in 2016"
The sensor patches are widely adopted for monitoring purposes in the healthcare, and fitness and sports industry. Healthcare is gaining traction with the use of sensor patch for 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. Also, the value added by sensor patch in sports to help athletes train, perform, and recover from injuries is driving the monitoring application. Moreover, the increasing average life expectancy of the population worldwide, coupled with the aggravated prevalence of heart-related diseases and diabetes, is driving the market for the monitoring application.
"APAC is expected to be the fastest-growing market for sensor patch during the forecast period"
Being the most populated region in the world, the market in APAC is mainly driven by increasing per capita healthcare expenditure and disposable incomes.
Furthermore, factors such as urbanization, individuals' acceptance of innovative technologies, and popularity of wearables and in-home healthcare services are responsible for the growth of the sensor patch market in this region.
Breakdown of profile of primary participants:
• By Company: Tier 1 = 25 %, Tier 2 = 55%, and Tier 3 = 20%
• By Designation: C-level Executives = 30%, Directors = 30%, and Others = 40%
• By Region: North America = 45%, Europe = 17%, APAC = 30%, and RoW = 8%
The major players profiled in this report include:
• Abbott Laboratories (US)
• iRhythm Technologies (US)
• DexCom (US)
• Medtronic (Ireland)
• Texas Instruments (US)
• Proteus Digital Health (US)
• Gentag (US)
• Kenzen (US)
• VitalConnect (US)
• SMARTRAC (Netherlands)
Research Coverage
The study segments in the sensor patch market report are products—includes temperature sensor patch, blood glucose sensor patch, blood pressure/flow sensor patch, heart rate sensor patch, ECG sensor patch, blood oxygen sensor patch, and others—and applications—covering monitoring, diagnostics. The study also covers end-user industries, and geographic forecast of the market size for various segments with regard to four main regions—North America, Europe, APAC, and RoW.
Reasons to buy the report
The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the sensor patch market comprehensively and provides the closest approximations of the overall market size and those of the subsegments across different applications and regions.
2. The report gives the detailed analysis of the sensor patch market with the help of business model analysis, competitive leadership mapping, and value chain analysis including key companies in the market and their relations in the ecosystem.
3. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
4. This report would help stakeholders to understand their competitors better and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions in the sensor patch market.
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