As per our analysis report, the global sensor patch market is forecasted to be worth USD 1035 million by 2027 from USD 162.24 million in 2022, registering a CAGR of 44.86% from 2022 to 2027.
A wearable sensor in the medical industry is known as a sensor patch. These are placed on the patient's skin to monitor physiological signs such as pulse. The sensor patch includes a signal processing integrated circuit, multichannel temperature sensor wireless communication feature, and a flexible battery. These patches are used in many applications such as diagnostics, fitness & sports, knowing sugar levels and temperature, and alcohol detection.
Impact of COVID-19 on the sensor patch market:
The growth of sensor patch products has increased during the era of COVID-19. During the COVID-19 period, these patches are used widely because doctors can monitor patients’ conditions at home from hospitals. In addition, wearable sensors can detect several physiological changes. For example, Epicore’s sweat-sensing technology was used during the coronavirus pandemic, including monitoring patients’ electrolyte levels and fatigue and non-invasively measuring their sweat cytokine levels. This information could help doctors predict conditions in which COVID-19 will become life-threatening.
Due to wearable self-monitoring patches, people consistently check temperatures and detect the virus. Furthermore, it is possible to rely on contact tracing apps and exposure notification apps with a wireless connection from the chip to a smartphone, which could help individuals and public health officials and reduce the spread of the disease. Chest-patch sensor is the most used patch during the COVID-19 pandemic. It gives data about the heart rate, blood oxygen saturation, pulse pressure, mean arterial pressure, heart rate variability, respiratory rate, systolic and diastolic blood pressure, stroke volume, cardiac output, cardiac index, systemic vascular resistance, and skin temperature. This patch is connected to mobile and gives the daily report. Owing to the aforementioned factors, the global market for sensor patches has seen significant growth during the peak times of COVID-19.
Y-O-Y growth in the aging population, rise in the healthcare expenditure, technological advancements, rise in usage of smartphones, and developments in the automation industry are some of the factors propelling the sensor patch market.
The advantages associated with the sensor patches are accelerating the demand for these products and driving market growth. ICU patients and newborns in the NICU require continuous monitoring of blood pressure and other vital indicators. By using a soft skin patch, medical professionals can easily access all their patients' medical information. Skin patches are also used in the agricultural industry to monitor cattle and wildlife. In addition to increasing cattle’s quality of life and reducing the need for on-site procedures, this system also provides valuable information on disease status, lactation, and fertility. The washable textile sensor is an opportunity for future applications of health monitoring, human-machine interfaces, and artificial skin. The next generation of medical equipment, called skin-like health patches (SHPs), makes it possible to monitor biological signals throughout the day continuously.
The growing use of IoT in sensor patches is a significant factor boosting the growth of the sensor patch market.
The IoT in healthcare is growing rapidly. IoT is utilized in various healthcare to detect, treat, and monitor diseases to connect with billions of devices. IoT has the power to transform the healthcare industry and provide better healthcare services to people. Different wearable patches or skin-interfaced sensing systems are being developed, making advances in flexible sensing.
High costs associated with the sensor patches, lack of awareness, and regulatory issues are some factors restraining the growth of the sensor patch market. In addition, design complexities, integration of devices, and data security connected with medical devices are further anticipated to challenge the sensor patch market.
This research report has been segmented and sub-segmented into the following categories based on Product Type, Application, End-User & Region:
Sensor Patch Market – By Product Type:
Due to the increase in the aging population and diabetes patients, the blood glucose sensor patch segment accounted for the largest share of the global sensor patch market in 2021. Continuous glucose monitoring is a sensor patch that works inserted on the belly or arm. Every few minutes, the sensor measures the glucose. Increase in blood glucose results in cause vomiting, excessive hunger and thirst, rapid heartbeat, vision problems, and other symptoms.
Sensor Patch Market – By Application:
Due to the growing demand for high-quality medical technologies, increasing prevalence of chronic diseases and disorders, early diagnosis and prevention, and increasing incidence of chronic diseases and conditions, the diagnostics segment is anticipated to account for a significant share of the sensor patch market during the forecast period. Data gathered by sensor patches help clinicians with accurate diagnostics, and they are now accepted in the healthcare industry for diagnostics applications. Sensors are used in diagnostics such as pregnancy testing, fertility testing, cancer diagnostics, and diabetes glucose monitoring.
Sensor Patch Market – By End-user:
Based on the end-user, the healthcare segment had a significant share of the global sensor patch market in 2021. This is due to good communication between the doctors, hospitals, and the wearer of sensor patches to monitor the patient's health. In healthcare, sensors can be used for life-supporting implants, preventive measures, and long-term monitoring of disabled or ill patients. Healthcare organizations need real-time, reliable, and accurate diagnostic results provided by sensor systems that can be monitored remotely.
Sensor Patch Market – By Region:
The sensor patch market in Asia pacific dominated the worldwide market in 2021. Factors such as the increasing integration of sensors in devices and an increasing number of chronic diseases have helped the APAC regional market grow significantly. In this region, countries such as China, Japan and India are anticipated to play a significant role in boosting the growth rate of the APAC sensor patch market. In 2019, in China, researchers from Tsinghua University and Northwest University developed a patch that can be used to measure six health-related biomarkers by analyzing sweat. In 2022, Japanese researchers developed a high-tech patch that monitors the heart and other health data. In addition, a wireless and battery-less solution has been developed by researchers at Osaka University in Japan.
North America is in second place and was next to APAC, accounting for the leading share of the global market in 2021. Owing to the increasing prevalence of atrial fibrillation and other cardiac conditions, the North American market for sensor patches is anticipated to hold a substantial share of the global market during the forecast period. Each year, nearly 795,000 stroke occurrences occur in the U.S.; the stroke is the sixth most common cause of death and the top cause of long-term adult disability. As a result, increased use of ECG sensor patches in the United States.
KEY MARKET PARTICIPANTS:
Abbott Laboratories, iRhythm Technologies, Dexcom, Medtronic, Texas Instruments, Proteus Digital Health, Gentag, Kenzen, Smartrac, Nanosonic, Isansys Lifecare, Leaf Healthcare, Frontier Smart Technologies, Feeligreen, G-Tech Medical are some of the major companies operating globally profiled in this report.
RECENT HAPPENINGS IN THE MARKET:
The global sensor patch market size was valued at USD 112 million in 2021.
Geographically, the APAC sensor patch market worldwide is anticipated to progress at the fastest CAGR during the forecast period.
Based on product type, the blood glucose segment accounted for the major share of the market in 2021.
Companies playing a key role in the global sensor patch market are Abbott Laboratories, iRhythm Technologies, Dexcom, Medtronic, Texas Instruments, Proteus Digital Health, Gentag, Kenzen, Smartrac, Nanosonic, Isansys Lifecare, Leaf Healthcare, Frontier Smart Technologies, Feeligreen and G-Tech Medical.
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