Sensor Patch Market to Reach Valuation of USD 7.12 Billion by 2028 - Increasing Demand for Portable Medical Devices & Wearable Sensors is Driving the Market

In terms of revenue, the Global Sensor Patch Market is expected to reach USD 7.12 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 42.10% from 2022 to 2028. An increasing number of COVID-19 diagnostic tests has led to the need for assimilation of this information into HIS (health information systems). The rising occurrence of chronic diseases and the increasing geriatric population led to the rising number of diagnostic methods performed across the globe. Sensor patches are being accepted now in the healthcare sector for diagnostics applications because of historical and current data gathered by clinicians with exact diagnostics. The scope for Sensor Patch diagnostics in childcare is rising as infants are not able not to communicate regarding their health.

Key Findings:

• The blood glucose Sensor Patch sub-segment is anticipated to dominate the segment for Sensor Patch Market and growing at a substantial CAGR. The rise in adoption is due to its increase in diabetic patients globally.
• The diagnostic sub-segment held a market significant share in 2021. This is due to the growing investments in research and development in the domain of Sensor Patch diagnostics.
• North America is the largest regional segment. This surge is attributed to the rising demand for Sensor Patch drug in developed economies such as U.S. and Canada.

Some of key players in Sensor Patch Market includes - Abbott Laboratories (US), Kenzen Inc. (US), Frontier Smart Technologies Group Ltd. (UK), Leaf Healthcare Inc. (US), Medtronic (Ireland), rhythm Technologies (US), Feeligreen SA (France), Texas Instruments (US), DexCom (US), Isansys Lifecare Ltd. (UK) and G-Tech Medical Inc. (US)..

The innovative Sensor Patch is a disposable, UHF, single-chip sensor inlay solution that offers cost efficiency, is easy to implement, and works on different textiles, pulps, and nonwoven materials. Sensor platforms that exploit the fibrous textile threads as substrates offer great promise since they can be directly sewn, woven, or stitched onto any clothing. They can also be placed directly in intimate contact with the skin. Monitoring the daily activities on a physiological response using Sensor Patch which can also simultaneously track metabolism and hemodynamic parameters are gaining huge potential. Concepts such as telehealth, the internet of medical things, and precision medicine, wearable sensors offer features to actively and remotely monitor physiological parameters. Wearable sensors can generate data continuously without causing any discomfort or interruptions to daily activity, thus enhancing the self-monitoring compliance of the wearer and improving the quality of patient care. Monitoring of single physical parameters, such as the electrocardiogram and blood pressure (BP) as well as biochemical parameters, such as glucose using non-invasive wearable sensors has been successfully used. These are some of the applications that are promoting the use of wearable Sensor Patch and helping the market to flourish.

North America is expected to dominate the global Sensor Patch Market in 2021 and is likely to continue the same trend during the forecast period. The growing need for the implementation and integration of medical devices and healthcare IT solutions in this region is likely to provide cost-effective and quality clinical care to patients. As a result, many global wearable solution companies are investing in the market to capitalize on the growing opportunities. In addition, the COVID-19 outbreak has resulted in an increased patient pool in the region, especially in countries such as China and India. The growing patient volume, along with the rising need for accurate and timely diagnosis and treatment of this disease, will fuel the growth of the market.

COVID Impact Analysis

The COVID-19 outbreak has affected various industries worldwide. The Sensor Patch Market also had a huge impact. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop the swift spread of COVID-19. These actions led to a severe impact on the global economy impairing various industries. Moreover, lower raw material supply further affected the demand Sensor Patch processing across the globe.