According to a new research report “Sensor Patch Market by Product (Temperature, Blood Glucose, Blood Pressure/Flow, Heart Rate, ECG, Blood Oxygen), Application (Monitoring, Diagnostics), End-User Industry (Healthcare, and Fitness and Sports), and Geography – Global Forecast to 2023”, published by MarketsandMarkets™, the Sensor Patch Market is expected to be worth USD 562.1 million by 2023, at a CAGR of 47.03 per cent between 2017 and 2023. The growth of this market is mainly driven by 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 large market of blood glucose sensor patch is mainly attributed to the 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.
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.
North American consumers in general focus on value and functionality. The demand for sensor patch is increasing in North America as a result of the demand for tech-nologically advanced medical devices and monitoring devices that can be used in homes for the growing aging population. The increase in R&D in the field of wearables, in terms of new and improved technologies, and the rise in demand for improved lifestyle are the two crucial factors driving the market in this region. The increasing R&D capabilities are broadening the application areas of sensor patch in different industries such as fitness and sports and healthcare.