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ABBOTT LABORATORIES

(ABT)
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Sensor Patch Market Size, Trends and Forecasts to 2027, Key Players: Abbott Laboratories, Irhythm Technologies, Dexcom, Proteus Digital Health

02/24/2021 | 11:55am EDT

Sensor Patch market is forecast to reach USD 13.41 Billion by 2027, according to a new report by Reports and Data. The key factors propelling the growth of the market are an increase in disposable income, and consumers' inclination towards wearable devices for diagnosis is driving the market growth.

Market Size - USD 0.85 Billion in 2019, Market Growth - CAGR of 41.2%, Market Trends -High demand for portable and wearable sensor patches.

The global Sensor Patch market is forecast to reach USD 13.41 Billion by 2027, according to a new report by Reports and Data. The key factors propelling the growth of the market are an increase in disposable income, and consumers' inclination towards wearable devices for diagnosis is driving the market growth. The growing drift of the internet of things (IoT), development in the automotive industry, rising use in smartphones, and enhancement in sensors will encourage market growth.

High incidences of diabetes and other diseases, especially among the elderly, is creating a need to monitor the patient continuously for irregularities. Consumers are more inclined to wearable devices for monitoring in the healthcare sector. A rise in the adoption of portable and wireless devices is another factor supporting market growth. More parents are adopting diagnostic sensors for infants, which will also encourage market growth.

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A limiting factor is the assimilation of sensors with the devices, as it is a very costly process. It also causes skin rashes and nausea. An increase in the demand for the sensor patch by the consumers, coupled with a gush in the fitness sector, is providing ample opportunities for the market.

Key participants include Abbott Laboratories, Irhythm Technologies, Inc., Dexcom, Inc., Medtronic PLC, Texas Instruments Incorporated, Gentag, Inc., Proteus Digital Health, Inc., Kenzen Inc., Preventice Solutions, Inc., and Vitalconnect, Inc., among others.

Further key findings from the report suggest

*Bodywear patches can be used for different healthcare and fitness applications. The bodywear devices such as smart patches and chest straps are worn on the arms and chest for monitoring fitness. These wearable sensors are very small and can be integrated into smart patches to help the users monitor health conditions and achieve daily fitness goals. *The wearable sensor patches stores the individual's data and regularly sends it to the mobile application for display to help them monitor or keep track of how they are doing, their activity, and rest patterns. Monitor segment held the largest market share of 42.6% in the year 2019. *The sensor patch in the fitness and sports sector is expected to witness high growth as it is becoming popular among athletes to transform training, performing, and recovering from injuries. The increase in the average life expectancy of the population across the globe is further augmenting market demand. *Diabetes is among the most widespread disease, and according to CDC, 79,535 die every year due to the disease. The blood glucose sensor patch witnesses a high adoption rate as these patients are expected to monitor blood glucose on a regular basis. This is crucial as any sudden increase in the level of glucose can lead to hypoglycemia, thereby leading to several severe complications.

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For the purpose of this report, Reports and Data have segmented the global Sensor Patch market on the basis of technology, product type, wearable type, application, end-users, and region:

Technology Outlook (Revenue, USD Million; 2017-2027)

*Conductometric *Amperometric *Potentiometric

Product Type Outlook (Revenue, USD Million; 2017-2027)

*Temperature Sensor Patch *Blood Glucose Sensor Patch *Blood Pressure/Flow Sensor Patch *Heart Rate Sensor Patch *ECG Sensor Patch *Blood Oxygen Sensor Patch *Others

Wearable Type Outlook (Revenue, USD Million; 2017-2027)

*Wristwear *Footwear *Neckwear *Bodywear

Application Outlook (Revenue, USD Million; 2017-2027)

*Monitoring *Diagnostics *Medical Therapeutics

End Users Outlook (Revenue, USD Million; 2017-2027)

*Healthcare *Fitness And Sports

Regional Outlook (Revenue, USD Million; 2017-2027)

*North America

*U.S

*Europe

*U.K *France

*Asia Pacific

*China *India *Japan

*MEA *Latin America

*Brazil

Table Of content:

Chapter 1. Market Synopsis

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. Executive Summary

2.1. Summary Snapshot, 2019-2027

Chapter 3. Indicative Metrics

Chapter 4. Sensor Patch Market Segmentation & Impact Analysis

4.1. Sensor Patch Market Material Segmentation Analysis

4.2. Industrial Outlook

4.2.1. Market indicators analysis

4.2.2. Market drivers analysis

4.2.2.1. Rising demand for portable medical devices and wearable sensors

4.2.2.2. Increasing geriatric population

4.2.3. Market restraints analysis

Continued...

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Thank you for reading our report. Customization of the report is available according to the requirements of the clients. Kindly get in touch with us to know more about the report, and our team will ensure the report is tailored according to your needs.

About Reports and Data:

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client's make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.

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Phone: +1-212-710-1370

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State: NY 10005

Country: United States

Website: https://www.reportsanddata.com/press-release/global-sensor-patch-market

Source: www.abnewswire.com

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(C) 2021 M2 COMMUNICATIONS, source M2 PressWIRE

Stocks mentioned in the article
ChangeLast1st jan.
ABBOTT LABORATORIES -0.74% 124.37 Delayed Quote.13.59%
DEXCOM, INC. -2.09% 560.74 Delayed Quote.51.67%
IRHYTHM TECHNOLOGIES, INC. -4.78% 58.41 Delayed Quote.-75.38%
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