The report tracks the major market events including product launches, technological developments, mergers & acquisitions, and the innovative business strategies opted by key market players. Along with strategically analyzing the key micro markets, the report also focuses on industry-specific drivers, restraints, opportunities and challenges in the sensor patch market. The scope of this report covers the sensor patch market by its major segments, which include the types, applications, and the major geographic regions.
A sensor patch is usually radio frequency identification (RFID) activated which can easily be attached to human skin for monitoring health conditions. Sensor patch is also used for diagnostic purposes as it has a distinct advantage of chronological monitoring of biomarkers in sweat.
Consumers are preferring wearable devices for health monitoring purposes. Developed economies offer per capita healthcare expenditure to develop the sensor which is driving the sensor patch market.
Overall, due to the growing population and increasing consumer preferences for self-care diagnosis, the global sensor patch market is subjected to grow at a steady pace. This report studies the current and future aspects of the sensor patch market.
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KEY PREMIUM INDUSTRY INSIGHTS
- The global sensor patch market is growing at a steady pace during the forecasted period because of rise in number of diabetic patients. These patients extensively use blood glucose sensor patch which helps to monitor the blood sugar levels on a regular basis. Similarly, sensor patch is also used to monitor the heart rate of a person.
- This type of sensor patch is most often used by the aging population. Growth in childcare and infant care is promoting the market growth, as infants cannot communicate their health issues. Sensor patches are popular as they are accurate and provide precise diagnosis to the user. Sensor patches are used for both clinical as well as non-clinical applications.
- When used in clinical applications, they permit easy and clear communication between patient and the doctor to track and monitor the health progress. When used for non-clinical applications, they often assist in home-care and self-care diagnosis. These benefits are contributing towards the growth of the sensor patch market. However, stringent health regulations are hampering the market growth as the information generated through these devices might not be as accurate.
The global sensor patch market is divided into five major geographical segments which are North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. The North America region holds the highest market share and is the largest revenue contributor for the sensor patch market.
The region is dominant because of increasing demand for technologically advanced medical devices and monitoring devices that can be used for self-care. Rise in aging population is another major reason for growth of the market in this region.
Key market players are making huge investments in research and development activities that are focused on improving the wearable technology for its users. This is creating new growth opportunities for the sensor patch market.
KEY MARKET PLAYERS
Key players in the sensor patch market include:
- Abbott Laboratories
- iRhythm Technologies, Inc.
- DexCom, Inc.
- Medtronic PLC.
- Texas Instruments Incorporated
- Proteus Digital Health, Inc.
- Gentag, Inc.
- Kenzen Inc.
- Vitalconnect, Inc.
- Smartrac N.V.
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