Market Of Sensor Patch Rises Rapidly In terms Of It’s Products, Appplications & End-user Industry (2017 Report)

Some of the key factors driving this market are the increasing per capita healthcare expenditure and disposable incomes in OECD countries, consumer preference for wearables in health monitoring application, and comfortability offered by sensor patch.

The global sensor patch market is expected to increase from USD 31.6 Million in 2016 to USD 562.1 Million by 2023, at a CAGR of 47.03% between 2017 and 2023. Download complete informative brochure here:

The market for blood glucose sensor patch accounted for the largest market in 2016. The large market of blood glucose sensor patch is mainly attributed to 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.

The market for diagnostics application is expected to grow at the highest rate during the forecast period. 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.

Adoption of sensor patches in clinical healthcare is improving the communication between doctors and medical staff, hospital or medical institution, and the wearer of sensor patch to track and monitor the health of the patients.

The sensor patch market is also driven by nonclinical application where sensor patch is used in ambulatory monitoring for in-home healthcare. The market for sensor patches in geriatric and childcare is gaining traction.

In terms of geographic regions, North America acquired the largest market for sensor patch in 2016. 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 technologically advanced medical devices and monitoring devices that can be used in homes for the growing aging population.

Abbott Laboratories (US) is one of the leading companies in the sensor patch market, followed by Medtronic (Ireland) with a large contribution to the parent market share and high financial power, providing innovative sensor patches.

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