According to the 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", the sensor patch market is expected to be worth USD 562.1 Million by 2023, at a CAGR of 47.03% 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.

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Market for blood glucose sensor patch held the largest size in 2016

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.

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.

The North America accounted for the largest share of the hearable devices market 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. 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.

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Abbott Laboratories (US), iRhythm Technologies (US), DexCom (US), Medtronic (Ireland), and Texas Instruments (US) are the major players included in the report with ranking analysis. The report also covers various start-ups and innovators involved in this market. MC 10 (US), NanoSonic (US), Isansys Lifecare (UK), Leaf Healthcare (US), and Kenzen (US) are a few innovators in the market that offer disruptive products. Also, X2 Biosystems (US), Raiing Medical Company (China), Sensium Healthcare (UK), Feeligreen (France), Nemaura Medical (UK), and G-Tech Medical (US) are a few emerging companies in the market.

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