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The sensor patch market share is expected to increase by USD 4.31 billion from 2021 to 2026, at a CAGR of 35.19%.
This sensor patch market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers sensor patch market segmentation by application (diagnostics, monitoring, and medical therapeutics) and geography (North America, Europe, Asia, and Rest of World (ROW)). The sensor patch market report also offers information on several market vendors, including Avery Dennison Corp., Barcode Technologies Ltd., Dexcom Inc., Frontier Smart Technologies Group Ltd., GENTAG Inc., HIVOX BIOTEK Inc., Hocoma AG, iFertracker, iRhythm Technologies Inc., Leaf Healthcare Inc., Masimo Corp., Medtronic Plc, NanoSonic Inc., Preventice Solutions Inc., Sensium Healthcare Ltd., Taizhou Best Electric Equipment Co. Ltd., Texas Instruments Inc., VitalConnect Inc., Vpatch Cardio Pty Ltd., and Isansys Ltd. among others.
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The benefits of sensor patches for providers and patients is notably driving the sensor patch market growth, although factors such as challenges in the integration of devices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the sensor patch industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Sensor Patch Market Driver
One of the key factors driving growth in the sensor patch market is the benefits of sensor patches for providers and patients. Owing to rising healthcare costs, various healthcare insurance companies and healthcare device companies are introducing devices such as sensor patches that help monitor diseases on a regular basis. These patches are easy to use daily and can be concealed under clothes; they do not hamper movement or day-to-day tasks. With advances in technology, such as sensors, many patches feature wireless connectivity in addition to the features of regular sensor patches. Features such as the continuous flow of healthcare data and the accuracy of data and convenience in daily use are popularizing these patches among healthcare providers. In addition to these factors, easy connectivity with devices such as smartphones will increase the demand for such patches, which, in turn, will drive the growth of the market during the forecast period.
Key Sensor Patch Market Trend
The growing interest in transdermal medicines is another factor supporting the sensor patch market share growth. A transdermal patch is a type of transdermal technology; it is a medical adhesive patch that is placed over the skin to administer an accurate dose of medicine. These patches deliver dose through the skin using diffusion technique, which is then directly released into the bloodstream over a period. Owing to various advantages of this technology over oral and ingesting medicines, the adoption of transdermal medicine is growing. With the advancement in the science and engineering field, advancement in chemical enhancers and techniques such as drug delivery through iontophoresis when passive diffusion is not possible has been introduced. In this scenario of technology advances, the demand for sensor patches for transdermal medicine delivery is also expected to rise, which, in turn, will boost the growth of the market.
Key Sensor Patch Market Challenge
The challenges in the integration of devices will be a major challenge for the sensor patch market during the forecast period. With healthcare technologies becoming popular across the world, users and manufacturers are facing various challenges. There are various concerns regarding the integration of sensor patches into healthcare systems, such as cost, weight, discomfort in some circumstances, reliability, and validity. Sensor patches such as those for diabetes and insulin can be expensive for common people and are mostly unaffordable for the low-income population. The use of sensors in various applications increases the manufacturing cost, which directly impacts the final cost. The cost of integrating with devices, especially in healthcare systems, is high. The reliability and validity of sensor patches are key concerns for users. These hurdles faced during integration may slow down the growth of the market as consumers and doctors are hesitant to use sensor patches. Such factors will hamper the growth of the market.
This sensor patch market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global sensor patch market as a part of the global electronic equipment and instruments market within the overall electronics market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the sensor patch market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the sensor patch market encompasses successful business strategies deployed by the key vendors. The sensor patch market is fragmented and the vendors are deploying growth strategies such as adopting M and A strategies to compete in the market.
Dexcom Inc. - The company offers sensor patch products under the brand name of G6 CGM.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The sensor patch market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the sensor patch market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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45% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for sensor patches in North America. Market growth in this region will be slower than the growth of the market in the European and Asian regions.
The rising number of health-conscious individuals in the region will facilitate the sensor patch market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The US is among the most affected countries by the outbreak of the COVID 19 pandemic in North America. End-user sectors, such as life sciences, electronics, and consumer electronics, faced challenges because of the COVID 19 pandemic. Spending by consumer electronics and healthcare companies also declined in the US due to the COVID 19 pandemic in 2020. Hence, these factors can affect the demand for sensor patches and thereby hinder the potential growth of the market in the region during the forecast period. However, with the increased investment in the healthcare sector, the market in focus is expected to gain momentum in 2021, which will drive its growth during the forecast period.
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The sensor patch market share growth by the diagnostics segment will be significant during the forecast period. The growth of the segment is driven by the strong demand for high quality medical technologies, increasing geriatric population, high healthcare expenditure, increasing focus on early diagnosis and prevention, and increasing incidence of chronic diseases and disorders. Sensor patches offer continuous monitoring and feedback, which helps users take timely prevention, diagnosis, treatment, and control.
This report provides an accurate prediction of the contribution of all the segments to the growth of the sensor patch market size and actionable market insights on post COVID-19 impact on each segment.
Wearable Patch market - The market share is expected to increase by USD 5.48 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 12.42%.
Smart Sensor market - The market share is expected to increase by USD 40.49 billion from 2021 to 2026, and the market's growth momentum will decelerate at a CAGR of 13.18%.
Sensor Patch Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Decelerate at a CAGR of 35.19% |
Market growth 2022-2026 |
$ 4.31 billion |
Market structure |
Fragmented |
YoY growth (%) |
39.97 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 45% |
Key consumer countries |
US, Canada, UK, France, and China |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Avery Dennison Corp., Barcode Technologies Ltd., Dexcom Inc., Frontier Smart Technologies Group Ltd., GENTAG Inc., HIVOX BIOTEK Inc., Hocoma AG, iFertracker, iRhythm Technologies Inc., Leaf Healthcare Inc., Masimo Corp., Medtronic Plc, NanoSonic Inc., Preventice Solutions Inc., Sensium Healthcare Ltd., Taizhou Best Electric Equipment Co. Ltd., Texas Instruments Inc., VitalConnect Inc., Vpatch Cardio Pty Ltd., and Isansys Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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