Global Sensor Patch Market was valued at USD 1.1 billion by 2019 which is expected to USD 6.8 billion by 2027 at a CAGR 39.8%
Sensor patches are the type of adhesive patches which are attached to body and they help to diagnose and monitor condition of an individual. Sensor patches are activated by the Radio Frequency Identification (RFID) which attached to human skin in order to detect the physiological changes in human body. It is widely used in healthcare, and fitness and sports industry.
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Rise in per capita income in healthcare sector and increase in disposable income of people are the key driving factors which are expected to boost global sensor patch market growth. Furthermore, increase in demand for wearable devices for diagnosis is expected to propel the global sensor patch market growth. Moreover, increase in usage of smartphones and development of sensors will fuel the global sensor patch market growth. Also, increase in demand for sensor patch in various sectors including healthcare and sports will have the positive impact on market growth.
This market research report has been compiled with the use of extensive primary and secondary sources such as interviews, surveys, observations, industry databases, and journals, among others, to recognize and accumulate useful data for this comprehensive market-oriented, commercial, and technical assessment of the market. In order to determine the market assessment precisely, the market has been researched according to the factors stated in Porter’s Five Force Model. The analysis reveals and focuses on the numerous strengths, opportunities, weaknesses, and threats (SWOT analysis) associated with the industry.
However, occurrence of side effects like skin rashes due to use of sensor patch is the restraining factor which is expected to hamper the global sensor patch market growth. Also, regulatory issues will affect the global sensor patch market growth.
Global Sensor Patch Market is segmented into sensor type such as Temperature Sensor Patch, ECG Sensor patch, Blood Glucose patch, Blood Pressure/Flow Sensor patch, Heart Rate Sensor Patch, Blood Oxygen Sensor Patch, and Others, by application such as Monitoring, and Diagnostics. Further, Global Sensor Patch Market is segmented into end use industry such as Healthcare, and Fitness and Sports.
Also, Global Sensor Patch Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as Irhythm Technologies, Inc, Abbott Laboratories. Preventice Solutions, Inc., Vitalconnect, Inc., Kenzen Inc., Gentag, Inc., Proteus Digital Health, Inc., Texas Instruments Incorporated, Medtronic Plc, and Dexcom, Inc.
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