NEW YORK, July 9, 2020
The increasing need for sensor patches among the diabetic patient and growing geriatric population is expected to drive the market demand
Market Size – USD 0.85 Billion in 2019, Market Growth - CAGR of 41.2%, Market Trends –High demand for portable and wearable sensor patches
NEW YORK, July 9, 2020 /PRNewswire/ -- The global Sensor Patch market is forecast to reach USD 13.41 Billion by 2027, according to a new report by Reports and Data. The key factors propelling the growth of the market are an increase in disposable income, and consumers' inclination towards wearable devices for diagnosis is driving the market growth. The growing drift of the internet of things (IoT), development in the automotive industry, rising use in smartphones, and enhancement in sensors will encourage market growth.
High incidences of diabetes and other diseases, especially among the elderly, is creating a need to monitor the patient continuously for irregularities. Consumers are more inclined to wearable devices for monitoring in the healthcare sector. A rise in the adoption of portable and wireless devices is another factor supporting market growth. More parents are adopting diagnostic sensors for infants, which will also encourage market growth.
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A limiting factor is the assimilation of sensors with the devices, as it is a very costly process. It also causes skin rashes and nausea. An increase in the demand for the sensor patch by the consumers, coupled with a gush in the fitness sector, is providing ample opportunities for the market.
The COVID-19 impact:
The market will witness an increase in demand during the COVID-19 pandemic as market players are developing sensor patches that can monitor the patient's temperature and fatigue level, and alert the doctors accordingly, to understand the life-threatening condition. These patches will witness an increase in adoption in the future as the trend of home-treatment witness a surge in demand.
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Further key findings from the report suggest
For the purpose of this report, Reports and Data have segmented the global Sensor Patch market on the basis of technology, product type, wearable type, application, end-users, and region:
Technology Outlook (Revenue, USD Million; 2017-2027)
Product Type Outlook (Revenue, USD Million; 2017-2027)
Wearable Type Outlook (Revenue, USD Million; 2017-2027)
Application Outlook (Revenue, USD Million; 2017-2027)
End Users Outlook (Revenue, USD Million; 2017-2027)
Regional Outlook (Revenue, USD Million; 2017-2027)
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