Sensor Patches for Credible and Precise Health Monitoring
6 Dec 2023
With the advent of “smart” consumer electronic devices, the healthcare sector has seen a huge increase in the adoption of these devices for diagnosis, treatment, and rehabilitation. In fact, the consumer electronics industry has been proactively developing electronic devices such as smart wearables which are specifically designed to cater to the needs of the medical sector. One such wearable device is the sensor patch which is primarily used for health monitoring.
Utility of sensor patches in health monitoring
A sensor patch is a wearable “smart” patch that can be directly applied to the patient’s skin for monitoring various bodily parameters continuously in real-time. Typical sensor patches are designed to capture temperature levels, glucose levels, pH levels, ECG, heart rate, etc., of the patient. As opposed to other medical devices, sensor patches are extremely easy to use and flexible in nature. Also, with increasing advancements these patches have become quite thin, thus reducing the chances of any irritation to the patient. Of all the ailments, sensor patches are most widely used for cardiovascular monitoring and diabetes management. This is primarily due to the vast number of parameters that need to be monitored in cardiovascular and diabetes management, and that too regularly.
Investment opportunities in the industry
The sensor patch market is expected to witness a huge surge in investments from various stakeholders owing to the industry’s growth capabilities. The rising prevalence of chronic ailments such as cardiovascular diseases and diabetes is predicted to be the primary growth driver of the market. Along with this, the increasing disposable incomes of people across the globe might create favorable conditions for the growth of the market. Additionally, a massive growth in the use of and demand for wearables and sensor patches from the sports industry is anticipated to open up new avenues for investments in the industry.
The global sensor patch industry is a dynamic one with several stakeholders and companies competing for establishing dominance in the market. To achieve this, companies such as Philips, in May 2020, announced the launch of wearable biosensors for health monitoring. As per the company’s statement, the biosensor device is designed to detect the health risks faced by the patient at an early stage and thus help medical practitioners to chalk out a treatment plan well in advance. Apart from this, in May 2023, Medtronic announced that it was acquiring EOFlow Co. Ltd., an insulin patch manufacturing company. Such acquisitions and product launches are projected to play a part in widening the scope of the market.
Of the different segments in the market, analysis based on wearable type segment shows that the footwear sub-segment is set to gather an absolute revenue of $12940.7 million from 2022 to 2032. At the same time, the neckwear and bodywear segments are anticipated to collectively amass $29512.8 million in the same period. On the basis of region, the India sensor patch market is predicted to rise at a CAGR of 54.3% in the 2023-2032 period.
To summarize, the advancements in smart wearable technology and the rising demand for sensor patches from the sports industry will result in the expansion of the market in the coming period. Moreover, innovative product launches by major companies and strategic alliances in the market might positively impact the industry’s growth.
Author's Bio- Akhilesh Prabhugaonkar holds a bachelors degree in Electronics Engineering from the reputed Vishwakarma Institute of Technology. He has a special interest in the fields of forensics, world history, international relations and foreign policy, sports, agriculture, astronomy, security, and oceanography. An ardent bibliophile and melophile, Akhilesh loves to write on topics of his interest and various other societal issues. This love for writing made him enter the professional world of content writing and pursue his career in this direction.