The global Medical Patches And Sensors Market is estimated to grow noticeably in the next 10 years. With personalization doing the rounds, the healthcare vertical is also not expected to escape. With digitization, not just the track record of the patient but also the precautionary measures to be taken could be put forth. This would be how the healthcare vertical go about in the subsequent period.
Medical patches and sensors are medical solutions that are worn on the body enabling continuous and semi continuous monitoring of physiological and cognitive parameters ranging from simple on skin temperature measurement to more sophisticated electrocardiogram measurements without tethering the patients to a wired hub.
The technology is introducing new ways of delivering healthcare services in both clinical as well as remote settings enabling patient safety and comfort. Medical sensors or bio-patches have also been used to discover biological changes as well physiological changes associated with individual’s state of mind.
The modulation of physiological state is established by the sympathetic and parasympathetic subdivisions of the autonomic nervous system. Increased activity of sympathetic nervous system leads to increased heart rate, blood pressure and sweating ultimately leading to changes in the skin conductivity.
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These changes are measured by a medical sensor. Medical patches and sensors are becoming more and more popular among athletes as they comfortably adheres users skin do not interfere with the individuals movement and therefore can record more accurate data.
The device consists of multiple sensors enabling analysis and monitoring of various physiological conditions such as heart rate, respiration, activity and sleep patterns etc. along with tracking alterations in patient response to medication. The global market for medical patches and sensors is expected to witness higher growth rates over the forecast period attributed to increasing trend towards remote patient monitoring.
Various factors fueling the market growth of medical patches and sensors include increasing penetration of the device in home care and outpatient settings. The growing demand of medical patches across various applications such as fitness, and potential to diagnose various disease conditions such as cancer, diabetes, cardiac disorders, and high blood pressure is expected to fuel the market growth of medical patches and sensors over the forecast period.
Such sensors are also incorporated into general consumers wearable such as Fujitsu’s, (a Japanese tech giant), discovered a wearable sensor tag , that can be worn on to the body or is attached to a walker, monitoring various body signs such as temperature and blood pressure.
The major challenge while developing such medical devices is designing and formulating a skin-friendly adhesive in case of patch-based wearable sensor. The medical patch should be gentle, still strong to avoid the potential for any discomfort and allergy upon removal.
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Another major restraint of the market is high cost of the technology. The manufacturing and designing cost of medical patches and sensors are too high and require advanced integrated technology. Various technical and clinical failures associated with the use of technology is malfunctioning of the sensors creating further discomforts.
Global medical patches and sensors market is segmented on the basis of type of sensors, application, end user and region.
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The U.S. signifies the leading for disposable medical patches and sensors market in North America trailed by Canada. Europe is anticipated to be the succeeding largest region in the global medical patches and sensors market followed by North America. France, Germany, and the U.K. are projected to account for a major share in the Europe medical patches and sensors market over the forecast period.
APAC is expected to signify a high growth rate over the next five years. North America accounts for the largest market share for global medical patches and sensors market attributed to soaring geriatric population and greater awareness leading to higher penetration of the technology in the region.
Additionally increasing incidence of various chronic diseases have led to higher demands of such medical innovations. Asia Pacific is expected to grow at a faster pace in the global medical patches and sensors market owing to growing number of individuals adopting the use of these sensors in home care settings.
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Key players of operating in global medical patches and sensors market are Medtronic Plc., Measurement Specialties Inc., NXP Semiconductors N.V., STMicroelectronics N.V., Honeywell International, Inc., Smiths Medical, First Sensor AG.Proteus Digital Health, Inc., CapsoVision, Inc., Given Imaging, Inc., Olympus Corporation, and Medimetrics Personalized Drug Delivery. The companies are increasingly engaged in strategic partnerships, collaborations, mergers and acquisitions to capture a greater pie of market share as the market is in the nascent stage.
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