Sensor Patch Market - Industry Development, Analysis of Driving Factors and Growth Forecast to 2028

The sensor patch market is projected to grow from USD 1.2 billion in 2020 to USD 6.4 Billion in 2025, at a CAGR of 40.5% between 2020-2025. A sensor patch is a wearable patch that monitors and diagnoses physiological parameters that can be tracked and analyzed from a remote source. Sensor patches are attached to a human body for monitoring a range of vital signs and providing specific treatments when required.

Some of the major players in the sensor patch market are Abbott Laboratories (US), Medtronic PLCv (Ireland), DexCom, Inc. (US), iRhythm Technologies, Inc. (US), and Texas Instruments Inc. (US).

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Opportunity: Growing adoption of telehealth

Telehealth is an emerging concept in the healthcare sector that can change the current format of care and allow for accessing improved health outcomes in a cost-effective way. Telehealth is a provision and distribution of healthcare remotely using telecommunication technology. Under telehealth, remote patients can obtain clinical services more easily, and hospitals can provide emergency and intensive care services remotely. With the inclusion of more health monitoring wearables, the healthcare industry is moving toward telehealth. These devices can transmit health-related data from patients to doctors and vice versa. Sensor patches monitor, diagnose, and transmit the data wirelessly using various communication technologies, such as NFC and Bluetooth. These advancements help people with limited mobility and those living in remote areas, subsequently resulting in reducing the repetitive visits to hospitals and taking the healthcare industry to a new dimension. Moreover, the huge amount of data generated through the process of telehealth will help in achieving better outcomes from healthcare and scientific researches. Therefore, sensor patches, being inexpensive, flexible, and user-friendly, are expected to add a valuable contribution to telehealth.

Challenge: Issues related to data security due to connected medical devices

The wearable technology ecosystem is a data-driven concept. In wearable technology, a huge chunk of data is generated from wearable-enabled devices, sensors, and patches. With the growing use of this technology, the rate of data intrusions is also increasing rapidly. Wearable technology platforms are newly developed, and there is a lack of security standards. Data security and privacy have become major areas of concern for patients and medical service providers owing to the increasing global adoption of sensor patches. The vulnerability of connected medical devices in terms of personal information leakages acts as a challenge for the growth of the sensor patch market. With the proliferation of IoT-based connected medical devices in the global healthcare sector, these medical devices are exposed to the threats of cyberattacks. The connected nature of medical devices makes certain medical devices prone to hacking. Therefore, the manufacturers of such medical devices are required to adhere to stringent standards to ensure patient data privacy and safety. IoT-based sensor patches are hardware solutions that operate through wireless technology. The data collected by these devices is stored on the cloud. Since there is an increased chance of data hacking, patient data security becomes a high-focus area, which requires a significant amount of additional spending.