Sensor Patch Market

Abbott Laboratories (US) and ), Medtronic (Ireland) are the Leading Players in the Sensor Patch Market

The global sensor patch market is expected to increase from USD 31.6 Million in 2016 to USD 562.1 Million by 2023, at a CAGR of 47.03% between 2017 and 2023. The key opportunity for this market is the biological hazard sensing in defense application, rising market in the cosmetic industry, and emerging trend of telehealth. Some of the key factors driving this market are the increasing per capita healthcare expenditure and disposable incomes in OECD countries, consumer preference for wearables in health monitoring application, and comfortability offered by sensor patch.

The key players in the sensor patch market include Abbott Laboratories (US), iRhythm Technologies (US), DexCom (US), Medtronic (Ireland), and Texas Instruments (US). Most of the leading companies have followed inorganic strategies of collaborations and acquisition. This market is evolving worldwide with the increasing number of start-ups globally with a large funding to offer disruptive products. These leading strategies in this market help companies to grow and remain technically competitive in the market.

Leading players in the sensor patch market:

Abbott Laboratories (US) has been at the top position because of its large contribution to the parent market share and high financial power. The company serves more than 150 countries across all regions. The company has an established brand recognition worldwide and is one of the leading providers of smart sensor patch. Latest products by the company such as Freestyle Libre Sensor and Freestyle Libre Pack are provided with excellent connectivity with remote source. The company also offers the LibreLinkUp app to stay connected and interact with sensor patch on a regular basis. The company follows inorganic growth strategy. For instance, in July 2017, the company collaborated with Bigfoot Biomedical (US), a leading player in diabetes management. With this collaboration, both companies will be working together for the development of Freestyle Lebre wearable patch to diversify its application areas.

Medtronic (Ireland) is at the second position. The company has a strong financial power and shows a significant increase in its R&D investment dedicated toward the development of sensor patch. The company offers a wide range of products in the sensor patch market comprising wearable patches for continuous glucose monitoring, recording heart-related data, and arrhythmia detection. Along with the inbuilt basic features and functionalities, the company focuses on product and technology innovation, collaborating with other experts in the industry. For instance, in May 2014, the company acquired Corventis (US), an expert in medical sensors, which would drive the company’s offering in the sensor patch market as Corventis holds wireless and adhesive heart monitoring products.

Related Reports:

Sensor Patch Market by Product (Temperature, Blood Glucose, Blood Pressure/Flow, Heart Rate, ECG, Blood Oxygen), Application (Monitoring, Diagnostics), End-User Industry (Healthcare, and Fitness and Sports), and Geography - Global Forecast to 2023

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Report Code
SE 5489
RI Published ON
9/8/2017
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