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. 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.
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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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