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.
Key Market Players:
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). These players have adopted various growth strategies such as contracts, joint ventures, partnerships & agreements, acquisitions, and new product launches to expand their presence in the sensor patch market.
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Based on application, diagnostics application is projected to grow at the highest CAGR during the forecast period
Sensor patches are now being accepted in the diagnostics application as the current and historical data gathered by sensor patches assist the clinicians with very precise diagnostics. There is increasing scope for sensor patches in childcare diagnostics as infants are not able to communicate about their health status. Also, the emergence of telehealth is expected to drive the market of sensor patches for diagnostics application. The increasing average life expectancy of the population worldwide, coupled with the aggravated prevalence of heart-related disease and diabetes, is driving the market for monitoring application.
Regional Insights:
The North America region to dominate the sensor patch market in the year 2020
North American consumers, in general, are focused on value and functionality. The demand for sensor patches is increasing in North America as a result of the demand for technologically-advanced medical devices and monitoring devices that can be used in homes for the growing aging population. The increased R&D in the field of wearables, in terms of new and improved technologies, and the rising demand for improved lifestyle are the two crucial factors driving the market in this region. The increasing R&D capabilities are broadening the application areas of sensor patches in industries such as fitness, and sports and healthcare.
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