The global sensor patch market size 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.
Sensor patches are categorized under wearable devices, which have embedded intelligence, connectivity, and extensive usability. The demand for sensor patches has increased in various applications, such as healthcare, sports and fitness, and others.
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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.
The North America region to dominate the sensor patch market in the year 2024
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.
Key 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.
Abbott Laboratories (US) is one of the healthcare leaders that helps people live more fully at all stages of life by offering life-changing technologies with leading businesses and products in diagnostics, medical devices, nutritionals, and branded generic medicines worldwide. To maintain its leadership position in the global sensor patch market, the company focuses on acquisitions and new product launches to compete in the sensor patch market.
Medtronic PLC (Ireland) is one of the leading providers of healthcare and medical technology products. The company develops, manufactures, and markets medical devices, therapies, and services used in the treatment of heart, spinal, neurological, vascular, and diabetic conditions. The company focuses on adopting inorganic growth strategy to uncover new business and market area. For instance, in December 2019, the company and Christiana Care Health System (ChristianaCare), a network of private, non-profit hospitals providing healthcare services to the entire Delaware state, collaborated to improve effects for ChristianaCare patients in Delaware and the surrounding region.
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