The overall sensor patch market is
expected to grow from USD 1.2 billion in 2020 to USD 6.4 billion by 2025, at a
CAGR of 40.5%. The growth of this market is mainly driven by the rising demand
for portable medical devices and wearable sensors, increasing elderly
population, and growing use of sensor patches to monitor glucose level. Growing
adoption of telehealth and advancements in wearable solutions and digital
technologies provide major opportunities for the growth of the sensor patch
market.
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Blood glucose sensor patch to
hold largest share of sensor patch market during forecast period
In 2019, the blood glucose sensor patch segment held the largest
size of the sensor patch market. Many patients with diabetes are advised to
monitor blood glucose on a regular basis. The monitoring of blood glucose is
essential as a sudden increase in the level of glucose cause hyperglycemia,
while a sudden decrease can cause hypoglycemia, thereby leading to several
complications, including cardiac or vascular events (heart attacks or strokes),
kidney problems, eye problems, etc. Regular monitoring of glucose levels is
essential to keep diabetes under control. The demand for self-testing devices
is driving the market.
Largest share of diagnostics in
sensor patch market is due to increasing incidences of chronic diseases
The growing number of diagnostic tests for COVID-19 has resulted
in the need for integration of this data into health information systems (HIS).
The increasing incidences of chronic diseases and the rising geriatric
population have resulted in the increasing number of diagnostic procedures
performed globally. Sensor patches are now being accepted in the healthcare
industry for diagnostics applications as the current and historical data
gathered by sensor patches assist clinicians with precise diagnostics. The
scope for diagnostics sensor patches in childcare is increasing as infants
cannot communicate about their health status.
Sensor Patch Market in APAC expected to grow
significantly during forecast period
The sensor patch market in APAC is expected to grow at the highest
CAGR during the forecast period. The growing need for the implementation and
integration of medical devices and healthcare IT solutions in Asia to provide
cost-effective and quality clinical care to patients is driving the regional
market for sensor patches. As a result, many global wearable solution companies
are investing in the Asian market to capitalize on the growing opportunities.
In addition, the COVID-19 outbreak has resulted in an increased patient pool in
the region, especially in China and India. The growing patient volume, along
with the rising need for accurate and timely diagnosis and treatment of this
disease, will fuel the growth of the market in APAC.
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Key Market Players
The sensor patch market is currently dominated by
Abbott Laboratories (US), iRhythm Technologies, Inc. (US), DexCom, Inc. (US),
Medtronic PLC (Ireland), Texas Instruments Inc. (US), Proteus Digital Health,
Inc. (US), Gentag, Inc. (US), Kenzen, Inc. (US), VitalConnect, Inc. (US), and
Preventice Solutions, Inc. (US). A few of the major strategies adopted by these
players to compete in the market are product launches, acquisitions,
collaborations, contracts, partnerships, and expansions.
