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%
Sensor patch market to grow at 40.5% CAGR from 2020 to 2025
NEW YORK, May 28, 2020 /PRNewswire/ -- 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 the growing number of applications of sensor patches to monitor glucose level. The growing adoption of telehealth and advancements in wearable solutions and digital technologies provide major opportunities for the growth of the sensor patch market. However, regulatory issues and Health Insurance Portability and Accountability Act (HIPAA) compliances restrain the market growth.
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Diagnostics application to hold largest share of sensor patch market until 2025
The diagnostics application is expected to hold the largest market size during the forecast period. The growing number of diagnostic tests for COVID-19 has resulted in the need for integration of this data into health information systems (HIS).
Moreover, the increasing incidences of chronic diseases and the rising geriatric population have resulted in the growing number of diagnostic procedures performed globally. Sensor patches are now being accepted in the healthcare industry for diagnostics as the current and historical data gathered by sensor patches assist clinicians with precise diagnostics.
North America to be largest market for sensor patch until 2025
North America is expected to hold the largest share of the sensor patch market during the forecast period. North American consumers are focused on value and functionality.
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 fitness, and sports and healthcare industries.
Breakdown of Profiles of Primary Participants:
• By Company Type: Tier 1 - 45%, Tier 2 - 30%, and Tier 3 - 25%
• By Designation: C-level Executives - 30%, Directors - 25%, and Others - 45%
• By Region: North America - 45%, Europe - 30%, APAC - 20%, and RoW - 5%
Major Players Profiled:
• 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),
• Preventice Solutions, Inc. (US)
Research Coverage
This report offers detailed insights into the sensor patch market by product type, which is further classified into temperature sensor patch, blood glucose sensor patch, blood pressure/flow sensor patch, heart rate sensor patch, ECG sensor patch, blood oxygen sensor patch, and others. Based on wearable type, the market is segmented into wristwear, footwear, neckwear, and bodywear.
Application, the market is segmented into monitoring, diagnostics, and medical therapeutics. By end-user industry, the market is segmented into healthcare, and fitness & sports.
The study forecasts the size of the market for four regions—North America, Europe, APAC, and RoW.
Reasons to Buy the Report
The report would help market leaders/new entrants in the following ways:
1. This report segments the sensor patch market comprehensively and provides the closest approximations of the overall and segment-based market sizes across different product types, wearable types, end-user industries, applications, and regions.
2. The report would help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities influencing the market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to enhance their market position. The competitive landscape section includes the competitive analysis of top players, as well as the strategies, such as product launches and developments, acquisitions, contracts, collaborations, agreements, partnerships, and expansions, adopted by the major market players.
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