WASHINGTON, April 04, 2023 (GLOBE NEWSWIRE) -- The Global Sensor Patch Market is valued at USD 1.54 Billion in 2021 and is projected to reach a value of USD 7.12 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 42.3% over the forecast period 2022-2028.
Market Overview
The increasing demand for portable medical devices and wearable sensors, as well as the growing use of sensor patches to monitor glucose levels, are driving the expansion of the sensor patch market. Growing telehealth use, as well as developments in wearable solutions and digital technologies, present significant prospects for the sensor patch industry to expand.
The sensor patch market is segmented on the basis of product, application, wearable type, end-user industry, and region. Based on product, the market is segmented into glucose monitoring patches, ECG patches, skin temperature patches, and others. The glucose monitoring patches segment is expected to account for the largest share of the market during the forecast period. This can be attributed to the rising prevalence of diabetes and the increasing demand for continuous glucose monitoring (CGM) systems.
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Market Dynamics
The growth of the sensor patch market is attributed to the rising demand for portable medical devices and wearable sensors, the growing use of sensor patches to monitor glucose levels, growing telehealth use, and developments in wearable solutions and digital technologies.
The rising demand for portable medical devices and wearable sensors is one of the major factors driving the growth of the sensor patch market. Portable medical devices and wearable sensors are becoming increasingly popular as they offer a convenient and easy way to monitor health conditions. Sensor patches are a type of wearable sensor that can be used to monitor various health conditions, such as glucose levels, heart rate, and skin temperature. The increasing use of sensor patches to monitor glucose levels is another major factor driving the growth of the sensor patch market. Diabetes is a chronic disease that affects millions of people worldwide. Sensor patches can be used to monitor glucose levels in real time, which can help people with diabetes to manage their condition more effectively.
Growing telehealth use is another major factor driving the growth of the sensor patch market. Telehealth is a type of healthcare that allows patients to connect with healthcare providers remotely. Sensor patches can be used to collect data from patients, which can then be transmitted to healthcare providers over the internet. This allows healthcare providers to monitor patients' health conditions remotely and provide them with timely care.
Developments in wearable solutions and digital technologies are also driving the growth of the sensor patch market. Wearable solutions and digital technologies are making it possible to collect and analyze data from sensor patches in real time. This data can then be used to monitor patients' health conditions and provide them with personalized care.
The sensor patch market is also facing some challenges, such as the high cost of sensor patches and the lack of awareness about the benefits of sensor patches. However, the growth of the sensor patch market is expected to be driven by the increasing demand for portable medical devices and wearable sensors, the growing use of sensor patches to monitor glucose levels, growing telehealth use, and developments in wearable solutions and digital technologies.
Top Players in the Global Sensor Patch Market
- Abbott Laboratories (US)
- Kenzen Inc. (US)
- Frontier Smart Technologies Group Ltd. (UK)
- Leaf Healthcare Inc. (US)
- Medtronic (Ireland)
- rhythm Technologies (US)
- Feeligreen SA (France)
- Texas Instruments (US)
- DexCom (US)
- Isansys Lifecare Ltd. (UK) and G-Tech Medical Inc. (US)
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Top Report Findings
- Based on application, the market is segmented into diagnostics, monitoring, and others. The diagnostics segment is expected to account for the largest share of the market during the forecast period. This can be attributed to the increasing use of sensor patches for the diagnosis of various diseases, such as diabetes, heart disease, and cancer.
- Based on wearable type, the market is segmented into disposable and reusable. The disposable segment is expected to account for the largest share of the market during the forecast period. This can be attributed to the increasing demand for disposable sensor patches, which are easy to use and can be disposed of after use.
- Based on end-user industry, the market is segmented into hospitals, clinics, home healthcare, and others. The hospitals segment is expected to account for the largest share of the market during the forecast period. This can be attributed to the increasing number of hospitals and clinics, as well as the growing demand for sensor patches in these settings.
- Based on region, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to account for the largest share of the market during the forecast period. This can be attributed to the increasing prevalence of chronic diseases, such as diabetes and heart disease, as well as the growing demand for wearable devices in this region.
Top Trends in Global Sensor Patch Market
- Rising demand for portable medical devices and wearable sensors: Portable medical devices and wearable sensors are becoming increasingly popular as they offer a convenient and easy way to monitor health conditions. Sensor patches are a type of wearable sensor that can be used to monitor various health conditions, such as glucose levels, heart rate, and skin temperature. The rising demand for portable medical devices and wearable sensors is one of the major factors driving the growth of the sensor patch market.
- Growing use of sensor patches to monitor glucose levels: Diabetes is a chronic disease that affects millions of people worldwide. Sensor patches can be used to monitor glucose levels in real time, which can help people with diabetes to manage their condition more effectively. The increasing use of sensor patches to monitor glucose levels is another major factor driving the growth of the sensor patch market.
- Growing telehealth use: Telehealth is a type of healthcare that allows patients to connect with healthcare providers remotely. Sensor patches can be used to collect data from patients, which can then be transmitted to healthcare providers over the internet. This allows healthcare providers to monitor patients' health conditions remotely and provide them with timely care. Growing telehealth use is another major factor driving the growth of the sensor patch market.
- Developments in wearable solutions and digital technologies: Wearable solutions and digital technologies are making it possible to collect and analyze data from sensor patches in real time. This data can then be used to monitor patients' health conditions and provide them with personalized care. Developments in wearable solutions and digital technologies are also driving the growth of the sensor patch market.
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Regional Analysis
The global sensor patch market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America is expected to account for the largest share of the market during the forecast period. This can be attributed to the rising prevalence of chronic diseases, the increasing adoption of wearable devices, and the growing demand for patient-centric care in the region.
Europe is expected to be the second-largest market for sensor patches during the forecast period. This can be attributed to the increasing awareness about the benefits of sensor patches, the rising demand for home healthcare, and the growing geriatric population in the region.
Asia Pacific is expected to be the fastest-growing market for sensor patches during the forecast period. This can be attributed to the rising prevalence of chronic diseases, the increasing disposable income of people, and the growing demand for affordable healthcare in the region.
The Rest of the World is expected to be a relatively small market for sensor patches during the forecast period. However, the market is expected to grow at a significant rate during the forecast period. This can be attributed to the rising awareness about the benefits of sensor patches, the increasing demand for wearable devices, and the growing middle class in the region.
Browse market data Tables and Figures spread through 163 Pages and in-depth TOC on Sensor Patch Market Forecast Report (2022-2028).
Global Sensor Patch Market Segmentation
By Product
- Temperature Sensor Patch
- Heart Rate Sensor Patch
- ECG Sensor Patch
- Blood Oxygen Sensor Patch
- Blood Glucose Sensor Patch
- Others
By Application
- Monitoring
- Imaging
- Diagnostic
- Medical Therapeutics
- Wellness and Fitness
By End-User
- Healthcare
- Fitness & Sports
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 1.54 Billion |
| Revenue Forecast by 2028 | USD 7.12 Billion |
| CAGR | 42.3 % from 2022 to 2028 |
| Base Year | 2022 |
| Forecast Year | 2022 to 2028 |
| Key Players | the Dexcom, Inc., Abbott Laboratories, Medtronic PLC, Vitalconnect, Inc., Texas Instruments Incorporated, iRhythm Technologies, Smartrac N.V., Kenzen Inc., Gentag, Inc., Proteus Digital Health, Inc. |
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Key Questions Answered in the Sensor Patch Market Report are:
- What is the size of the sensor patch market?
- What are the key drivers and restraints of the sensor patch market?
- What are the key trends in the sensor patch market?
- What are the key opportunities in the sensor patch market?
- What are the key challenges in the sensor patch market?
- Who are the key players in the sensor patch market?
- What are the strategies adopted by the key players in the sensor patch market?
- What are the latest developments in the sensor patch market?
- What are the key growth strategies adopted by the key players in the sensor patch market?
- What are the key challenges faced by the key players in the sensor patch market?
- What are the key opportunities for the key players in the sensor patch market?
- What are the key threats faced by the key players in the sensor patch market?
- What are the key trends expected to shape the future of the sensor patch market?
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