New York, United States , Feb. 26, 2024 (GLOBE NEWSWIRE) -- The Global Sensor Patch Market Size is to Grow from USD 2.9 Billion in 2023 to USD 75.1 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 38.4% during the projected period.
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The wearable patch known as the sensor patch monitors physiological parameters and facilitates remote analysis. These patches are applied to the body to track a certain range of vital signs and, if necessary, to administer a particular medication. Furthermore, wearable technology is developing quickly, leading to the introduction of a range of devices like sensor patches, which are creating a unique need in health monitoring. The sensor patches, which combine technology and healthcare, have the capacity to greatly improve personal health, disease management, and preventative healthcare. A wide variety of wearable patches, such as wristwear, neckwear, bodywear, and even activity trackers, captured customers' interest and contributed to growing the sensor patch market globally, showing to be major developments for the medical and healthcare sectors. These sensor patches come with a variety of characteristics, such as accelerometers, temperature sensors, and ECG sensors. Continuous monitoring is made possible by integrating numerous sensors into a single, unique wearable without interfering with regular activities. However, because the sensor patches are portable and useful in the healthcare sector, more people are using them, which promotes market expansion. Furthermore, real-time data gathering and transmission through wearable devices and portable sensor patches boosts healthcare monitoring and diagnoses. The goal of the sensory patches is to collect and provide personal data for analysis. With this sensory patch, everything is tracked and recorded in real time. Because these patches were online all the time, these devices may be susceptible to malware, viruses, and other privacy and security hazards.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Sensor Patch Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Blood Pressure/Flow Sensor Patch, Heart Rate Sensor Patch, Temperature Sensor Patch, Blood Glucose Sensor Patch, ECG Sensor Patch, Blood Oxygen Sensor Patch, Others), By Wearable Type (Footwear, Wristwear, Neckwear, Bodywear), By Application (Therapeutics, Monitoring, Diagnostics), By End-User (Healthcare, Fitness & Sports), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033)."
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The blood glucose sensor patch segment is anticipated to hold the greatest share of the global sensor patch market during the projected timeframe.
Based on the product type, the global sensor patch market is divided into blood pressure/flow sensor patch, heart rate sensor patch, temperature sensor patch, blood glucose sensor patch, ECG sensor patch, blood oxygen sensor patch, others. Among these, the blood glucose sensor patch segment is anticipated to hold the greatest share of the global sensor patch market during the projected timeframe. A lot of diabetes patients need to check their blood sugar levels frequently. Rapid fluctuations in blood glucose levels, such as hyperglycemia and hypoglycemia, may give rise to a number of complications, including heart attacks or strokes, kidney troubles, and others. Patients with diabetes find it difficult to regularly check their blood sugar levels in order to manage their condition. As a result of the rising demand, the market for self-testing devices is expected to grow.
The wristwear segment is anticipated to grow at fastest pace in the global sensor patch market during the projected timeframe.
Based on the wearable type, the global sensor patch market is divided into footwear, wristwear, neckwear, and bodywear. Among these, the wristwear segment is anticipated to grow at the fastest pace in the global sensor patch market during the projected timeframe. Smartwatches are now equipped with multiple sensor patches for activity tracking, heart rate monitoring, and sleep analysis which increased the popularity due to their functionality. Another important subcategory of wristwear that contributes to the segment's dominance is fitness monitors. By using sensor patches to track physical activity, calorie consumption, and other health indicators, these gadgets give consumers immediate feedback on their fitness progress.
The diagnostics segment is predicted to grow at highest pace in the sensor patch market during the estimated period.
Based on the application, the global sensor patch market is divided into medical therapeutics, monitoring, and diagnostics. Among these, the diagnostics segment is predicted to grow at the highest pace in the sensor patch market during the estimated period. Sensor patches are now permitted for use in diagnostic applications because they gather data from both the past and the present, permitting physicians to make extremely precise diagnoses. Since newborns cannot communicate about their health, sensor patches are becoming more and more necessary for diagnosis in childcare contexts. Furthermore, it is projected that the growth of telemedicine will propel the market for sensor patches for diagnostic applications.
The healthcare segment is predicted to grow at highest pace in the sensor patch market during the estimated period.
Based on the end-user, the global sensor patch market is divided into healthcare, fitness & sports. Among these, the healthcare segment is predicted to grow at the highest pace in the sensor patch market during the estimated period. The use of sensor patches is transforming the way that healthcare is delivered in remote and hospitals while also improving patient safety and comfort. Increased heart rate, blood pressure, and sweating are caused by elevated sympathetic nervous system activity, which also changes skin conductivity, and this is what the sensor patches measure up on. Market supplies are becoming more and more popular among athletes because of their exact data-capturing capabilities, pleasant adhesion to the skin, and non-intrusive design.
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North America is expected to hold the largest share of the global sensor patch market over the forecast period.
North America is expected to hold the largest share of the global sensor patch market over the forecast period. Because of their complex medical systems and large medical facilities, North America has seen its highest acceptance rate of sensor patches. As a result, there is a greater need for innovative healthcare solutions in this area, particularly those that enable remote patient monitoring and customized treatment. The healthcare landscape in North America is always changing because of advancements in sensor patches and their capacity to continuously monitor vital signs in chronic illnesses.
Asia Pacific is predicted to grow at the fastest pace in the global sensor patch market during the projected timeframe. The Asian market for sensor patch is being driven by the necessity for the installation and combining of IT systems and medical equipment for healthcare, since this enables the provision of affordable, high-quality clinical treatment to patients. Many multinational wearable solution firms are expanding their operations in Asia in order to take advantage of the new opportunities. Enhancing worker productivity and security can be achieved through various means, such as the industrial sector, sports, fitness, and well-being.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global sensor patch market include VitalConnect, Inc., Abbott Laboratories, Preventice Solutions, Inc., NANOSONIC, INC., Gentag, Inc., Kenzen, Medtronic PLC, Cardiomo Care, Inc., Dexcom, Inc., Gentag, Inc., G-Tech Medical, Hivox Biotek, Inc., Frontier Smart Technologies Group Ltd., Leaf Healthcare Inc., iRhythm Technologies, Feeligreen SA, Texas Instruments, Isansys Lifecare Ltd., Others
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Recent Developments
- In May 2023, Medtronic's acquisition of EOFlow, a company specializing in wearable insulin patches, reflects Medtronic's strategic initiative to broaden its footprint in the realm of diabetes care and treatment. This strategic maneuver intends to merge EOFlow's proficiency in wearable insulin patch technology with Medtronic's extensive resources and market influence within the medical device sector. The synergistic collaboration holds promise for enhancing diabetes management options for patients.
- In July 2022, In July 2022, iRhythm Technologies reported that the Zio XT, an enhanced iteration of the Zio patch, received approval from the U.S. Food and Drug Administration (FDA). The Zio XT wearable patch has the capability to store an electrocardiogram (ECG) for a duration of up to 14 days, aiming to aid healthcare practitioners in the detection and management of arrhythmias, a condition disrupting the heart's rhythm.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global sensor patch market based on the below-mentioned segments:
Global Sensor Patch Market, By Product Type
- Heart Rate Sensor Patch
- Temperature Sensor Patch
- Blood Glucose Sensor Patch
- Blood Pressure/Flow Sensor Patch
- Ecg Sensor Patch
- Blood Oxygen Sensor Patch
- Others
Global Sensor Patch Market, By Wearable Type
- Footwear
- Wristwear
- Neckwear
- Bodywear
Global Sensor Patch Market, By Application
- Medical Therapeutics
- Monitoring
- Diagnostics
Global Sensor Patch Market, By End-User
- Healthcare
- Fitness & Sports
Global Sensor Patch Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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