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3. Sensor Patch Companies - Abbott Laboratories (US) and Medtronic PLCv (Ireland) are the Key Players

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. The report mainly focuses on the sensor patches that are increasingly adopting wireless technology for monitoring and diagnosis purpose.

The overall sensor parch 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. The growing adoption of telehealth and advancements in wearable solutions and digital technologies provide major opportunities for the growth of the sensor parch market.

To know about the assumptions considered for the study download the pdf brochure

Sensor Patch companies include:

• Abbott Laboratories (US),
• Medtronic PLCv (Ireland),
• DexCom, Inc. (US),
• iRhythm Technologies, Inc. (US), and
• Texas Instruments Inc. (US).

The market for bodywear is expected to grow at the highest CAGR during the forecast period. The significant growth rate of the market can be attributed to the increasing demand for bodywear patches to track the medical records of the patients or sportspeople. Bodywear devices such as chest straps and smart patches are worn on the chest and arms for monitoring fitness. Moreover, wearable sensors are very small and can be integrated into smart patches to help the users achieve daily fitness goals and monitor health conditions.

Diagnostics application is expected to hold the largest share of the sensor patch market 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 an increasing number of diagnostic procedures performed globally. Sensor patches are now being accepted in the healthcare industry for the diagnostics application 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.

The market for healthcare end-user industry is expected to hold a larger market size during the forecast period. The use of sensor patches in clinical healthcare helps in improving the communication between doctors and medical staff, hospitals, or medical institutions, and in tracking and monitoring the health of the patch wearer. The emergence of cognitive and predictive technologies has led to a rise in the adoption of sensor patches in the healthcare industry. Also, the market for sensor patches in geriatric and childcare is gaining traction. An increase in healthcare expenditure and rise in average annual disposable income in many developing countries are also driving the adoption of sensor patches in the healthcare industry. Companies in this market not only offer products but also provide a complete monitoring service, which includes software, mobile application, diagnosis facility, and cloud and server network.

The sensor parch 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. 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 sensor patch market in APAC.

Related Reports:

Sensor Patch Market by Product (Temperature, Blood Glucose, Blood Pressure, Heart Rate, ECG, & Blood Oxygen), Application (Monitoring, Diagnostics), Wearable Type (Wristwear, Neckwear, Bodywear), End-user Industry, and Region - Global Forecast to 2025

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