Global Sensor Patch Market – Industry Trends and Forecast to 2025
Author : Tom C | Published On : 24 Apr 2024
The Sensor Patch Market is expected to reach from USD 1.2 billion in 2020 to USD 6.4 billion by 2025, at a CAGR of 40.5%.
The key factors contributing to the growth of the sensor patch market include the rising demand for portable medical devices and wearable sensors, increasing elderly population, and increasing applications of sensor patches to monitor glucose level.
The report profiles the most promising players in the sensor patch market. The markets competitive landscape presents an interesting picture of strategies adopted by many players. Abbott Laboratories (US), Medtronic PLC (Ireland), DexCom, Inc. (US), Gentag, Inc. (US), iRhythm Technologies, Inc. (US), Preventice Solutions, Inc. (US), Texas Instruments Inc. (US), and Proteus Digital Health, Inc. (US) are few dominant players in the sensor patch market.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=50239064
Healthcare segment to account for the larger size of the overall sensor patch market in 2020.
The healthcare segment is expected to hold the larger share of the sensor patch market, by end-user industry, in 2020. Adoption of sensor patches in clinical healthcare is improving the communication between doctors and medical staff, and hospital or medical institution and the people wearing such patches to track and monitor their health. Also, the emergence of cognitive and predictive technologies has led to a rise in the adoption of sensor patches in the healthcare industry. Sensor patches provide excellent response in medical simulations, medical training, rehabilitation, and surgeries.
APAC is expected to grow at the highest CAGR during the forecast period
APAC is expected to witness highest CAGR in the sensor patch market during the forecast period. Being the most populated region in the world, the market in APAC is mainly driven by the increasing per capita healthcare expenditure and disposable incomes. Furthermore, factors such as urbanization, acceptance of innovative technologies by end users, rise in the popularity of wearables, and emergence of in-home healthcare services are responsible for the growth of the sensor patch market in this region.
