The 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 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 patch market.
Bodywear to witness highest CAGR during 2020–2025
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 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.
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Fitness and sports end-user industry expected to exhibit higher CAGR in sensor patch market from 2020 to 2025
The sensor patch market for fitness and sports end-user industry is expected to grow at a higher CAGR from 2020 to 2025. Sensor patches transform the way athletes train, perform, and recover from injuries. The increasing average life expectancy of the population worldwide would further drive the growth of the sensor patch market in the fitness and sports industry. Leading teams from different sports have started adopting wearable sensor patches and have shown positive results in increasing potential, performance, energy management, and reduction in injuries.
Increasing per capita healthcare expenditure and disposable incomes to boost demand for sensor patches in APAC during forecast period
The sensor patch 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 drives the regional market for sensor patches. 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.
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Key players in the sensor patch market are 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), and Preventice Solutions, Inc. (US).