The global sensor patch market is driven by factors such as usage of sensor patches in sports industry and the surge in per capita income in healthcare industry.
PORTLAND, Ore., Oct. 4, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Sensor Patch Market by Product Type (Temperature Sensor Patch, Blood Glucose Sensor Patch, Blood Pressure/Flow Sensor Patch, Heart Rate Sensor Patch, ECG Sensor Patch, Blood Oxygen Sensor Patch and Others), by Wearable Type (Wristwear, Footwear, Neckwear, and Bodywear), by Application (Monitoring, Diagnostics, and Medical Therapeutics), by End User (Healthcare and Fitness & Sports): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global sensor patch industry generated $1.56 billion in 2022, and is anticipated to generate $56.37 billion by 2032, witnessing a CAGR of 43.2% from 2023 to 2032.
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Prime determinants of growth
The global sensor patch market is driven by factors such as rise in disposable income. Moreover, surge in per capita income in healthcare industry and surge in usage of sensor patches in sports industry is expected to drive the market growth. However, assimilation of sensors with various devices might hamper growth of the market. On the contrary, consumer inclination toward wearable devices offer potential growth opportunities for the sensor patch market.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2022–2032 |
Base Year | 2022 |
Market Size in 2022 | $1.56 billion |
Market Size in 2032 | $56.37 billion |
CAGR | 43.2 % |
No. of Pages in Report | 314 |
Segments covered | Product Type, Wearable Type, Application, End User and Region. |
Drivers | Rise in disposable income Surge in per capita income in healthcare industry Surge in usage of sensor patches in sports industry |
Opportunities | Consumer inclination toward wearable devices |
Restraints | Assimilation of sensors with various devices |
Covid-19 Scenario
- The COVID-19 epidemic significantly changed the dynamics of the supply chain as the demand for wearable sensor patches increased as the healthcare industry placed a higher priority on infection prevention and remote patient monitoring.
- The potential of sensor patches beyond the pandemic was brought to light by the increased attention on telehealth and remote patient monitoring.
- The pandemic's impact on the economy induced cautious expenditure in non-essential areas, which had an impact on the uptake of several sensor patch applications.
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The blood glucose sensor patch segment to maintain its leadership status throughout the forecast period
Based on product type, the blood glucose sensor patch segment held the highest market share in 2022, accounting for nearly one-third of the global sensor patch market revenue and is estimated to maintain its leadership status throughout the forecast period, because there was a greater demand for reliable and practical glucose monitoring systems as more people were given diabetes diagnoses. The blood oxygen sensor patch segment is projected to manifest the highest CAGR of 48.1% from 2023 to 2032, because through the integration of SpO2 data with other health variables including heart rate, sleep habits, and physical activity, consumers are given access to more thorough health insights.
The bodywear segment to maintain its leadership status throughout the forecast period
Based on wearable type, the bodywear segment held the highest market share in 2022, accounting for nearly half of the global sensor patch market and is estimated to maintain its leadership status throughout the forecast period. The use of sophisticated sensors and data analytics in sports and fitness apps is in line with the rising popularity of wellness monitoring and effective training plans. Innovative bodywear designs have emerged as a result of the fusion of fashion and technology, encouraging partnerships between fashion labels and digital firms. However, the footwear segment is projected to manifest the highest CAGR of 49.5% from 2023 to 2032, the combination of footwear with augmented reality (AR) and virtual reality (VR) enables immersive settings for training and enjoyment.
The monitoring segment to maintain its lead position during the forecast period
Based on application, the monitoring segment holds the largest share in 2022, contributing to more than half of the global sensor patch industry revenue, and is projected to maintain its lead position and is expected to portray the largest CAGR of 44.9% from 2023 to 2032. Accurate and real-time monitoring is enabled by developments in sensor technology, wireless communication, and data analytics. Adoption is fueled by the growth in chronic illnesses and the necessity for remote patient monitoring.
North America to maintain its dominance in 2022
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global sensor patch market revenue and dominates the market in 2022. Consumers and healthcare professionals in North America have been increasingly adopting wearable technology, including sensor patches. Remote patient monitoring has grown in popularity particularly among those with chronic diseases who need constant monitoring. Real-time data gathering and convenience provided by sensor patches enable healthcare practitioners to make educated decisions and empower individuals to actively control their own healthcare.
However, the Asia-Pacific region is expected to witness the fastest CAGR of 48.8% from 2023 to 2032. Opportunities for improving worker safety and efficiency exist in a variety of areas, including sports, fitness, wellness, and the industrial sector. The Asia-Pacific region is home to thriving innovation clusters and a startup environment. Innovation, research, and the creation of cutting-edge sensor patch solutions may be sped up by partnerships between startups, IT firms, and healthcare organizations.
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Leading Market Players: -
- Abbott Laboratories
- Irhythm Technologies, Inc.
- Dexcom, Inc.
- Medtronic Plc
- Adhesives Research
- 3M
- Vitalconnect, Inc.
- Preventice Solutions, Inc.
- Texas Instruments Incorporated
- Gentag, Inc
- Kenzen
- Nanosonic, Inc.
The report provides a detailed analysis of these key players in the global sensor patch market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits For Stakeholders:
- As per the Sensor patch market outlook, this report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the sensor patch market analysis from 2022 to 2032 to identify the prevailing sensor patch market opportunities.
- The Sensor patch Market Forecast research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the sensor patch market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global sensor patch market trends, key players, market segments, application areas, and Sensor patch Market growth strategies.
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