Sensor Patch Market Share

Global Sensor Patch Market Overview:

Sensor Patch Market Size was valued at USD 1.8 Billion in 2023. The Sensor Patch Market industry is projected to grow from USD 2.61 Billion in 2024 to USD 35.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 38.73% during the forecast period (2024 - 2032). Rising need for remote patient monitoring, as well as advancements in wearable technologies are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Sensor Patch Market Trends

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  Growing use of sensor patches to monitor health is driving market growth

  
  

Market CAGR for sensor patch is being driven by the growing use of sensor patches to monitor health. Monitoring daily activities on a physiological response using Sensor Patch, which can also track metabolic and haemodynamic parameters at the same time, is gaining traction. Wearable sensors, in conjunction with concepts such as telehealth, the internet of medical things, and precision medicine, provide features for actively and remotely monitoring physiological indicators. 

Wearable sensors can generate data continually without causing discomfort or interruptions to daily activities, boosting the wearer's self-monitoring compliance and the quality of medical care. Single physical measures, such as the ECG and blood pressure (BP), as well as biochemical parameters, such as glucose, have been effectively monitored using non-invasive wearable sensors. These are some of the applications that promote the use of wearable Sensor Patches and aid in the growth of the market.

The benefits of sensor patches for providers and patients are one of the primary factors driving growth in the sensor patch market. Due to escalating healthcare expenditures, numerous healthcare insurance companies and healthcare equipment firms are introducing gadgets such as sensor patches that aid in the constant monitoring of diseases. These patches are simple to apply and conceal under clothing; they do not interfere with movement or daily duties. As technology evolves, such as sensors, many patches now have wireless connectivity in addition to the functionality of traditional sensor patches. These patches are becoming more popular among healthcare practitioners because to features such as continuous flow of healthcare data, data accuracy, and ease of use. In addition to these aspects, the ease of communication with devices like as smartphones will raise demand for such patches, driving market growth during the projection period.

A transdermal patch is a sort of transdermal technology; it is a medical adhesive patch that is applied to the skin to deliver a precise amount of medication. These patches use a diffusion approach to transfer the dose through the skin, which is then directly absorbed into the bloodstream over time. Transdermal medicine is becoming more popular due to the several advantages it has over oral and ingestible medications. Chemical enhancers and strategies such as medication administration by iontophoresis when passive diffusion is not possible have been introduced with advancements in science and engineering. In this technologically advanced situation, the demand for sensor patches for transdermal pharmaceutical delivery is likely to surge, boosting market growth.

Sensor Patch Market Segment Insights:

Sensor Patch Application Insights

The Sensor Patch Market segmentation, based on Application includes Monitoring, Wellness and fitness, Diagnostic, Imaging, Medical therapeutics And Others. The diagnostics segment is expected to account for a significant share of the sensor patch market during the forecast period due to rising demand for high-quality medical technologies, rising prevalence of chronic diseases and disorders, early diagnosis and prevention, and rising incidence of chronic diseases and conditions. Sensor patch data assists clinicians in making accurate diagnoses, and they are now acknowledged in the healthcare business for diagnostics applications. Sensors are used in diagnostic procedures such as pregnancy testing, fertility testing, cancer diagnosis, and glucose monitoring in diabetics.

Sensor Patch End-User Insights

The Sensor Patch Market segmentation, based on End-User, includes Fitness, Healthcare, Sports And Others. In 2022, the healthcare category held a sizable proportion of the worldwide sensor patch market. This is due to effective communication between doctors, hospitals, and patients who wear sensor patches to monitor their health. Sensors can be used in healthcare for life-sustaining implants, preventive measures, and long-term monitoring of handicapped or IlI patients. Healthcare organizations require real-time, dependable, and accurate diagnostic results from sensor systems that can be remotely monitored.

Figure1: Sensor Patch Market, by End-User, 2022&2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Sensor Patch Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Sensor Patch Market area will dominate this market, the increased demand for the installation and integration of medical devices and healthcare IT solutions in this region is expected to provide patients with cost-effective and high-quality clinical treatment. As a result, several global wearable solution providers are investing in the market in order to capitalize on the expanding potential.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: Sensor Patch Market SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Sensor Patch Market accounts for the second-largest market share due to growing number of health-conscious people in the area. Further, the German Sensor Patch Market held the largest market share, and the UK Sensor Patch Market was the fastest growing market in the European region.

The Asia-Pacific Sensor Patch Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due of the increasing demand for the adoption and integration of medical devices and healthcare IT systems in order to provide patients with cost-effective and high-quality clinical treatment. Moreover, China’s Sensor Patch Market held the largest market share, and the IndianSensor Patch Market was the fastest growing market in the Asia-Pacific region.

Sensor Patch Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Sensor Patch Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Sensor Patchindustry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Sensor Patch industry to benefit clients and increase the market sector. In recent years, the Sensor Patch industry has offered some of the most significant advantages to medicine. Major players in the Sensor Patch Market, including Isansys Lifecare Ltd. (UK), Texas Instruments (US), iRhythm Technologies (US), Leaf Healthcare Inc. (US), and Kenzen Inc. (US), and others, are attempting to increase market demand by investing in research and development operations.

Medtronic plc is a medical device firm based in the United States. Because of its 2015 acquisition of Irish-based Covidien, the company's operational and executive offices are in Minneapolis, Minnesota, and its legal headquarters are in Ireland. While it is headquartered in the United States, it has operations in over 150 countries and employs over 90,000 people. It creates and produces healthcare technologies and therapies. Earl Bakken and his brother-in-law, Palmer Hermundslie, launched Medtronic as a medical equipment repair firm in Minneapolis in 1949. Bakken invented numerous medical technology items that are still in use today. In January 2019, Medtronic (Ireland) has received FDA approval for Micra AV, the world's smallest pacemaker with AV synchronization. This pacemaker is designed to treat people who have AV block, a condition in which electrical communications between the chambers of the heart (the atria and the ventricle) are disrupted.

Abbott Laboratories is a global American medical equipment and health care firm headquartered in Abbott Park, Illinois. In 1888, Chicago physician Wallace Calvin Abbott created the company to develop recognized pharmaceuticals; now, it sells medical gadgets, diagnostics, branded generic medicines, and nutritional items. It spun off its research-based medicines division as AbbVie. Wallace Abbott (1857-1921), a University of Michigan graduate from 1885, created the Abbott Alkaloidal Company in Ravenswood, Chicago, in 1888, at the age of 30. He was a practising physician and the owner of a drug store at the time. In 2020, Abbott Laboratories has introduced the FreeStyle Libre 2, a wearable sensor patch that detects glucose levels in diabetic patients.

Key Companies in the Sensor Patch market include

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  Abbott Laboratories (US)

  
  


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  Frontier Smart Technologies Group Ltd. (UK)

  
  


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  Medtronic (Ireland)

  
  


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  Feeligreen SA (France)

  
  


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  DexCom (US)

  
  


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  G-Tech Medical Inc. (US)

  
  


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  Isansys Lifecare Ltd. (UK)

  
  


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  Texas Instruments (US)

  
  


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  iRhythm Technologies (US)

  
  


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  Leaf Healthcare Inc. (US)

  
  


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  Kenzen Inc. (US),

  
  

Sensor Patch Industry Developments

February 2020, Dexcom (US) and Insulet Corporation (US), an innovative medical device company, have agreed to integrate the Dexcom G6 and Future G7 CGMs into Insulet's Omnipod horizon automated insulin delivery system.

March 2019, With the help of Otsuka Pharmaceutical, Proteus Digital Health created a sensor patch that can track the use of medication by people with mental illnesses.

September 2021, A wearable sensor patch by VivaLNK can track physiological indicators including heart rate and respiration rate.

Sensor Patch Market Segmentation:

Sensor Patch Market By Application Outlook

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  Monitoring

  
  


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  Wellness and fitness

  
  


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  Diagnostic

  
  


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  Imaging

  
  


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  Medical therapeutics

  
  


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  Others

  
  

Sensor Patch Market By End-User Outlook

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  Fitness

  
  


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  Healthcare

  
  


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  Sports

  
  

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  Others

  
  

Sensor Patch Regional Outlook

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  North America

  
  

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  US

  
  


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  Canada

  
  

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  Europe

  
  

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  Germany

  
  


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  France

  
  


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  UK

  
  


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  Italy

  
  


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  Spain

  
  


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  Rest of Europe

  
  

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  Asia-Pacific

  
  

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  China

  
  


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  Japan

  
  


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  India

  
  


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  Australia

  
  


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  South Korea

  
  


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  Australia

  
  


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  Rest of Asia-Pacific

  
  

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  Rest of the World

  
  

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  Middle East

  
  


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  Africa

  
  


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  Latin America