DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The overall sensor patch market was valued at USD 0.8 billion in 2019 and is projected to reach USD 6.4 billion by 2025; it is expected to grow at a CAGR of 40.5% from 2020 to 2025.
The growth of this market is mainly driven by the rising demand for portable medical devices and wearable sensors, increasing elderly population, and the growing number of applications 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. However, regulatory issues and Health Insurance Portability and Accountability Act (HIPAA) compliances restrain the market growth.
Diagnostics application to hold largest share of sensor patch market until 2025
The diagnostics application is expected to hold the largest market size 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 the growing number of diagnostic procedures performed globally. Sensor patches are now being accepted in the healthcare industry for diagnostics as the current and historical data gathered by sensor patches assist clinicians with precise diagnostics.
North America to be largest market for sensor patch until 2025
North America is expected to hold the largest share of the sensor patch market during the forecast period. North American consumers are focused on value and functionality. The demand for sensor patches is increasing in North America as a result of the demand for technologically-advanced medical devices and monitoring devices that can be used in homes for the growing aging population. The increased R&D in the field of wearables, in terms of new and improved technologies, and the rising demand for improved lifestyle are the two crucial factors driving the market in this region. The increasing R&D capabilities are broadening the application areas of sensor patches in fitness, and sports and healthcare industries.
- Rising Demand for Portable Medical Devices and Wearable Sensors
- Increasing Elderly Population
- Increasing Applications of Sensor Patches to Monitor Glucose Level
- Regulatory Issues
- Health Insurance Portability and Accountability Act (HIPAA) Compliances
- Growing Adoption of Telehealth
- Advancements in Wearable Solutions and Digital Technologies
- Issues Related to Data Security Due to Connected Medical Devices
- Design Complexities and Thermal Considerations
- Abbott Laboratories
- Irhythm Technologies, Inc.
- Dexcom, Inc.
- Medtronic plc
- Texas Instruments Incorporated
- Proteus Digital Health, Inc.
- Gentag, Inc.
- Kenzen Inc.
- Vitalconnect, Inc.
- Preventice Solutions, Inc.
- Smartrac N.V.
- Isansys Lifecare Ltd.
- Leaf Healthcare, Inc.
- Mc10, Inc.
- Sensium Healthcare Ltd.
- Masimo Corporation
- Hocoma AG
- Nemaura Medical Inc.
- Hivox Biotek Inc.
- Nanosonic, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/3m53ls