Global Sensor Patch Market

Sensor Patch Market Size, Share, Growth Analysis, By Type(Disposable Sensor Patches, and Reusable Sensor Patches), By Application(Healthcare Monitoring, Fitness and Sports), By Technology(Electrochemical Sensors, Biochemical Sensors) - Industry Forecast 2024-2031

Report ID: SQMIG45H2058 | Region: Global | Published Date: February, 2024
Pages: 197 | Tables: 95 | Figures: 76

Sensor Patch Market News

  • May 2023: Medtronic p.C(opens new window) (NYSE:MDT), a worldwide leader in the healthcare era, announced it has entered into a fixed of definitive agreements to acquire EOFlow Co. Ltd. (KOSDAQ: 294090), producer of the EOPatch® device — a tubeless, wearable and completely disposable insulin shipping tool. The addition of EOFlow, together with Medtronic's Meal Detection Technology™ algorithm and next-era continuous glucose monitor (CGM), is anticipated to make bigger the organization's potential to cope with the needs of greater people with diabetes, no matter wherein they may be in their treatment adventure or preference for the way they need their insulin brought.
  • May 2023: Tandem is gearing up to release a streamlined insulin pump, featuring integrations with Dexcom and Abbott Continuous Glucose Monitoring (CGM) systems.
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FAQs

Sensor Patch Market size was valued at USD 1.54 billion in 2021 and is poised to grow from USD 1.62 billion in 2022 to USD 56.4 billion by 2030, growing at a CAGR of 43.2% in the forecast period (2023-2030).

The current dynamics within the Sensor Patch industry are quite complex as it witnesses several competitors who are battling to gain significant influence over the emerging segment of wearable healthcare solutions. To compete in this industry, the leading players concentrate on new technologies, strategic alliances, and mergers and acquisitions. However, at the same time the market displays active entry of new innovative start-ups and niche players which offer various customized sensor patches. There is a lot of competition that ensures ongoing improvements especially in relation to sensor technology, connectivity, and data management features. 'Abbott Laboratories (US)', 'Medtronic PLC (Ireland)', 'DexCom, Inc. (US)', 'iRhythm Technologies, Inc. (US)', '3M (US)', 'Preventice Solutions, Inc. (US)', 'VitalConnect, Inc. (US)', 'Adhesives Research (US)', 'Texas Instruments Incorporated (US)', 'Gentag, Inc. (US)', 'Nanosonic, Inc. (US)', 'Kenzen (US)', 'Isansys Lifecare Ltd. (UK)', 'Leaf Healthcare Inc. (US)', 'BioTelemetry, Inc. (US)', 'Roche Diagnostics (Switzerland)', 'Omron Healthcare (Japan)', 'Philips Healthcare (Netherlands)', 'Verily Life Sciences (US)', 'MC10 (UK)'

The growing prevalence of chronic diseases, as well as the focus on personalised medicine. The sensor patches provide instantaneous non-invasive monitoring of vitals for effective remote patient monitoring and management of chronic diseases. It has also seen growing use of wearable technologies for fitness and sport monitoring. Sensor patches are giving people what they want- health insights about their physical performance, body responses, and activities during exercises.

Rising Integration of AI and ML Algorithms with Sensor Patches: The increasing integration of artificial intelligence (AI) and machine learning algorithms with sensor patches for continuous monitoring. The combination makes the interpretation of collected data better so that one gets the right as well as individualized health observations. Furthermore, newer sensor patches are being built more flexible and stretchable with a view towards ensuring comfort. There is also a new trend that sees wearable devices expanding their applications outside conventional healthcare. Today, sensor patches help in areas such as sports performance monitoring, mental health tracking; and even environmental sensing. events have promoted acceleration of sensor patches with the rise of telehealth and remote patient monitoring.

Sensor Patch is likely to be dominated by North America. There is an established healthcare system, increased adoption of advanced technologies and great attention devoted for the implementation of telemedicine solutions. With increased interest in wearable health technologies and the region’s investment in healthcare R&D, it is one of the most significant markets for sensor patches.

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Global Sensor Patch Market

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