The overall 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. Growing adoption of telehealth and advancements in wearable solutions and digital technologies provide major opportunities for the growth of the sensor patch market.

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 is driving 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 market in APAC.

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Blood glucose sensor patch to hold largest share of sensor patch market during forecast period

In 2019, the blood glucose sensor patch segment held the largest size of the sensor patch market. Many patients with diabetes are advised to monitor blood glucose on a regular basis. The monitoring of blood glucose is essential as a sudden increase in the level of glucose cause hyperglycemia, while a sudden decrease can cause hypoglycemia, thereby leading to several complications, including cardiac or vascular events (heart attacks or strokes), kidney problems, eye problems, etc. Regular monitoring of glucose levels is essential to keep diabetes under control. The demand for self-testing devices is driving the market.

Largest share of diagnostics in sensor patch market is due to increasing incidences of chronic diseases

The growing number of diagnostic tests for COVID-19 has resulted in the need for integration of this data into health information systems (HIS). The increasing incidences of chronic diseases and the rising geriatric population have resulted in the increasing number of diagnostic procedures performed globally. Sensor patches are now being accepted in the healthcare industry for diagnostics applications as the current and historical data gathered by sensor patches assist clinicians with precise diagnostics. The scope for diagnostics sensor patches in childcare is increasing as infants cannot communicate about their health status.

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Key Market Players

The sensor patch market is currently dominated by 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). A few of the major strategies adopted by these players to compete in the market are product launches, acquisitions, collaborations, contracts, partnerships, and expansions.