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Sensor Patch Market Trends

Report ID: GMI8385
Published Date: Mar 2024
Report Format: PDF

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Sensor Patch Market Trends

The growing reliance on wearable health technologies is evidenced by the rise of sensor patches serving as key components in remote patient monitoring. These patches' diverse sensor configurations allow for real-time vital sign monitoring, ensuring that medical professionals have access to up-to-date patient health information. This makes it easier to intervene proactively, which lessens the need for recurrent hospital stays. The aforementioned trends align with the larger movement towards telehealth services, which provide patients with more convenience and allow medical staff to better monitor and manage patients' health from a distance.

The sensor patches market is evolving as it diversifies into sectors like consumer electronics, sports, and the military. Sensor patches are finding use outside of the healthcare industry; they are useful in consumer electronics for improved functionality, military applications for tactical insights, and sports performance tracking. This expansion broadens the market's reach as sensor patches continue to develop into adaptable, cross-industry solutions that meet a range of purposes outside of the conventional healthcare domain.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Industry size for sensor patch crossed USD 2.5 billion in 2023 and is estimated to witness over 40% CAGR between 2024 and 2032, due to the growing need for wearable medical devices worldwide.

Sensor patch market from the fitness and sports end-user segment is expected to register over 40% CAGR through 2032 driven by the higher demand for real-time performance monitoring.

North America recorded over 35% of the global sensor patch industry share in 2023, owing to the heightened healthcare awareness, technological advancements, and rising chronic disease rates.

Some of the major sensor patch firms are Dexcom, Inc., Abbott Laboratories, Medtronic plc, F. Hoffmann-La Roche Ltd, Senseonics Holdings, Inc., NXP Semiconductors N.V, and STMicroelectronics International N.V.