Selbyville, Delaware, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Sensor Patch Market is estimated to reach USD 60 billion by 2032, as per a recent study by Global Market Insights Inc.
The surge in demand for wearable health monitoring devices and the rapid advancement in sensor technology are key drivers for this market growth over 2024–2032. As healthcare becomes increasingly digital, the need for accurate, non-invasive, and real-time monitoring solutions is fueling the adoption of sensor patches across various medical applications.
The rising launch of new services from leading companies supports the market. For instance, in August 2024, the upstream Linux "oxp-sensors" driver that initially supported sensors on the OneXPlayer handheld has now expanded to include additional handheld gaming consoles. A recent patch has further extended its capabilities, adding support for several more devices. Furthermore, rising industry focus on innovation, and the introduction of advanced products that meet the stringent requirements of modern healthcare are driving the market growth.
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Neckwear to See a Significant Surge
The neckwear segment is poised for considerable growth between 2024 and 2032, driven by the rising adoption of neck-worn sensor patches in both clinical and non-clinical settings. These patches offer the advantage of being discreet while providing continuous monitoring of vital signs, such as heart rate, respiratory rate, and temperature, making them increasingly popular among patients with chronic conditions. The growing demand for remote patient monitoring solutions, particularly in the wake of the COVID-19 pandemic, has further accelerated the adoption of neckwear sensor patches. As healthcare providers seek more efficient and patient-friendly monitoring tools, the neckwear segment is expected to witness sustained demand, contributing significantly to the overall market expansion.
Healthcare Industry to Dominate the End-User Segment
The healthcare sector will continue to dominate the sensor patch market, with substantial growth expected by 2032. The increasing prevalence of chronic diseases, coupled with the aging global population, has led to a heightened focus on continuous and real-time health monitoring.
Sensor patches are being increasingly utilized in hospitals, clinics, and home care settings to monitor patients' vital signs, enabling early detection of potential health issues and reducing the burden on healthcare systems. Moreover, advancements in wearable technology have made these patches more comfortable, accurate, and accessible, further driving their adoption. The healthcare segment dominance in the sensor patch industry is also supported by ongoing investments in research and development aimed at expanding the applications of sensor patches in various medical fields, including cardiology, neurology, and diabetes management.
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Europe to Play a Pivotal Role in Market Growth
Europe sensor patch market size is anticipated to register a notable market CAGR from 2024 to 2032, driven by the region's robust healthcare infrastructure and strong regulatory support for medical innovations. Countries such as Germany, the United Kingdom, and France are at the forefront of adopting sensor patch technology, particularly in the management of chronic diseases and the implementation of remote patient monitoring programs. The European Union's emphasis on enhancing healthcare delivery through digital solutions and the increasing investment in wearable technology research further bolster the region's market growth. Additionally, Europe’s aging population and the rising incidence of lifestyle-related diseases are creating a strong demand for sensor patches, positioning the region as a critical contributor to the global market.
Sensor Patch Market Players
Leading companies in the sensor patch industry include Medtronic plc, F. Hoffmann-La Roche Ltd, Dexcom, Inc., Senseonics Holdings, Inc., NXP Semiconductors N.V, Abbott Laboratories, and STMicroelectronics International N.V.
The Sensor Patch Market is witnessing heightened demand driven by significant company efforts to innovate and improve wearable technology. Companies like Dexcom and Abbott Laboratories are advancing sensor patch technology for continuous glucose monitoring and health tracking. Their focus on enhancing accuracy, comfort, and integration with digital health platforms is propelling market growth and meeting the rising consumer demand for advanced health monitoring solutions.
In August 2024, Medtronic plc, a global leader in healthcare technology, announced FDA approval for its Simplera continuous glucose monitor (CGM). The Simplera platform features the Simplera CGM, designed for use with the Smart MDI system and InPen smart insulin pen, and integrates with the MiniMed 780G system through the Simplera Sync sensor.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
