Growth in size of global market primarily pushed by increasing demand for continuous glucose monitoring (CGM), a prominent application for management of diabetes within the healthcare industry. Being equipped with glucose sensors, promising enhanced compliance with glucose monitoring protocols, ensuring provision of continuously monitored, remotely-collected, real-time data on glucose levels, and displaying the ability to integrate with digital health platforms and mobile applications by design, medical sensor patches play a direct role in and are positively affected by expansion of the market for CGM systems, some examples of which include FreeStyle Libre (Abbott Laboratories) and Eversense Continuous Glucose Monitoring (CGM) System (Senseonics).
Challenges facing the medical sensor patches market relate primarily to policies introduced by governments regarding the regulatory framework the market operates within. The resulting present challenges include delayed product launches owing to sluggish approval processes, the strict adherence to specific standards and regulations, increasing focus within the healthcare sector on data security and privacy regulations, impediments to widespread adoption of medical sensor patches such as lack of clear reimbursement pathways or limited coverage for them, shifting healthcare policies, and diverse global regulatory frameworks and the consequently varied international trade barriers/customs regulations/import restrictions.
The medical sensor patches market is segmented based on product type, application, wearable type, and region.
Based on product type, the market is further segmented into blood glucose sensor patches, ECG sensor patches, temperature sensor patches, blood oxygen sensor patches, blood pressure/flow sensor patches, and others. The blood glucose sensor patches sub-segment is expected to grow at the fastest rate during the forecast period, estimated at USD 904.2 million in 2023 and expected to reach USD 22,366.3 million at a CAGR of 42.83% during 2023-2032.
Based on application, the market is sub-segmented into monitoring, diagnostics, and medical therapeutics. The monitoring sub-segment is expected to grow at the fastest rate during the forecast period, estimated at USD 972.5 million in 2023 and expected to reach USD 25,800.7 million at a CAGR of 43.94% during 2023-2032. Remote Patient Monitoring (RPM), cardiac monitoring, glucose monitoring, temperature monitoring, blood pressure monitoring, oxygen saturation monitoring, sleep monitoring, wound monitoring, and neurological monitoring are some monitoring applications that feature in the global medical sensor patches market.
Based on wearable type, the market is sub-segmented into bodywear, wristwear, footwear wearables, and neckwear. The bodywear sub-segment is expected to grow at the fastest rate during the forecast period, estimated at USD 1,009.6 million in 2023 and expected to reach USD 25,225.2 million at a CAGR of 42.99% during 2023-2032.
Asia-Pacific region is expected to witness the fastest growth rate during the forecast period, estimated at USD 390.2 million in 2023 and expected to reach USD 9,609.1 million at a CAGR of 42.76% during 2023-2032. China, Japan, and India lead the region by respectively claiming the fastest three expected growth rates during the forecast period. The regional medical sensor patches market in China is positively affected by increasing healthcare expenditure owing to the population’s increasing affluence and awareness regarding healthcare, increasing incidence of chronic diseases such as diabetes, cardiovascular diseases, and respiratory disorders, Chinese government’s active promotion of the adoption of digital health technologies to improve accessibility and quality of healthcare on a national scale, and high level of market competition and innovation owing to presence of both domestically (such as Hocoma AG, Hubei Dali Special Paper, and Hocoma AG) and internationally (such as Abbott Laboratories, Medtronic plc, and Dexcom, Inc.) established entities.
The medical sensor patches market has been characterized by intense competition, with numerous companies vying for market share. Prominent entities in the market include Medtronic Plc, Abbott Laboratories, Nanosonic, Inc., Kenzen, Inc., 3M, Preventice Solutions, Inc. (Boston Scientific), VitalConnect, Inc., Gentag, Inc., iRhythm Technologies Ltd., and Dexcom, Inc.
