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%

NEW YORK, May 28, 2020 /PRNewswire/ --A 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 the growing number of applications of sensor patches to monitor glucose level. The growing adoption of telehealth and advancements in wearable solutions and digital technologies provide major opportunities for the growth of the sensor patch market. However, regulatory issues and Health Insurance Portability and Accountability Act (HIPAA) compliances restrain the market growth.
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Diagnostics application to hold largest share of sensor patch market until 2025
The diagnostics application is expected to hold the largest market size during the forecast period. The growing number of diagnostic tests for COVID-19 has resulted in the need for integration of this data into health information systems (HIS).
Moreover, the increasing incidences of chronic diseases and the rising geriatric population have resulted in the growing number of diagnostic procedures performed globally. Sensor patches are now being accepted in the healthcare industry for diagnostics as the current and historical data gathered by sensor patches assist clinicians with precise diagnostics.
North America to be largest market for sensor patch until 2025
North America is expected to hold the largest share of the sensor patch market during the forecast period. North American consumers are focused on value and functionality.
Demand for sensor patches is increasing in North America as a result of the demand for technologically-advanced medical devices and monitoring devices that can be used in homes for the growing aging population. The increased R&D in the field of wearables, in terms of new and improved technologies, and the rising demand for improved lifestyle are the two crucial factors driving the market in this region.
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