Vantage Market Research
Feb 09, 2022
In terms of revenue, the Global Wearable Patient Sensor Market is expected to reach USD 1,392.6 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 11.2% from 2022 to 2028. The Global Wearable Patient Sensor Market growth is attributed to the factors such as, rising growth toward advanced functions sensors, availability of low-cost MEMS technologies, as well as miniaturization of physiological sensors.
- Under the type segment, temperature sensor sub-segment is anticipated to dominate the segment for Wearable Patient Sensor Market and growing at a substantial Compound Annual Growth Rate (CAGR). The growth is attributed to increasing demand for temperature sensor as consequence of increase in population suffering from several infectious as well as chronic diseases.
- Consumer sub-segment held a market significant share in 2021 of end-user segment for Wearable Patient Sensor Market. Availability of various wearables, technological advancement in sensors, and the ability to provide differentiated commodities is propelling the market growth.
- North America is the largest regional segment. The market growth in the region is attributed to, high adoption of sensors in medical devices in the region. Also, the increasing healthcare expenditure further propelling the market growth.
Some of key players in Wearable Patient Sensor Market include - Fitbit Inc. (US), Verily Life Sciences (US), Cyrcadia Asia Limited, Karnak (US), VitalConnect (US), Minttihealth (China), OMRON Corporation (Japan), Abbott Laboratories (US), Koninklijke Philips N.V. (Netherlands), Medtronic plc (US).
Rapid pace of increasing population across the globe is leading to base of geriatric population as well as other population suffering from diseases. Geriatric population is more prone to diseases. Thus, increasing disease prevalence across the globe. Moreover, owing to changing trend to busy lifestyle, people are focusing of ready-to-eat foods. Also, improper routine as well as lack of exercise is providing improper nutrition and diet to body. Thus, leading to enlarge the base population of people suffering from diseases. Furthermore, outbreak of COVID-19 pandemic have led us to serious implications consequently hampered several sectors across the globe. This pandemic have increased the demand for several sensors including ventilators, oxygen concentrators, and respiratory devices as well as, temperature sensors, pressure sensors, among other sensors. Thus, owing to such steep growth in demand for sensors, the manufacturers are extensively focusing on increasing the production as well as on the development of portable devices equipped with sensors. These are some of the factors driving the Wearable Patient Sensor Market growth over the forecast period.
North America is expected to emerge as potential market for Wearable Patient Sensor Market. The market growth is attributed to the presence of presence of major players in the region. Additionally, adoption of sensors in medical devices, as well as availability of advanced health care infrastructure in the region is further propelling the market growth in the region over the forecast period.