Sensing opportunity: Printed, flexible sensors booming, says report
The global printed and flexible sensors market is projected to grow by $4.6 billion to hit a value of $8.1 billion by 2025, representing a compound annual growth rate (CAGR) of 6.7 percent. That’s according to a new report published by Reportlinker.
As explored in our recent report on the potential applications of flexible, skin-like sensors, biosensors are a global research hotspot, and this subsection of the market has the potential to grow at a higher rate of over seven percent, says the report.
While growth in the US biosensors market is healthy at 5.7 percent and Germany leads Europe with a projected value of over $160 million (versus $136.6 million in the rest of Europe), the Chinese market has the potential to grow at over 10 percent to hit $1.3 billion.
In Japan, biosensors will reach a market size of $418.7 million by the end of the forecast period.
There are a number of factors influencing demand for flexible and/or printed sensors, especially in healthcare, says the report. These include rising numbers of diabetic patients across the globe, and a need for blood glucose strips and point-of-care devices.
But not all applications are wearable or to do with health and fitness monitoring. There is growing demand for lightweight, printable, and/or flexible sensors in the automotive and consumer electronics sectors, and for low-cost devices that measure or detect temperature, electrical resistance, humidity, light levels, gas, and hazardous materials.
As the Internet of Things (IoT) grows, there are numerous applications in the manufacturing, supply chain, and distribution sectors too. Smart labelling and packaging are one key area, enabling the location or authenticity of goods to be traced, and their condition monitored to ensure that they are being transported in the correct environmental conditions.