Stingray devices are finding increased adoption in home monitoring applications owing to their flexibility and portability. These devices enable continuous monitoring of critical vitals and activities of aging population and individuals with chronic conditions from the comfort of their homes. This reduces healthcare costs and improves quality of life.

The global Stingray Device Market is estimated to be valued at US$ 157 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

 

Market key trends:

The adoption of stingray devices is being driven by the increasing focus on development of miniaturized and wearable devices for home monitoring applications. Leading manufacturers are investing heavily in research and development of stingray devices integrated with advanced sensors and wireless connectivity options to expand monitoring capabilities. This allows continuous tracking of vital signs such as blood pressure, temperature, heart rate, respiratory rate etc. in real-time. Portable and minimally invasive nature of these devices promotes compliance for long-term patient monitoring alleviating burden on healthcare systems.

 

Segment Analysis

The global Stingray Device market is dominated by the needle-free injectors sub-segment, which accounted for nearly 35% share of the overall market in 2024. This is because needle-free injection technology has significant advantages over traditional needles as it reduces pain and possibility of infection, while also enabling delivery of larger volumes of fluid and drugs.

 

Key Takeaways

The Global Stingray Device Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to grow at a CAGR of 5.5% during this period and reach a size of US$ 157 Mn by 2024.

 

Regional analysis

The North American region currently dominates the Stingray Device market and is expected to maintain its dominance through the forecast period. High healthcare expenditure, presence of major players, growing prevalence of chronic diseases are some key factors driving the growth of the market in the region. The Asia Pacific region is expected to witness the fastest growth over the coming years owing to increasing focus of international players on expanding in emerging Asian markets and growing medical needs of a large population base in countries like India and China.

 

Key players

Key players operating in the Stingray Device market are Eli Lilly and Company, Novo Nordisk, Sanofi, Merck & Co., Bristol Myers Squibb, AstraZeneca, Boehringer Ingelheim, Johnson & Johnson, Takeda Pharmaceutical. Eli Lilly and Company is currently the market leader with over 15% market share in 2024. Novo Nordisk and Sanofi are other prominent players in the market with strong product portfolios and global presence across key regions.


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