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Wearable Patches Market

Wearable Patches Market Size, Share & Trends Analysis Report By Application (Monitoring and Diagnostics, Therapeutics), Usage Type (Temperature Patch, Blood Glucose Patch, Heart Rate and ECG Patch, TENS and EMS Patch, Others), End User (Hospital and Ambulatory Surgical Center, Homecare) , By Region, And Segment Forecasts, 2024-2031

Report ID : 1750 | Published : 2024-06-14 | Pages: 180 | Format: PDF/EXCEL

The Global Wearable Patches Market Size is valued at 10.13 billion in 2023 and is predicted to reach 23.08 billion by the year 2031 at a 10.94% CAGR during the forecast period for 2024-2031.

wearable patches

Wearable patches are a kind of smart patches that are flexible and small in nature. These patches are helping healthcare organizations to monitor patients' health and treatment. These have significant applications in diabetes management, cardiovascular monitoring, and others. The wearable patch is a great step towards continuous non-invasive health monitoring and diagnosis of chronic conditions. 

The wearable patches market is progressing very fastly. The cloud-based devices are reducing the need for data backups and system issues. Hence, increasing the ease of use and, ultimately, the market growth.

Wearable Patches Market Trends:

  • Many patients prefer using smart devices to save hospital waiting time and get rapid results. This is anticipated to increase the demand for wearable patches in the upcoming years.
  • The trend of using fitness bands and smartwatches is projected to drive the demand for smart patches during the forecast period.
  • Manufacturing more advanced, innovative, comfortable, smaller size, and long-lasting devices are expected to generate more profit for market participants over the review period.
  • Generating an end-to-end platform for services and AI algorithms for wearable patches for efficient clinical outcomes can create significant opportunities in the global wearable patches market. 

Competitive Landscape:

Global Wearable Patches Market Players include:

  • Abbott Laboratories
  • Bittium Corporation
  • Boston Scientific Corporation
  • iRhythm Technologies, Inc.
  • Koninklijke Philips N.V.
  • Masimo Corporation
  • Medtronic plc
  • OMRON Corporation
  • Senseonics Holdings, Inc.
  • Alio, Inc.
  • AliveCor Inc.
  • BioIntellisense, Inc.
  • Samay
  • Theranica Bio-Electronics Ltd.
  • VitalConnect Inc.
  • VivaLNK Inc. 

Market Segmentation

The global wearable patches market is segregated based on application, usage type, and end user. As per the Application, the market is categorized into Monitoring and Diagnostics, Therapeutics. According to Usage Type, the market consists of Temperature Patch, Blood Glucose Patch, Heart Rate and ECG Patch, TENS and EMS Patch, Others). The End User segment is divided into Hospital and Ambulatory Surgical Center and Homecare.

Based on the Application, Monitoring And Diagnostics segment is a major contributor to the Wearable Patches Market.

Based on application, the market segmentation is divided into monitoring and diagnostics, and therapeutics. The monitoring and diagnostics segment is anticipated to dominate the market during the forecast period. The increasing need for continuous and remote monitoring devices has driven the market share in this category. Patients are accepting the advancements in medical devices to get early disease diagnoses and self-manage their health conditions. Furthermore, industries are also focusing on creating different therapy monitoring patches to manage the cancer therapies such as chemotherapy and radiotherapy.

Based On Usage Type, The Blood Glucose Patch Segment Is A Significant Contributor To The Wearable Patches Market

Based on usage type, the market segmentation is divided into the temperature patch, blood glucose patch, heart rate and ECG patch, TENS and EMS patch, and others. According to the application, different usage types of wearable patches are available in the market. The blood glucose patch segment dominated the wearable patches market and is expected to continue its trend over the forecast period due to the rising prevalence of diabetes and increasing advancements in diabetes management solutions.

Based on End Users, the Homecare segment is a significant contributor to the Wearable Patches Market market.

Based on end users, the market segmentation is categorized into a hospital and ambulatory surgical centre, and homecare. The homecare segment is expected to lead the market over the projected period. This growth is due to the growing geriatric population and the high preference for user-friendly, real-time, and continuous treatment options.

Regional Landscape: The North America Wearable Patches market holds a significant regional revenue share

North America is a significant revenue holder of the global wearable patches market, and this region offers various opportunities for the players to expand their business. The rising prevalence of lifestyle diseases, high preference for advanced and innovative wearable devices, and increasing awareness toward advanced treatment options contributed to the market growth in this region.

The Asia Pacific region is the fastest-growing market for wearable patches and is projected to bloom significantly in the global market during the forecast period. This growth can be attributed to increasing chronic diseases, rising awareness regarding wearable patches, and growing research & development efforts to manufacture advanced healthcare-related devices.

Key Developments:

  • August 2022: Medtronic plc entered into a strategic partnership with BioIntelliSense for the exclusive U.S. distribution of multi-parameter wearables for continuous remote patient monitoring from in-hospital to home. The partnership allows the Medtronic Patient Monitoring business to deliver access to a medical-grade device that provides constant vital sign measurements of general care patients in-hospital and post-discharge.

Wearable Patches Market Report Scope:

Report Attribute

Specifications

Market size value in 2023

USD 10.13 Bn

Revenue Forecast in 2031

USD 23.08 Bn

Growth rate CAGR

CAGR of 10.94% from 2024 to 2031

Quantitative units

Representation of revenue in US$ Billion and CAGR from 2024 to 2031

Historic Year

2019 to 2023

Forecast Year

2024-2031

Report Coverage

The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends

Segments Covered

Application, Usage Type, And End User

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; South Korea; Southeast Asia

Competitive Landscape

Abbott Laboratories, Bittium Corporation, Boston Scientific Corporation, iRhythm Technologies, Inc., Koninklijke Philips N.V., Masimo Corporation, Medtronic plc, OMRON Corporation, Senseonics Holdings, Inc., Alio, Inc., AliveCor Inc., BioIntellisense, Inc., Samay, Theranica Bio-Electronics Ltd., VitalConnect Inc., VivaLNK Inc.

Customization scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

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Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Wearable Patches Market Snapshot

Chapter 4. Global Wearable Patches Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: By Application, Estimates & Trend Analysis
5.1. By Application, & Market Share, 2023 & 2031
5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Application:

5.2.1. Monitoring and Diagnostics
5.2.2. Therapeutics

Chapter 6. Market Segmentation 2: By Usage Type Estimates & Trend Analysis
6.1. By Usage Type & Market Share, 2023 & 2031
6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Usage Type:

6.2.1. Temperature Patch
6.2.2. Blood Glucose Patch
6.2.3. Heart Rate and ECG Patch
6.2.4. TENS and EMS Patch
6.2.5. Others

Chapter 7. Market Segmentation 3: By End User Estimates & Trend Analysis
7.1. By End User & Market Share, 2022 & 2031
7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By End User:

7.2.1. Hospital and Ambulatory Surgical Center
7.2.2. Homecare

Chapter 8. Wearable Patches Market Segmentation 5: Regional Estimates & Trend Analysis

8.1. North America

8.1.1. North America Wearable Patches Market revenue (US$ Million) estimates and forecasts By Application, 2024-2031
8.1.2. North America Wearable Patches Market revenue (US$ Million) estimates and forecasts By Usage Type, 2024-2031
8.1.3. North America Wearable Patches Market revenue (US$ Million) estimates and forecasts By Applications, 2024-2031
8.1.4. North America Wearable Patches Market revenue (US$ Million) estimates and forecasts by country, 2024-2031

8.2. Europe

8.2.1. Europe Wearable Patches Market revenue (US$ Million) estimates and forecasts By Application, 2024-2031
8.2.2. Europe Wearable Patches Market revenue (US$ Million) estimates and forecasts By Usage Type, 2024-2031
8.2.3. Europe Wearable Patches Market revenue (US$ Million) estimates and forecasts By Applications, 2024-2031
8.2.4. Europe Wearable Patches Market revenue (US$ Million) estimates and forecasts By country, 2024-2031

8.3. Asia Pacific

8.3.1. Asia Pacific Wearable Patches Market revenue (US$ Million) estimates and forecasts By Application, 2024-2031
8.3.2. Asia Pacific Wearable Patches Market revenue (US$ Million) estimates and forecasts By Usage Type, 2024-2031
8.3.3. Asia Pacific Wearable Patches Market revenue (US$ Million) estimates and forecasts By Applications, 2024-2031
8.3.4. Asia Pacific Wearable Patches Market revenue (US$ Million) estimates and forecasts By country, 2024-2031

8.4. Latin America

8.4.1. Latin America Wearable Patches Market revenue (US$ Million) estimates and forecasts By Application, (US$ Million) 2024-2031
8.4.2. Latin America Wearable Patches Market revenue (US$ Million) estimates and forecasts By Usage Type, (US$ Million) 2024-2031
8.4.3. Latin America Wearable Patches Market revenue (US$ Million) estimates and forecasts By Applications, (US$ Million) 2024-2031
8.4.4. Latin America Wearable Patches Market revenue (US$ Million) estimates and forecasts By country, 2024-2031

8.5. Middle East & Africa

8.5.1. Middle East & Africa Wearable Patches Market revenue (US$ Million) estimates and forecasts By Application, (US$ Million) 2024-2031
8.5.2. Middle East & Africa Wearable Patches Market revenue (US$ Million) estimates and forecasts By Usage Type, (US$ Million) 2024-2031
8.5.3. Middle East & Africa Wearable Patches Market revenue (US$ Million) estimates and forecasts By Applications, (US$ Million) 2024-2031
8.5.4. Middle East & Africa Wearable Patches Market revenue (US$ Million) estimates and forecasts By country, 2024-2031

Chapter 9. Competitive Landscape

9.1. Major Mergers and Acquisitions/Strategic Alliances

9.2. Company Profiles


9.2.1. Abbott Laboratories
9.2.2. Bittium Corporation
9.2.3. Boston Scientific Corporation
9.2.4. iRhythm Technologies, Inc.
9.2.5. Koninklijke Philips N.V.
9.2.6. Masimo Corporation
9.2.7. Medtronic plc
9.2.8. OMRON Corporation
9.2.9. Senseonics Holdings, Inc.
9.2.10. Alio, Inc.
9.2.11. AliveCor Inc.
9.2.12. BioIntellisense, Inc.
9.2.13. Samay
9.2.14. Theranica Bio-Electronics Ltd.
9.2.15. VitalConnect Inc.
9.2.16. VivaLNK Inc.Cognate BioServices (Charles River)
9.2.17. Other Prominent Players

Market Segmentation:

Global Wearable Patches Market, By Application 

  • Monitoring and Diagnostics
  • Therapeutics 

Wearable patches

Global Wearable Patches Market, By Usage Type 

  • Temperature Patch
  • Blood Glucose Patch
  • Heart Rate and ECG Patch
  • TENS and EMS Patch
  • Others

Global Wearable Patches Market, By End User 

  • Hospital and Ambulatory Surgical Center
  • Homecare

Global Wearable Patches Market, By Region 

  • North America
    • The US
    • Canada
    • Mexico
  • Europe
    • Germany
    • The UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • South East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  •  Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Wearable Patches Market?

Wearable Patches Market expected to grow at a 10.94% CAGR during the forecast period for 2024-2031

Abbott Laboratories, Bittium Corporation, Boston Scientific Corporation, iRhythm Technologies, Inc., Koninklijke Philips N.V., Masimo Corporation

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