The Global Wearable Patches Market Size is valued at 9.21 billion in 2022 and is predicted to reach 22.89 billion by the year 2031 at a 10.88% CAGR during the forecast period for 2023-2031.
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.
Key Developments:
Major competitors in the global market for wearable patches are always looking for cooperation opportunities to improve their market positions and increase their market penetration. The information is published after thorough research, analysis of market trends, significant events, fresh initiatives, and technological advancements and innovations. The report examines various market participants in the industry. The major corporations are employing multiple methods, including alliances, mergers, acquisitions, and others, which are further anticipated to accelerate market expansion and increase their market presence and share.
For instance,
- 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.
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.
Wearable Patches Market Drivers:
Increasing demand for continuous monitoring and early diagnosis
The rising prevalence of chronic illnesses such as diabetes, cardiovascular diseases (CVDs), and cancer is creating a need for remote monitoring and early diagnosis.d Moreover, rising health consciousness among the public and the surging use of smartwatches to track sports activities is also expected to strengthen the market growth.
Advancements In IT Healthcare Technologies For Better Connectivity And Efficiency
Currently, many wearable patches have connectivity and comfort issues. Product manufacturers are developing innovative, remote, comfortable, user-friendly and personalized skin patches, due to which healthcare organizations will be able to access data through wearable patches remotely. This is expected to induce the market's growth in the forecast years. Other factors, such as increasing healthcare expenditures, rising adoption of smart wearables and growing geriatric population, are anticipated to propel market expansion further.
Wearable Patches Market: Restraints
High Cost Of Patches And Data Privacy & Security Concerns
The high cost of smart patches and concerns regarding the security and privacy of the data collected from wearable patches is expected to hamper the market expansion in the forthcoming years. Also, poor reimbursement policies are restraining the acceleration of the wearable patches market.
Wearable Patches Market: Segmentation
The global wearable patches market is segregated based on application, usage type, and end user.
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 in 2022 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.
Wearable Patches Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 9.21 Bn |
|
Revenue forecast in 2031 |
USD 22.89 Bn |
|
Growth rate CAGR |
CAGR of 10.88% from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
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; China; Japan; India; South Korea; Southeast Asia; 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. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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