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 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. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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