The global wearable patch market was valued at $12,239.7 million in 2019, and is projected to reach $27,820.5 million by 2027, registering a CAGR of 9.6% from 2020 to 2027. Moreover, high cost of sensor patches along with concerns regarding data privacy and security are anticipated to restrain the market growth during the forecast period. High cost of sensor monitoring patches in emerging economies such as India, China, and Brazil is expected to impede the market growth during the forecast period. For instance, average selling price of ECG sensor patch in these countries is between $ 300 and $ 4,500. Wearable patch, also known as smart patch or electronic skin, is used for disease monitoring, drug delivery, and diagnosis applications. Wearable patches help to maintain health and wellbeing in elderly patients suffering from chronic conditions such as diabetes and cardiovascular diseases.
Growth of the global wearable patch market is majorly driven by rise in technological advancements in wearable patches, increase in prevalence of chronic diseases, and growth in awareness among consumers regarding wearable patches. For instance, according to the International Diabetes Federation (IDF), worldwide prevalence of diabetes in 2019 was around 463 million individuals, and is anticipated to reach to 700 million by 2045. Hence, increase in incidences of diabetes is expected to propel demand for wearable patches, which, in turn, propels the market growth. In addition, the connected wearable patches are gaining traction across the world owing to rise in adoption of connectivity technologies, namely, microprocessor controller, Bluetooth, and myoelectric technology.
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Depending on product, the market is segmented into temperature patch, blood glucose patch, blood pressure patch, heart rate patch & ECG patch, skin care patch, and others. The blood glucose patch segment is expected to dominate the market as several patients with diabetes are advised to monitor blood glucose on a regular basis to prevent development of hyperglycemia and hypoglycemia.
By end use, the global wearable patch market is bifurcated into healthcare and fitness and sports. The healthcare segment is expected to lead the market throughout the forecast period as these medical/clinical use wearable patches are intended for diagnosis, treatment, or management of certain diseases.
On regional level, the wearable patch market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North America market witnessed dominance, in terms of revenue in 2019, owing to the growth in target diseases, presence of advanced healthcare infrastructure, as well as the presence of key industry participants, including, Abbott Laboratories, iRhythm Technologies, Inc., Johnson & Johnson Services, Inc., LifeSignals, Inc., Qualcomm Technologies, Inc., and VitalConnect, Inc. Furthermore, the growth of this region is associated with rise in number of health-conscious individuals along with increase in adoption among athletes, working professionals, and individual consumers. Moreover, increase in need for implementation and integration of medical devices and healthcare IT solutions, rise in awareness regarding wearable devices, and growth in chronic diseases in Asia-Pacific are expected to support fastest market growth of this region during the forecast period.
The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
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KEY BENEFITS FOR STAKEHOLDERS
– The study provides an in-depth analysis of the global wearable patch market size along with the current trends and future estimations to elucidate the imminent investment pockets
– It offers market analysis from 2020 to 2027, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market
– A comprehensive analysis on region assists to understand the regional market and facilitate the strategic business planning and determine prevailing opportunities
– The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global wearable patch market growth
List of key players profiled in the report
– Abbott Laboratories
– iRhythm Technologies, Inc.
– Johnson & Johnson Services, Inc.
– Koninklijke Philips N.V.
– L’Oreal Group
– LifeSignals, Inc.
– Medtronic Plc (Zephyr Technology Corporation)
– Qualcomm Technologies, Inc.
– VitalConnect, Inc.
– VivaLNK
List of other players in the value chain (profiles not included in the report):
– Delta Electronics Inc.
– Gentag Inc.
– Nemaura Medical Inc.
– Insulet Corp.
– UpRight Technologies Ltd.
KEY MARKET SEGMENTS
By Product
– Temperature Patch
– Blood Glucose Patch
– Blood Pressure Patch
– Heart Rate Patch & ECG Patch
– Skin Care Patch
– Others
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By End Use
– Healthcare
– Fitness and Sports
By Region
– North America
o U.S.
o Canada
o Mexico
– Europe
o Germany
o France
o UK
o Italy
o Spain
o Rest of Europe
– Asia-Pacific
o Japan
o China
o Australia
o India
o South Korea
o Rest of Asia-Pacific
– LAMEA
o Brazil
o Saudi Arabia
o South Africa
o Rest of LAMEA
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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