The Wearable Patch Market is estimated to be valued at US$ 718.8 Mn or Mn in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The wearable patch market involves thin, flexible, and electronic patches worn on skin to collect various health and wellness data. These patches are packed with sensors, circuits, and wireless technologies to transmit data to mobile apps or healthcare portals. Common types of wearable patches monitor vital signs like electrocardiograms (ECG or EKG), heart rate, respiratory rate, sleep patterns, body temperature, blood pressure, blood oxygen, blood sugar, alcohol levels, and other biomarkers. Most patches are disposable and adhered to the skin using hydrogel or other biocompatible adhesives. Their small size and discreet nature have made them popular for remote patient monitoring.
Market Dynamics:
The demand for wearable patches is primarily driven by the increasing preference for remote and home healthcare along with the growing burden of chronic diseases globally. The Covid-19 pandemic further accelerated the adoption of digital healthcare solutions including remote patient monitoring devices. Wearable patches allow continuous monitoring of patients outside of hospitals and clinics at low costs. The technology also eliminates the need for frequent visits to physicians, thereby reducing healthcare costs significantly.
Furthermore, advances in miniaturized sensors, electronics, and wireless connectivity have enabled the development of sophisticated multi-parameter monitoring patches. Startups and large companies are introducing novel products with capabilities like ECG, blood pressure, glucose, oxygen saturation, temperature, activity tracking, sleep analysis, medication reminders etc. The convergence of healthcare and digital technology has created new opportunities for continuous health condition monitoring and management through wearable patches.
Segment Analysis
The wearable patch market can be segmented into clinical application and non-clinical application. The clinical application segment dominates the market and accounts for over 65% share owing to increasing use of wearable patches in patient monitoring. The wearable patches are used for conditions like cardiac monitoring, sleep apnea monitoring, diabetes among others.
PEST Analysis
Political: Regulations regarding use of medical devices and remote monitoring are favoring growth of wearable patches. Economic: Rising healthcare costs are encouraging adoption of home healthcare and remote patient monitoring using wearable patches. Social: Increasing health awareness and focus on preventive healthcare is driving demand for self-monitoring devices like wearable patches. Technological: Advancements in miniaturization, connectivity and battery technology is enhancing functionality of wearable patches.
Key Takeaways
The global Wearable Patch market is expected to witness high growth, exhibiting 23% CAGR over the forecast period, due to increasing prevalence of chronic diseases. The market size for 2023 is estimated at US$ 718.8 Mn.
Regional analysis: North America accounts for over 40% share of the global wearable patch market owing to high awareness levels and technology adoption. Asia Pacific is expected to witness fastest growth due to rising healthcare expenditures in countries like China and India.
Key players operating in the Wearable Patch market are Medtronic Plc, Hill-Rom Holdings, Inc. (Welch Allyn), iRythm Technologies, Inc., AliveCor, Inc., Vivalnk, Inc., Cardiac Insight Inc., VitalConnect, LifeSignals, Inc., Lâ€TMoreal Group, Dexcom, Inc., GENTAG, Inc., Abbott Laboratories, Koninklijke Philips N.V. Strategic collaborations and new product launches are common strategies adopted by these players to strengthen their market position.
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