Westford, USA, Nov. 25, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the wearable patch market size will attain a value of USD 17.09 billion by 2031, with a CAGR of 7.9% over the forecast period (2024-2031). Advancements in wearable technologies and growing emphasis on preventive healthcare among people are estimated to drive wearable patch market growth in the future. Rising popularity of home healthcare and remote patient monitoring are also expected to provide new opportunities for wearable patch companies.
Browse in-depth TOC on "Wearable Patch Market"
- Pages - 165
- Tables - 88
- Figures – 71
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Wearable Patch Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 9.30 Billion |
| Estimated Value by 2031 | $ 17.09 Billion |
| Growth Rate | Poised to grow at a CAGR of 7.9% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Technology, Application, End Use, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Rising demand for patient monitoring |
| Key Market Opportunities | Integration of artificial intelligence for better insights |
| Key Market Drivers | Advancements in wearable device and sensor technologies |
High Incidence of Diabetes Helps Blood Glucose Patches Bring in More Revenue
Surging prevalence of diabetes and increasing emphasis on improving diabetes management through proper blood glucose monitoring is helping this segment hold sway over others. Ease of use and non-invasive nature of blood glucose patches are expected to help them bring in more revenue across the wearable patch market forecast.
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Rising Demand for Performance Tracking Makes Wearable Patches Popular in Sports and Fitness End Use
Increasing interest of people in outdoor and sports activities to improve physical health is expected to boost sales of wearable patches via this segment. Amateur as well as professional athletes can keep track of real-time metrics of physical activity, biometric data, and recovery through wearable patches thereby making this a highly opportune segment for the future.
High Consumer Awareness Helps North America Lead the Global Wearable patch Demand Outlook
High consumer awareness and spending potential are projected to help North America account for a major chunk of the global wearable patch market share. The presence of a developed technological infrastructure and the availability of novel products are also expected to bolster the dominance of this region. Canada and the United States are estimated to remain the key markets for wearable patch providers operating in North America through 2031.
Wearable Patch Market Insights:
Drivers
- Advancements in sensor and wearable technologies
- Growing demand for preventive healthcare products
- High demand for continuous patient monitoring
Restraints
- Limited battery life concerns
- Stringent regulations and lengthy approval processes
- Data privacy and security concerns
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Prominent Players in Wearable Patch Market
- Abbott Laboratories (USA)
- Dexcom, Inc. (USA)
- Medtronic plc (Ireland)
- Insulet Corporation (USA)
- iRhythm Technologies (USA)
- BioTelemetry, Inc. (USA)
- Koninklijke Philips N.V. (Netherlands)
- GE Healthcare (USA)
- Gentag, Inc. (USA)
- VivaLNK (USA)
- Blue Spark Technologies (USA)
- Proteus Digital Health (USA)
- Nemaura Medical (UK)
- Leaf Healthcare, Inc. (USA)
- Masimo Corporation (USA)
- Holt Medical (China)
- MC10, Inc. (USA)
- Sano Intelligence (USA)
- AliveCor (USA)
- Epicore Biosystems (USA)
Key Questions Answered in Wearable Patch Market Report
- Which key companies are listed in this wearable patch market analysis?
- Why is demand for wearable patches rising around the world?
- Which end use provides lucrative opportunities for wearable patch companies?
- What are the top restraints for wearable patch industry?
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This report provides the following insights:
Analysis of key drivers (emphasis on improving reimbursement efficiency, growing use of electronic health records), restraints (data privacy and security concerns, reluctance to change, high costs for installation and maintenance), and opportunities (use of artificial intelligence, standardization of medical terminology) influencing the growth of wearable patch market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the wearable patch market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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