Portland, OR, April 14, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied market Research, the global Wearable Patch Industry was pegged at $12.23 billion in 2019, and is anticipated to hit $27.82 billion by 2027, registering a CAGR of 9.6% from 2020 to 2027.
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Technological advancements, rise in consumer awareness, and surge in prevalence of chronic diseases drive the growth of the global wearable patch market. Conversely, expensive nature of sensor patch and issues regarding data privacy and security hamper the market growth. Nevertheless, rise in adoption of telehealth and demand for the connected wearable patches present lucrative opportunities in the near future.
Covid-19 Scenario
- Healthcare systems have been burdened due to outbreak of Covid-19 and adoption of telehealth has become essential. Wearable patches play a crucial part in monitoring health conditions of patients and people and sending their reports to medical professionals or doctors. This eliminates the need for hospital visits and reduces possibility of cross-contamination.
- Covid-infected patients and non-infected people can monitor their temperature levels and heart rates. This would help in tracking health conditions continuously and necessary steps can be taken in time if the health deteriorates.
- Owing to real-time monitoring, wearable patches can assist medical professionals in protecting patients with hypertension, coronary heart disease, and diabetes, who may be at high risks if infected with the coronavirus.
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The wearable patch market is categorized into product, end use, and region. Based on product, the blood glucose patch segment accounted for the highest market share in 2019, with nearly half of the global wearable patch market, and is expected to maintain its leadership status during the forecast period. Conversely, the heart rate patch & ECG patch segment is projected to portray the largest CAGR of 11.3% from 2020 to 2027.
Based on end use, the healthcare segment held the lion’s share, with more than four-fifths of the global wearable patch market in 2019, and will lead the position throughout the forecast period. On the other hand, the fitness and sports segment is anticipated to maintain the highest CAGR of 10.9% from 2020 to 2027.
Based on region, the market is studied across numerous regions including Asia-Pacific, Europe, LAMEA, and North America. The North America held the highest share in terms of revenue in 2019, with more than two-fifths of the global wearable patch market, and will maintain its dominant position by 2027. On the other hand, the Asia-Pacific is estimated to manifest the fastest CAGR of 10.5% during the forecast period.
Leading market players profiled in the report include 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., and VivaLNK
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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