NEW YORK, Aug. 12, 2022 (GLOBE NEWSWIRE) -- The Global Wearable Patch Market Size is valued at USD 11,126 million in 2021 and is estimated to achieve a market size of USD 22,124 million by 2030; growing at a CAGR of 8.1%.
Wearable patches can help people with chronic medical conditions and keep track of their health on a routine basis. Diabetes and high blood pressure patients may benefit from wearable patches. Furthermore, it may benefit individuals who are at high risk of becoming severely ill with COVID-19 (coronavirus). One of the leading wearable patch market trends driving industry growth is the increasing use of wearable technologies to improve patient experience, transform care delivery, and improve outcomes. Current trends indicate that patch functionality will continue to improve, along with comfort and miniaturization. This includes making such wearable devices more sustainable and long-lasting.
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Report Coverage:
| Market | Wearable Patch Market |
| Wearable Patch Market Size 2021 | USD 11,126 Million |
| Wearable Patch Market Forecast 2030 | USD 22,124 Million |
| Wearable Patch Market CAGR During 2022 - 2030 | 8.1% |
| Wearable Patch Market Analysis Period | 2018 - 2030 |
| Wearable Patch Market Base Year | 2021 |
| Wearable Patch Market Forecast Data | 2022 - 2030 |
| Segments Covered | By Type, By Application, By End-User, And By Region |
| Wearable Patch Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | Abbott Laboratories, Johnson & Johnson Services, Inc., iRhythm Technologies, Inc., Qualcomm Technologies, Inc., Koninklijke Philips N.V., LifeSignals, Inc., VitalConnect, Inc., L’Oreal Group, Medtronic plc (Zephyr Technology Corporation), and VivaLNK. |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
COVID-19 Impact on the Global Wearable Patch Market Value
The coronavirus disease 2019 (COVID-19) pandemic has highlighted the importance of harnessing and leveraging digital infrastructure for remote patient monitoring and diagnosis. During the COVID-19 pandemic, the significance of wearable health devices became clear. Wearable sensors and patches encompass more robust disease detection and monitoring of individual and population health. The US Food & Drug Administration (FDA) has also issued Emergency Use Authorizations for Medical Devices (EUAs) for certain remote as well as wearable patient monitoring devices in order to increase the availability of patient monitoring and treatment while also addressing the decrease of healthcare professional exposure to SARS-CoV-2 throughout the pandemic COVID-19 pandemic.
Global Wearable Patch Market Dynamics
Increasing awareness between consumers regarding wearable devices and increasing technological advancements in wearable patches are the two primary aspects that are driving the industry's growth. However, the high cost of sensor data and the risk associated with data security and privacy are some of the factors that are restricting market growth. Furthermore, the growing adoption of telehealth and rising remote patient monitoring are generating significant growth opportunities for the market in the coming years.
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The growing prevalence of chronic disorders drives the wearable patch market growth
Wearable patches can help with chronic disease diagnosis and monitoring. Advanced wearable patches can continuously and simultaneously monitor cardiac output and metabolic levels of lactate, glucose, caffeine, or alcohol. Devices capable of non-invasive sensing of health status offer significant improvements in the management of chronic conditions such as diabetes and hypertension. Furthermore, the rising prevalence of diseases such as atrial fibrillation has increased the demand for wearable patches for early detection. In addition to that, the rising number of cancer, diabetes, and heart patients is supporting the wearable patch industry.
The risk associated with data privacy and security hinders the wearable patch market share
Wearable medical devices have progressed far beyond simply counting steps and heartbeats. By 2023, healthcare providers are expected to remotely monitor 5 million people, with patients and healthcare professionals increasingly focusing on medical wearables for remote patient monitoring, early diagnosis, medical adherence, and even illness treatment. The fact that a wearable device can collect so much data raises the possibility of a data breach, particularly if the data is not properly stored. And when data travels over wireless networks, it can be difficult to keep it safe from cybercriminals who can steal poorly managed data through unencrypted data transmission channels. However, the majority of modern cyber security concerns do not stem from the device itself. In terms of data acquisition, most hackers prefer low-hanging fruit and will look for weaknesses elsewhere, such as how Fitbit was hacked in 2016 and again in 2021.
Wearable Patch Market Segmentation
The global market is divided into four segments: type, application, end-user, and region.
Based on type, the market is divided into connected and regular. The connected wearable patch sub-segment is anticipated to lead the market with utmost shares and is likely to continue its trend in the coming years. According to our wearable patch industry analysis, the growing preference for wearable patches to measure chronic disease-related data is fueling the connected section.
By application, the distribution includes clinical and non-clinical. Based on our wearable patch market forecast, the clinical sub-segment will generate the maximum market share from 2022 to 2030. The end-user segment is further split into hospitals & clinics, ambulatory centers, and others.
Wearable Patch Market Regional Outlook
The global wearable patch market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Among all the regions, North America is a prominent region that will occupy a substantial market share. The growing prevalence of chronic disorders, increasing elderly population, and increasing technological advancements in wearable technology are the supportive factors that are driving the North American wearable patch market.
However, the Asia-Pacific region is likely to witness the fastest growth rate in the coming years. Growing healthcare investments, rising adoption of AI, IoT, and big data, and increasing disposable income in populated countries such as China and India will drive the Asia-Pacific wearable patch market.
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Wearable Patch Market Players
Some prominent wearable patch companies covered in the industry are Abbott Laboratories, Johnson & Johnson Services, Inc., iRhythm Technologies, Inc., Qualcomm Technologies, Inc., Koninklijke Philips N.V., LifeSignals, Inc., VitalConnect, Inc., L’Oreal Group, Medtronic plc (Zephyr Technology Corporation), and VivaLNK.
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