Wilmington, Delaware, United States, July 04, 2023 (GLOBE NEWSWIRE) -- The global wearable bioelectronics skin patches market is projected to flourish at a CAGR of 11.5% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 14.8 billion is anticipated for the market in 2031.
In 2021, the market for wearable bioelectronics skin patches market was valued at US$ 5 billion. The increasing prevalence of chronic diseases, the growing demand for remote patient monitoring, and advancements in sensor technology and miniaturization are expected to drive the wearable bioelectronics skin patches market.
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With the rising need for continuous monitoring and management of diabetes, cardiovascular disorders, and respiratory conditions, the market demand increases. Increasing application of these patches for pain management, transdermal drug delivery, and hormone therapy, among other applications, is likely to drive the market demand during the forecast period.
The growing development of advanced sensors is a significant trend in the wearable bioelectronics skin patches market. Sensors are becoming smaller, more accurate, and capable of monitoring a wider range of physiological parameters. This trend allows for more precise and comprehensive monitoring capabilities, enabling better disease management and personalized healthcare. Growing emphasis on preventive healthcare and wellness is driving the adoption of wearable bioelectronics skin patches. These patches can track physical activity, sleep patterns, and other health-related metrics, enabling individuals to proactively manage their health and make lifestyle modifications.
Key Takeaways from the Market Report
- As of 2023, the wearable bioelectronics skin patches market is forecast to reach US$ 6.2 billion
- By sensor, demand for electrophysiological sensors is rising significantly,
- Medical monitoring segment to remain popular during the forecast period
- Based on the distribution channel, the online segment is expected to account for a significant market share
- Europe remains the fastest growing market for wearable bioelectronics skin patches market
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Wearable Bioelectronics Skin Patches Market: Prominent Drivers and Trends
- Increased need for medical monitoring of chronic disorders has led to a rise in spending on wearable skin patches, this is expected to drive the wearable bioelectronics skin patches market growth during the forecast period.
- The rapidly changing lifestyles, and the increased demand from sports and fitness applications, the need for wearable bioelectronics skin patches has increased.
- The increasing technological advancements and innovations such as the integration of advanced sensors, wireless connectivity for data transmission, improved battery life, and enhanced user interfaces, drive the market growth
Wearable Bioelectronics Skin Patches Market Market: Regional Analysis
- North America is a significant market for wearable bioelectronics skin patches with the presence of well-established healthcare infrastructure, favorable reimbursement policies, and a high adoption rate of advanced healthcare technologies.
- The presence of key players and research institutions contributes to the growth of the market in this region. The increasing focus on remote patient monitoring and personalized healthcare drives the demand for wearable bioelectronics skin patches in North America.
- The Asia Pacific is expected to account for the highest market share in the wearable bioelectronics skin patches market. The growth of the market in the region is attributed to increasing awareness of chronic diseases and a large population base. The growing healthcare expenditure and increasing technological advancements, and a high adoption rate of wearable devices in countries like China, Japan, and South Korea.
- The rising geriatric population and the need for remote patient monitoring solutions further drive the demand for wearable bioelectronics skin patches in the region.
Competitive Landscape
Transparency Market Research has profiled the following players in its global wearable bioelectronics skin patches market report:
- Gentag, Inc.
- Epicore Biosystems, Inc.
- VivaLNK, Inc.
- iRhythm Technologies, Inc.
- Feeligreen
- Insulet Corporation
- The Surgical Company
Key Market Developments
- Insulet Corporation is a leading player in the wearable bioelectronic skin patches market, specializing in innovative drug delivery systems. Their key product is the Omnipod System, a tubeless insulin delivery system for individuals with diabetes. The Omnipod System consists of a wearable pod that adheres to the skin and delivers insulin, eliminating the need for traditional insulin pumps with tubing.
- Dexcom is a leading player in the wearable bioelectronic skin patches market, specializing in CGM systems. They have introduced the Dexcom G6, a patch-like sensor that continuously monitors glucose levels in individuals with diabetes. Dexcom has focused on enhancing the convenience and user experience of its CGM systems through features like smartphone integration and predictive alerts.
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Wearable Bioelectronics Skin Patches Market: Segmentation
Application
- Motion and Position Sensing
- Medical Monitoring
Sensor
- Electrophysiological
- Biochemical
- Potentiometric
- Tactile
Distribution Channel
- Retail
- Online
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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