Burlingame, May 17, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, Global Wearable Patch Market is estimated to be valued at US$ 718.8 million in 2023 and is expected to exhibit a CAGR of 23.0% during the forecast period (2023-2030).
Analysts’ Views on Global Wearable Patch Market:
Adoption of organic strategies such as research and developments by various key players is expected to drive market growth over the forecast period. For instance, in December 2021, Shin-Etsu Chemical Co., Ltd., a chemical company located in Japan, developed innovative electrophysiological dry electrodes and high-elasticity wiring materials, which will be used to contribute to the achievement of superior performance characteristics for next-generation wearable devices. These wearable devices enable remote measurement and transmission of a person’s electrical biosignals, including such vital signs as heart rate and electrocardiogram (ECG) waveform, while a person is wearing the device on their body.
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Global Wearable Patch Market- Driver
Increasing contracts by the key market players
Increasing contracts by the key market players are expected to drive the global wearable patch market over the forecast period. For instance, in February 2021, TracPatch Health, one of the leaders in wearable data monitoring for musculoskeletal health, announced its TracPatch Knee remote patient monitoring solution has received an Innovative Technology contract in the category of wearable from Vizient, Inc., the nation’s largest member-driven health care performance improvement company. The contract was awarded based on recommendations by hospital experts and signifies to Vizient members unique qualities that potentially bring improvement to the patient and provider in the orthopedic industry.
Global Wearable Patch Market- Restraint
High cost of the monitoring patch
The major factors that can hamper the growth of the global wearable patch market over the forecast period include the high cost of the monitoring patch is expected to hinder growth in emerging economies such as India, Brazil, and China. The average price of an ECG sensor price is around US$ 300 to US$ 4,500. Market players, who can address the cost issue and can offer high-quality products in emerging economies are expected to enhance their market share in particular regions.
Wearable Patch Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2023: | US$ 718.8 Mn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 23.0% | 2030 Value Projection: | US$ 3,059.3 Mn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Medtronic Plc, Hill-Rom Holdings, Inc. (Welch Allyn), iRythm Technologies, Inc., AliveCor, Inc., Vivalnk, Inc., Cardiac Insight Inc., VitalConnect, LifeSignals, Inc., L’oreal Group, Dexcom, Inc., GENTAG, Inc., Abbott Laboratories, Koninklijke Philips N.V. and other prominent players. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Global Wearable Patch Market- Opportunity
Increase in the research and development activities
Increase in research and development activities is expected to drive the global wearable patch market over the forecast period. For instance, in February 2021, Engineers at the University of California San Diego developed a soft, stretchy skin patch that can be worn on the neck to continuously track blood pressure and heart rate while measuring the wearer’s levels of glucose as well as lactate, alcohol, or caffeine.
Global Wearable Patch Market Cross Sectional Analysis:
Among technology, the regular segment is dominant during the forecast period in North America region due to the increasing demand for the regular wearable patch for detection and diagnostics purposes.
Global Wearable Patch Market Segmentation:
The global wearable patch market report is segmented into Technology, Application, End User and Region
Based on Technology, the market is segmented into connected and regular. Out of which, the regular segment is expected to dominate the wearable patch market during the forecast period. Due to increase in advancement in connected wearable.
Based on Application, the wearable patch market is segmented into monitoring, drug delivery, and diagnostics. Monitoring segment is expected to dominate the market over the forecast period. Due to increase in monitoring devices.
Based on End User, the wearable patch market is segmented into healthcare, fitness & sports. Out of which the healthcare segment is expected to dominate the market over the forecast period. Owing to increase in demand by the healthcare specialist.
Global Wearable Patch Market: Key Developments
In November 2021, Covestro, showcased innovative material developments related to wearable smart patches, wound care, and medical packaging at a company trade show in Düsseldorf, Germany, which was held from November 15 to 18, 2021.
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Key Market Takeaways:
Key market players focused in adopting organic strategies such as material advacements and show casing is expected to exhibit a CAGR of 23.0% during the forecast period. For instance, in March 2022, Covestro, a press release was published on the website of Covestro, that, from April 12 to 14, 2022, in Anaheim, California, Covestro will showcase its materials for healthcare applications, including Makrolon.
Among technology segment, the regular patch is dominant due to increasing technological advancement, which is expected to drive the global wearable patch market over the forecast period. For instance, in April 2021, a news article was published by National Institutes of Health (NIH), according to which, National Institute of Biomedical Imaging and Bioengineering (NIBIB), funded engineers at UC San Diego, a university of California, that developed a flexible all-in-one epidermal patch that can simultaneously and continuously monitor cardiac output and metabolic levels of glucose, lactate, caffeine, or alcohol.
Competitive Landscape:
Key players operating in the global wearable patch market include Medtronic Plc, Hill-Rom Holdings, Inc. (Welch Allyn), iRythm Technologies, Inc., AliveCor, Inc., Vivalnk, Inc., Cardiac Insight Inc., VitalConnect, LifeSignals, Inc., L’oreal Group, Dexcom, Inc., GENTAG, Inc., Abbott Laboratories, Koninklijke Philips N.V. and other prominent players.
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Market Segmentation:
- Global Wearable Patch Market, By Technology:
- Connected
- Regular
- Global Wearable Patch Market, By Application:
- Monitoring
- Drug Delivery
- Diagnostics
- Global Wearable Patch Market, By End User:
- Healthcare
- Fitness & Sports
- Global Infection Surveillance Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
Related Market Intelligence Reports:
Wearable Medical Devices Market, by Product Type (Wearable Therapeutic Medical Devices (Hearing Aids, Insulin Pump, Respiratory Therapy Devices) (Sleep Apnea Devices, Non-invasive Ventilation Devices)) ( Wearable Monitoring and Diagnostic Devices (Fetal and Obstetric Devices, Continuous Glucose Monitoring Devices, Cardiac Monitoring Devices (Wearable Heart Rate Monitors, Wearable Pulse Oximeter, Wearable Blood Pressure Monitors))( Health and Fitness Devices), by Application (Patient Monitoring, Health & Fitness, Home Healthcare), by End user (Clinics, Hospital Pharmacies, Online Channels, Hypermarkets, Individuals) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030
Connected Medical Device Market, By Application (Consumer (Patient) Monitoring, Wearable Device, Internally Embedded Device, and Stationary Device) and By Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028
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