The global Wearable Patch Market is estimated to be valued at US$ 718.8 Mn or Bn in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Wearable patches are skin patches that integrate electronics to monitor health and fitness-related metrics. They can measure parameters like heart rate, temperature, sleep patterns by being worn on the skin. The major advantage is that they are discrete, comfortable to wear for long durations and provide continuous health monitoring capabilities.
Market key trends:
One of the key trends in the wearable patch market is the integration of advanced biosensors for comprehensive health monitoring. Biosensors allow wearable patches to non-invasively measure diverse biomarkers like glucose, lactate, alcohol and more from perspiration or interstitial fluid. This is driving the development of patch form factors that can simultaneously screen for multiple health indicators. Another trend is the miniaturization of electronics which has enabled the fabrication of ultra-thin, flexible and stretchable wearable patches. This makes patches discreet and comfortable to be worn at all times, facilitating continuous health tracking in a non-intrusive manner.
Market Key Trends:
The wearable patch market is expected to witness high growth owing to increasing adoption of remote patient monitoring worldwide. Remote patient monitoring solutions enable continuous monitoring of patients’ vital signs outside of conventional clinical settings such as hospitals and clinics. With the ongoing COVID-19 pandemic, demand for wearable medical patches for remote monitoring of infected patients is surging in order to reduce burden on healthcare infrastructure. Growing preference for minimal invasive monitoring devices is another key trend fueling the market growth.
Strength: Wearable patches offer non-invasive and cost-effective remote patient monitoring solutions. They provide real-time access to physiological data with minimal discomfort to patients.
Weakness: Limited battery life and data storage capacity of some wearable patches. Risk of cybersecurity threats and data breaches.
Opportunity: Emerging applications in drug delivery, diabetes management, cardiovascular disease monitoring. Growing investments by players to develop advanced patches for long term chronic disease management.
Threats: Reimbursement issues related to remote monitoring devices in some countries. Intense competition from established players as well as tech giants entering the remote monitoring space.
The global wearable patch market is expected to witness high growth, exhibiting CAGR of 23% over the forecast period, due to increasing demand for non-invasive remote patient monitoring solutions.
The regional analysis indicates North America dominates the global market currently due to rapid adoption of digital health technologies. However, Asia Pacific is expected to be the fastest growing market owing to rising healthcare expenditures and increasing prevalence of chronic diseases.
Key players operating in the 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., Lâ€TMoreal Group, Dexcom, Inc., GENTAG, Inc., Abbott Laboratories, Koninklijke Philips N.V. and other prominent players. These players are focusing on new product launches and enhancing their existing portfolio to consolidate their market position.