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2021

Wearable Patch Market

Wearable Patch Market Size, Share, Competitive Landscape and Trend Analysis Report by Product and End Use : Global Opportunity Analysis and Industry Forecast, 2020-2027

LS : Medical Devices & Supplies

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Author's: Kishor Sherkar | Roshan Deshmukh
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Wearable Patch Market Statistics 2020-2027:

The global wearable patch market size was valued at $12,239.7 million in 2019, and is projected to reach $27,820.5 million by 2027, registering a CAGR of 9.6% from 2020 to 2027.

Wearable patch, also known as smart patch or electronic skin, is used for disease monitoring, drug delivery, and diagnosis. Wearable patches help to maintain health and wellbeing in elderly patients suffering from chronic conditions such as diabetes and cardiovascular diseases.

Wearable-Patch-Market

Rise in technological advancements in wearable patches, increase in prevalence of chronic diseases, and growth in awareness among consumers regarding wearable patches are the major factors that propel the market growth. In addition, rise in technological advancements in wearable patches also drive the market growth. Features such as continuous monitoring of patients, coupled with precise data, minimal interference with body movements, and easier connectivity with smartphones assist the wearable patch market growth. For instance, Koninklijke Philips N.V. received the United States Food and Drug Administration (USFDA) approval for Philips Biosensor BX100, a disposable wearable sensor patch in May 2020, which can track heart rate and respiratory rate, once a patient is discharged from intensive care unit.

Connected wearables are portable in nature, feature wireless connectivity, and are mostly used to monitor heart rate via Bluetooth. It also uses microprocessor controller and myoelectric technology. Moreover, these patches are compatible with most mobile operating systems and can be connected easily through Bluetooth. Connected wearable patches collect data at regular intervals and transmit it to connected devices such as smartphones and laptops. They eliminate the need for physical consultation with doctors by remotely monitoring health of patients.

However, high cost of sensor patches and concerns regarding data privacy and security hamper the wearable patch market growth. For instance, average price of electrocardiogram sensor patch is between $ 300 and $ 4,500.

Global Wearable Patch Market Segmentation

The wearable patch market is categorized into product, end use, and region. On the basis of product, the market is segmented into temperature patch, blood glucose patch, blood pressure patch, heart rate patch & ECG patch, skin care patch, and others. The blood glucose patch measures glucose levels in the interstitial fluid between the cells under the skin. The blood glucose patch segment led the market in 2019, and is expected to continue this trend throughout the forecast period, as several patients with diabetes are advised to monitor blood glucose on a regular basis to prevent development of hyperglycemia or hypoglycemia and to facilitate control over diabetes.

Wearable Patch Market
By Product
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The Blood Glucose Patch segment is expected to led the market throughout the forecast period.


 

By end use, the global wearable patch medical market is segregated into healthcare and fitness and sports. The fitness and sports segment is expected to witness considerable market growth during the forecast period, owing to gradual increase in use of wearable patches by athletes to gain health data insights to support their performance. For instance, Abbott Laboratories’ Libre Sense Glucose Sport Biosensor is designed for sports use and provides streaming glucose data with a dynamic range of 55-200 mg/dL for performance athletes to monitor their glucose levels. Biosensors are designed to provide glucose monitoring experience that enable athletes understand efficacy of their nutrition choices during training and competition. It informs athletes to take nutrition appropriately, to fill their glycogen stores prior to a race and to know when to replenish during a race in order to maintain athletic performance.

Region wise, the wearable patch market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The market in Asia-Pacific is expected to register the fastest CAGR during the forecast period pertaining to presence of large population base, increase in awareness regarding wearable patches, and rise in disposable income. Increase in need to provide cost-effective and quality clinical care to patients propels implementation and integration of medical devices and healthcare IT solutions in this region, which creates opportunities for existing companies and new market entrants.

Wearable Patch Market
By Region
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North America segment held a substantial revenue share in 2019, whereas, Asia-Pacific will be the second-largest value contributor and is expected to register the fastest CAGR during the forecast period.

The wearable patch market is highly competitive in nature, as major players in this vertical are concentrating on growth strategies such as product launches, mergers and acquisitions (M&As), partnerships and collaborations to gain competitive advantage. For instance, in June 2020, in the U.S., Abbott laboratories received an approval from the USFDA for its FreeStyle Libre 2 integrated continuous glucose monitoring (iCGM) system for adults and children aged above 4 suffering from diabetes.

The key players operating in the global wearable patch market 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. 

Key Benefits For Stakeholders

  • The study provides an in-depth analysis of the global wearable patch market size along with the current trends and future estimations to elucidate the imminent investment pockets
  • It offers wearable patch market analysis from 2020 to 2027, which is expected to enable stakeholders to capitalize on the prevailing opportunities in the market
  • A comprehensive analysis on region assists to understand the regional market and facilitate the strategic business planning and determine prevailing opportunities
  • The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global wearable patch market growth

Wearable Patch Market Report Highlights

Aspects Details
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By Product
  • Temperature Patch
  • Blood Glucose Patch
  • Blood Pressure Patch
  • Heart Rate Patch & ECG Patch
  • Skin Care Patch
  • Others
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By End Use
  • Healthcare
  • Fitness & Sports
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By Region
  • North America  (U.S, Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, Australia, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
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Key Market Players

VitalConnect , Inc., Qualcomm Technologies, Inc., LifeSignals, Inc., iRhythm Technologies, Inc., Medtronic plc (Zephyr Technology Corporation), L’Oreal Group, Koninklijke Philips N.V., Johnson & Johnson Services, Inc., Abbott Laboratories, VivaLNK

Analyst Review

The wearable patch market is expected to witness profitable growth in the future. The market growth is characterized by factors such as technological advancements in wearable patches, rise in prevalence of chronic diseases, and growth in awareness among consumers regarding wearable patches. Moreover, the wearable patch market has gained immense interest in the healthcare industry over years as they are intended for diagnosis, treatment, or management of certain diseases.

As per the analysis in the report, the market in Asia-Pacific is projected to register highest growth rate, owing to presence of large population base, coupled with rise in prevalence of chronic diseases, growth in awareness about wearable patches, and rise in disposable income.

In addition, high cost of sensor patches and concerns regarding data privacy and security are anticipated to challenge growth of the market participants during the forecast period. Wearable devices are designed to collect user's health data, which can be analyzed to provide information about health status of users. Wearable devices contain huge user data, which puts security and privacy on risk. Moreover, it also may consist of sensitive information data, which may pose challenges such as data breach. Thus, these concerns regarding data privacy and security are anticipated to limit the market growth during the forecast period.
 

Author Name(s) : Kishor Sherkar | Roshan Deshmukh
Frequently Asked Questions?

Wearable patch, also called as smart patch or electronic skin, is used for disease monitoring and diagnosis applications.

Wearable patch help to maintain health and wellbeing in elderly patients suffering from chronic conditions such as diabetes and others.

The total value of wearable patch market was $12,239.7 million in 2019.

The market has drawn the interest of the healthcare industry, owing to increasing prevalence of chronic diseases, rise in technological advancements in wearable patch, and growing awareness among consumers regarding wearable patch

The forecast period in the report is from 2020-2027.

The market value of opthalmic devices market in 2027 was $27,820.5 million.

The base year calculated in the report is 2019.

Increased demand for the connected wearable patches will drive the market over the near future according to the KOLs.

By product, the blood glucose patch segment holds the maximum market share.

The market in Asia-Pacific is expected to register lucrative CAGR of 10.50% over the forecast period owing to presence of large population base, increase in awareness regarding wearable patches, and rise in disposable income

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Wearable Patch Market

Global Opportunity Analysis and Industry Forecast, 2020-2027