Wearable patches are known as smart patches or electronic skin. These are thin, small, and flexible in nature, and are 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 others. Presently, the market of wearable technologies is growing, owing to increasing research and development activities for development of wearable patch carried out by key players operating in the market. Wearable patches can be worn or stuck to the skin, or patch’s such as scopolamine patches and transdermal patch are directly attached to the affected body part for disease monitoring. For instance, a nicotine path is a transdermal patch, which releases nicotine into the body, and is used in nicotine replacement therapy (NRT).
The global wearable patch market size is expected to be valued at US$ 318.1 million in 2019, and is expected to exhibit a CAGR of 22.9% over the forecast period (2019-2027).
Figure 1. Global Wearable Patch Market Value (US$ Mn), by Region, 2019
Source: Coherent Market Insights Analysis (2020)
Increasing prevalence of chronic diseases is expected to propel the market growth over the forecast period
Increasing prevalence of chronic diseases such as diabetes and atrial fibrillation is resulting in high number of stroke incidents, which is expected to drive growth of the wearable patch market over the forecast period. For instance, according to the International Diabetes Federation report published in November 2019, around 463 million adults between the age group of 20 to 79 years were diagnosed with diabetes across the globe, and it is expected that the total diabetes population will reach around 700 million by 2045 globally.
Moreover, according to the American Heart Association, January 2019, stroke was a leading cause of death in the U.S. with around 2.7 million people in the country living with atrial fibrillation and around 800,000 people encounter stroke, annually, due to blockage in the blood vessel, which supplies blood to the brain. Therefore, increasing prevalence of atrial fibrillation is expected to boost growth of the wearable patch market.
Figure 2. Global Wearable Patch Market Share (%), by Application, 2027
Source: Coherent Market Insights Analysis (2020)
Rising technological advancements in wearable patch is anticipated to drive the market growth over the forecast period
Wearable patches are used for monitoring and diagnosis of chronic diseases. Increasing prevalence of diseases such as atrial fibrillation has led to increase in demand for wearable patches for early diagnosis. This rising demand has led by major players in the market to launch new and technologically advanced wearable patch. For instance, in July 2018, LifeSignals, a solution provider for health and wellbeing, received the U.S. Food and Drugs Administration (FDA) approval for wireless LP1100 Life Signal Patch, a next generation wearable healthcare monitoring device. LP1100 Life Signal Patch is a clinical-grade, two-lead ECG, and heart rate monitoring patch, which has three-day monitoring capacity.
Furthermore, in November 2018, L’Oreal and La Roche-Posay launched ‘My Skin Track UV’, a wearable skin and sun safety sensor to help women and men to track their personalized exposure to UV, pollution, pollen, and humidity.
However, high cost of sensor monitoring patch is expected to hinder growth market growth in emerging economies such as India, Brazil and China. The average price of ECG sensor patch 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 the particular region.
Major players operating in the global wearable patch market include Medtronic Plc, Hill-Rom Holdings, Inc. (Welch Allyn), iRhythm Technologies, Inc., AliveCor, Inc., Vivalnk, Inc., Cardiac Insight Inc., VitalConnect, LifeSignals, Inc., L’oreal Group, Dexcom, Inc., GENTAG, Inc., Abbott Laboratories, and Koninklijke Philips N.V.
Wearable patches can be attached to the skin or can be worn for few hours to a couple of weeks. These patches are becoming popular and can be used for drug delivery, patient monitoring, and diagnosing purpose. These patches are also been used for the treatment and delivery of medication such as nicotine patch in Nicotine Replacement Therapy (NRT) and anti-aging patches. The connected wearable patches feature wireless connectivity in addition to the features of regular wearable patches that help in monitoring the health of an individual and delivering drugs accordingly. Features such as continuous monitoring of patients body activity coupled with precise data, minimal interference with body movements and easy connectivity with the various smartphones are some of the pivotal factors that are expected to drive growth of the market.
Increasing adoption of inorganic growth strategies such as acquisitions and collaborations by key players operating in the market are expected to propel the market growth over the forecast period. For instance, in June 2018, LifeSignals, Inc. entered into a collaboration with INQCEL, a California-based physical and virtual innovation lab and Dreamtech, a contract manufacturing organization, to receive support for development and manufacturing of new biosensor wearable based on the Lifesignal Processor (LSP). Under this collaboration, Dreamtech provides LSP-centric design and contract manufacturing services, and INQCEL provides services and application-based support tools to develop clinical and consumer grade wearable patch.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.