Wearable patches are known as smart patches or electronic skin. Wearable patches are thin, small, and flexible in nature, and are used for disease monitoring, drug delivery, and diagnosis. Also, wearable patch help to maintain health and well-being in elderly patients suffering from chronic conditions such as diabetes, lung disease, etc. Presently, the market of wearable technologies is increasing due to research and development activities carried out by companies. Wearable patches can be used in several ways, such as patches which can be worn on the body or stuck to the skin, or patches such as scopolamine patches and transdermal patches which can be directly attached to the affected organ for disease monitoring. A nicotine patch is a transdermal patch which releases nicotine into the body, and is used in nicotine replacement therapy (NRT).
Wearable Patch Market- Drivers
Increasing incidence of chronic diseases such as diabetes, cancer, and heart disease is one of the key factors driving the market growth. Wearable patches are non-invasive devises use for a longer period of time. Advances are made in user comfort, sensor accuracy and demonstration of wearable patch and its uses in both clinical and non-clinical area. Increase in healthcare expenditure has led to higher demand for wearable products, which is projected to facilitate growth of the wearable patch market over the forecast period. In July 2019, researchers from the National University of Singapore developed conducive smart textile creates a wireless body sensor network that allows devices to transmit the data with a signal range of 1000 times stronger than that of other conventional devices, and it has a wide range of applications in medical interventions, Human computer -interaction, and healthcare monitoring.
Wearable Patch Market - Regional Insights
In 2017, North America accounted for the highest growth in the wearable patch market owing to product launches and technological advancements in the region. In Jan 2019, L’Oreal launched the first wearable patch in U.S containing a microfluidic sensor which is useful for measuring the skin PH levels. As per the Business Standard press release, in May 2019, researchers from the University Of California developed a wearable temperature patch that cools or warms the wearer’s skin to a suitable temperature. According to the researchers, it can also save energy on heating and air conditioning.
The Europe wearable patch market is highly competitive due to presence of key players in the market such as Samsung, Microsoft, Google Inc. Moreover, increasing focus on product developments by key players is contributing to the growth and development of the wearable patch market in Europe. For example Samsung S – patch for ECG monitoring, Google Inc. patent for Medication dispensing patch etc.
Asia Pacific is also expected to exhibit positive growth in the wearable patch market in the near future owing to increasing geriatric population in the region. As per the United Nations Population Fund, Asia Pacific report 2018, by 2050 one out of four people will be over 60 years of age, and aging population rate is growing at a rapid pace since 2010 and expected to reach around 1.3 billion people by 2050. Increasing government investment in technological advancement and rising healthcare expenditure is expected to propel growth of the wearable patch market. According to the Organization of Economic Co-operation and Development, Health Statistics report 2018, the healthcare spending rate in Asia Pacific region from 2010 – 2015 was 5.3% per year.
Wearable Patch Market – Competitive Land Scape
Key players operating in the global wearable patch market include Abbott Laboratories, Kenzen, Gentag, Proteus Digital Health, Insluet, Nemaura Medical, Proteus Digital Health, Cequr, Chrona Therapeutics, Dexcom, Feeligreen, Fitlinxx, and G-Tech Medical. Some other major companies are Medtronic, Loreal, Irhythm Technology, Leaf Healthcare, Delta Electronics, Zansors, X2 biosystems, and Valendo.
Wearable Patch Market – Market Taxonomy
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