Global Wearable Patch Market, by Technology (Connected, Regular) by Application (Monitoring, Drug Delivery Diagnostics) by End User (Healthcare, Fitness & Sports), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
The key market players in the market are focusing on the adoption of inorganic growth strategies, such as acquisitions to expand their product portfolio, which is expected to drive market growth over the forecast period. For instance, in December 2021, Boyd, a thermal management technologies company, announced that it Acquired MBK Tape Solutions, a California-based, medical-grade precision converter, to extend its material science and engineered material excellence in biosensors, transdermal patches, and medical wearable.
Global Wearable Patch Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 has positively affected the global wearable patch market. Temperature sensors: For COVID-19, fever is the most common symptom, making temperature sensors a critical component of a wearable sensing system.
Global Wearable Patch Market: Key Developments
Increasing launch of the product is expected to drive the global wearable patch market over the forecast period. For instance, in January 2022, EOFlow, Inc.’s newly established joint venture named SanPlena, aims to develop innovative wearable drug delivery solutions for the treatment of Obesity & NASH.
Browse 36 Market Data Tables and 30 Figures spread through 180 Pages and in-depth TOC on “Global Wearable Patch Market”- Forecast to 2030, Global Wearable Patch Market, by Technology (Connected, Regular) by Application (Monitoring, Drug Delivery Diagnostics) by End User (Healthcare, Fitness & Sports) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Key Takeaways of the Global Wearable Patch Market:
- The global wearable patch market is expected to exhibit a CAGR of 23.0% during the forecast period due to the increasing approval from regulatory authorities. For instance, in July 2022, iRythm Technologies, Inc., a digital healthcare solutions company, announced it received FDA 510(k) clearance for its ZEUS (Zio ECG Utilization Software) System for the Zio Watch. Produced in partnership with Verily, an Alphabet precision health company, the ZEUS System combines deep-learned algorithms with a proven and trusted cardiac arrhythmia service.
- Among technology segment, the regular patch segment is estimated to hold a dominant position in the global wearable patch market over the forecast period. For instance, on 25 January 2023, a data was published by National Institutes of Health (NIH), according to that, heart disease is the leading cause of death worldwide. In the U.S., it is estimated that someone dies every 34 seconds from cardiovascular disease. Morever, NIH funded team has developed a wearable cardiac ultrasound imager that can non-invasively capture real-time images of the human heart for an extended period of time.
- Among region, North America is expected to be the dominant region in the global wearable patch market, owing to increasing technological advancement by key market players, to expand the product portfolio and strengthen their market presence, which is expected to drive the segment growth over the forecast period.
- Major 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.