Global Wearable Patch Market, by Technology (Connected and Regular), by Application (Monitoring, Drug Delivery, and Diagnostics), by End User (Healthcare and Fitness & Sports), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), 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), as highlighted in a new report published by Coherent Market Insights.
Increasing demand for innovation in existing wearable patches for monitoring and diagnosis of disease is expected to provide immense growth opportunities for industry players operating in the global market. Moreover, key players in the market are focused on developing wearable technology, wherein patches adhere to the skin such as a self-adhesive bandage. For instance, in October 2018, Vivalnk, Inc. launched Vital Scout, a wearable patch used for continuous stress and recovery monitoring.
In June 2017, Stanford University and Kenzen, a wearable patch manufacturing company are entered into a research collaboration for development of ECHO Smart Patch wearable technology that uses sweat to measure vital signs to predict and prevent avoidable injuries and illness in athletes.
Increasing research and development and integration of artificial intelligence for product development are expected to drive the market growth over the forecast period. For instance, in November 2017, AliveCor, Inc. launched SmartRhythm, a new feature of Kardia is an app connected to wearable kardiaBand. KardiaBand in the U.S., allowing Apple Watch users to discreetly capture their electrocardiogram (EKG) anytime, anywhere in order to quickly detect normal sinus heart rhythms and atrial fibrillation (AFib), the most common heart arrhythmia. Results from the Kardia App are displayed on the face of Apple Watch.
Browse 36 Market Data Tables and 30 Figures spread through 180 Pages and in-depth TOC on “Wearable Patch Market”- Global Forecast to 2027, by Technology (Connected and Regular), by Application (Monitoring, Drug Delivery, and Diagnostics), by End User (Healthcare and Fitness & Sports), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa),
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Key players in the market are focused on adopting strategies such as mergers and acquisitions, collaborations and partnerships, in order to expand their product portfolio and global presence in the wearable patch market. For instance, in February 2017, Hill-Rom Holdings, Inc. acquired Mortara Instrument, Inc., a leading designer, developer, and manufacturer of diagnostic cardiology instrument. The acquisition is expected to increase Hill-Rom Holdings, Inc., product portfolio for advance diagnostics capabilities in cardiology.
Moreover in 2018, in November, Cardiac Insight, Inc., a body-worn sensing and computing technology company for cardiac diagnostics entered into a collaboration with VivoSense, a company specializing in wearable sensor physiological monitoring solutions for research and clinical trials. With this collaboration Cardiac Insight, Inc., enhanced analytics to expand usage of their wearable cardiac sensors in clinical trials and other healthcare applications.
Key Takeaways of the Global Wearable Patch Market: