Wearable Patch Market Trends and Forecast (2021-2031)
The Wearable Patch Market is expected to register a CAGR of 7.9% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented By Technology (Connected Wearable Patch, Regular Wearable Patch); Application (Monitoring, Drug Delivery, Diagnostics). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Wearable Patch Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Wearable Patch Market Segmentation
Technology- Connected Wearable Patch
- Regular Wearable Patch
- Monitoring
- Drug Delivery
- Diagnostics
Strategic Insights
Wearable Patch Market Growth Drivers- Rising Demand for Remote Patient Monitoring: The factors contributing to the rising need for wearable patches market is prognosis of patients under treatment from a far distance. These patches allow for the monitoring of various health parameters such as heart rate, glucose levels, oxygen levels etc. on an incessant as well as step wise basis. And with a significant uptake of telemedicine, use of wearing patches becomes easier and less invasive for the patients as well as the healthcare personnel supervising patients suffering from chronic conditions.
- Advancements in Health Technology and Sensors: The surging demand for wearable patches are due to extensive developments made in the electronics and sensor industry as well. These advancements enhance the development of wearable patches especially in monitoring for accuracy, reliability and timeliness of data. With the advancement of the sensor technology, the user of the patches does not only use the patches for monitoring purposes but in different health activities where they broaden the application of the patches such as in management of diagnostics, in wellbeing and in control of chronic illnesses.
- Consumer Shift Toward Health and Fitness: The wellness and health consumer trend has turned into a proactive consumer behavioural pattern, which is driving the wearables patches adoption. Health-focused consumers are more and more using health-related wearables such as fitness trackers, devices that aid in stress relief, tools that help to manage sleep, and gadgets for health monitoring for early warning signs. This fresh market trend in the health-centric consumers is further widening the scope for the use of wearable patches in the personal health and fitness industries.
- Integration with Mobile Health Applications: One of the prevailing trends in the wearable patch business is a link up with mobile health applications. These patches use smartphone devices to update health statistics in real time, which can be monitored, managed, and even forwarded to a physician. This trend increases ease and efficacy in monitoring chronic diseases and also increases patient interaction and hence health management.
- Multi-functional Wearable Patches: There is an escalating promotional focus in favor of developing more wearable patches that perform several health monitoring functions instead of just one at a time. These patches can measure glucose levels, ECG, hydration, temperature amongst others and offer inclusive information. This trend is advantageous to consumers who prefer single and continuous management of their health status for monitoring and individual health care.
- Advanced Materials for Comfort and Flexibility: The market for wearable patches is witnessing a growth trend in advanced materials also known as flexible polymers, and bio-compatible fabrics, and their elements. These materials improve the comfort, strength, and wearability of the patches rendering them less nuisance and offering the best for long durations of usage. The use of wearable patches has also been on the increase due to advancements in material science, especially in applications such as health monitoring devices, and therapeutics.
- Expanding Use in Chronic Disease Management: In addition, the functionality of wearable patches can be stressed in chronic disease management, for instance, in diabetes, heart, and respiratory diseases. These patches for instance help the user keep track of glucose or heart rates trends and transmit the data in real time allowing taking corrective measures in time, hence enhancing the control of the condition over a period and consequently aiding the expansion of the market.
- Growth in Elderly Care and Monitoring: Towards the increasing trend of geriatric population in the world, the use of wearable patches may be helpful in caring for the elderly. These patches assist in monitoring important health parameters, falling incidences, and movement range of the old people so that they are quickly attended to when medical assistances is needed. This is advantageous for assisting aged people on their own, therefore, new market s potentials will be available for old age care managers and also technology developers.
- Integration with Personalized Medicine: The market for wearable patches has come at an appropriate time when there is an increase in interest in the dynamic environment of personalized healthcare. These patches are capable of health data acquisition for each individual in order to make more effective management of responses to changes in pathophysiology. With the rise of medication focused on the individual, wearable patches would help in the available market penetrating this segment even much more, which in turn will contribute to development of this segment.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Wearable Patch Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Wearable Patch Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The market is expected to grow at a CAGR of 7.9%
Rising demand for remote patient monitoring and advancements in health technology and sensors are the major factors boosting the wearable patch market growth
The North America region accounts for highest revenue share wearable patch market
The final report will duly include market size and projection estimates for all the segments from 2021 to 2031, along with a revenue share and compound annual growth rate (%) for the regional
/
country-wise market wherein 2021-2022 are the historic years, 2023 is considered to be the base year, and the forecast will be provided till 2031, along with CAGR (%)
Asia Pacific is estimated to grow at the highest CAGR over the forecast year (2023 - 2031)
ivaLNK ,Cardiac Insight Inc. ,VitalConnect ,LifeSignals ,Dexcom, Inc. ,GENTAG, Inc. ,Koninklijke Philips N.V. ,Sensium Healthcare Ltd. ,Smith+Nephew, Inc. ,Abbott are the some of the key market players operating in the wearable patch market
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Wearable Patch Market - By Technology
1.3.2 Wearable Patch Market - By Application
1.3.3 Wearable Patch Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. WEARABLE PATCH MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. WEARABLE PATCH MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. WEARABLE PATCH MARKET - GLOBAL MARKET ANALYSIS
6.1. WEARABLE PATCH - GLOBAL MARKET OVERVIEW
6.2. WEARABLE PATCH - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. WEARABLE PATCH MARKET - REVENUE AND FORECASTS TO 2028 - TECHNOLOGY
7.1. OVERVIEW
7.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
7.3. CONNECTED WEARABLE PATCH
7.3.1. Overview
7.3.2. Connected Wearable Patch Market Forecast and Analysis
7.4. REGULAR WEARABLE PATCH
7.4.1. Overview
7.4.2. Regular Wearable Patch Market Forecast and Analysis
8. WEARABLE PATCH MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. MONITORING
8.3.1. Overview
8.3.2. Monitoring Market Forecast and Analysis
8.4. DRUG DELIVERY
8.4.1. Overview
8.4.2. Drug Delivery Market Forecast and Analysis
8.5. DIAGNOSTICS
8.5.1. Overview
8.5.2. Diagnostics Market Forecast and Analysis
9. WEARABLE PATCH MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Wearable Patch Market Overview
9.1.2 North America Wearable Patch Market Forecasts and Analysis
9.1.3 North America Wearable Patch Market Forecasts and Analysis - By Technology
9.1.4 North America Wearable Patch Market Forecasts and Analysis - By Application
9.1.5 North America Wearable Patch Market Forecasts and Analysis - By Countries
9.1.5.1 United States Wearable Patch Market
9.1.5.1.1 United States Wearable Patch Market by Technology
9.1.5.1.2 United States Wearable Patch Market by Application
9.1.5.2 Canada Wearable Patch Market
9.1.5.2.1 Canada Wearable Patch Market by Technology
9.1.5.2.2 Canada Wearable Patch Market by Application
9.1.5.3 Mexico Wearable Patch Market
9.1.5.3.1 Mexico Wearable Patch Market by Technology
9.1.5.3.2 Mexico Wearable Patch Market by Application
9.2. EUROPE
9.2.1 Europe Wearable Patch Market Overview
9.2.2 Europe Wearable Patch Market Forecasts and Analysis
9.2.3 Europe Wearable Patch Market Forecasts and Analysis - By Technology
9.2.4 Europe Wearable Patch Market Forecasts and Analysis - By Application
9.2.5 Europe Wearable Patch Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Wearable Patch Market
9.2.5.1.1 Germany Wearable Patch Market by Technology
9.2.5.1.2 Germany Wearable Patch Market by Application
9.2.5.2 France Wearable Patch Market
9.2.5.2.1 France Wearable Patch Market by Technology
9.2.5.2.2 France Wearable Patch Market by Application
9.2.5.3 Italy Wearable Patch Market
9.2.5.3.1 Italy Wearable Patch Market by Technology
9.2.5.3.2 Italy Wearable Patch Market by Application
9.2.5.4 Spain Wearable Patch Market
9.2.5.4.1 Spain Wearable Patch Market by Technology
9.2.5.4.2 Spain Wearable Patch Market by Application
9.2.5.5 United Kingdom Wearable Patch Market
9.2.5.5.1 United Kingdom Wearable Patch Market by Technology
9.2.5.5.2 United Kingdom Wearable Patch Market by Application
9.2.5.6 Rest of Europe Wearable Patch Market
9.2.5.6.1 Rest of Europe Wearable Patch Market by Technology
9.2.5.6.2 Rest of Europe Wearable Patch Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Wearable Patch Market Overview
9.3.2 Asia-Pacific Wearable Patch Market Forecasts and Analysis
9.3.3 Asia-Pacific Wearable Patch Market Forecasts and Analysis - By Technology
9.3.4 Asia-Pacific Wearable Patch Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Wearable Patch Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Wearable Patch Market
9.3.5.1.1 Australia Wearable Patch Market by Technology
9.3.5.1.2 Australia Wearable Patch Market by Application
9.3.5.2 China Wearable Patch Market
9.3.5.2.1 China Wearable Patch Market by Technology
9.3.5.2.2 China Wearable Patch Market by Application
9.3.5.3 India Wearable Patch Market
9.3.5.3.1 India Wearable Patch Market by Technology
9.3.5.3.2 India Wearable Patch Market by Application
9.3.5.4 Japan Wearable Patch Market
9.3.5.4.1 Japan Wearable Patch Market by Technology
9.3.5.4.2 Japan Wearable Patch Market by Application
9.3.5.5 South Korea Wearable Patch Market
9.3.5.5.1 South Korea Wearable Patch Market by Technology
9.3.5.5.2 South Korea Wearable Patch Market by Application
9.3.5.6 Rest of Asia-Pacific Wearable Patch Market
9.3.5.6.1 Rest of Asia-Pacific Wearable Patch Market by Technology
9.3.5.6.2 Rest of Asia-Pacific Wearable Patch Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Wearable Patch Market Overview
9.4.2 Middle East and Africa Wearable Patch Market Forecasts and Analysis
9.4.3 Middle East and Africa Wearable Patch Market Forecasts and Analysis - By Technology
9.4.4 Middle East and Africa Wearable Patch Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Wearable Patch Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Wearable Patch Market
9.4.5.1.1 South Africa Wearable Patch Market by Technology
9.4.5.1.2 South Africa Wearable Patch Market by Application
9.4.5.2 Saudi Arabia Wearable Patch Market
9.4.5.2.1 Saudi Arabia Wearable Patch Market by Technology
9.4.5.2.2 Saudi Arabia Wearable Patch Market by Application
9.4.5.3 U.A.E Wearable Patch Market
9.4.5.3.1 U.A.E Wearable Patch Market by Technology
9.4.5.3.2 U.A.E Wearable Patch Market by Application
9.4.5.4 Rest of Middle East and Africa Wearable Patch Market
9.4.5.4.1 Rest of Middle East and Africa Wearable Patch Market by Technology
9.4.5.4.2 Rest of Middle East and Africa Wearable Patch Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Wearable Patch Market Overview
9.5.2 South and Central America Wearable Patch Market Forecasts and Analysis
9.5.3 South and Central America Wearable Patch Market Forecasts and Analysis - By Technology
9.5.4 South and Central America Wearable Patch Market Forecasts and Analysis - By Application
9.5.5 South and Central America Wearable Patch Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Wearable Patch Market
9.5.5.1.1 Brazil Wearable Patch Market by Technology
9.5.5.1.2 Brazil Wearable Patch Market by Application
9.5.5.2 Argentina Wearable Patch Market
9.5.5.2.1 Argentina Wearable Patch Market by Technology
9.5.5.2.2 Argentina Wearable Patch Market by Application
9.5.5.3 Rest of South and Central America Wearable Patch Market
9.5.5.3.1 Rest of South and Central America Wearable Patch Market by Technology
9.5.5.3.2 Rest of South and Central America Wearable Patch Market by Application
10. IMPACT OF COVID-19 PANDEMIC ON GLOBAL WEARABLE PATCH MARKET
10.1 North America
10.2 Europe
10.3 Asia-Pacific
10.4 Middle East and Africa
10.5 South and Central America
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. WEARABLE PATCH MARKET, KEY COMPANY PROFILES
12.1. VIVALNK
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. CARDIAC INSIGHT INC.
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. VITALCONNECT
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. LIFESIGNALS
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. DEXCOM, INC.
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. GENTAG, INC.
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. KONINKLIJKE PHILIPS N.V.
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. SENSIUM HEALTHCARE LTD.
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. SMITH+NEPHEW, INC.
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. ABBOTT
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1. VivaLNK
2. Cardiac Insight Inc.
3. VitalConnect
4. LifeSignals
5. Dexcom, Inc.
6. GENTAG, Inc.
7. Koninklijke Philips N.V.
8. Sensium Healthcare Ltd.
9. Smith+Nephew, Inc.
10. Abbott
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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