According to the latest report by IMARC Group, titled “Wearable Patch Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global wearable patch market reached a value of US$ 10.4 Billion in 2021. Wearable patches, also known as electronic skin and smart patches, are used for drug delivery, disease monitoring, and diagnosis. They are small, thin, and flexible and are helpful in maintaining health and wellbeing in patients suffering from prolonged conditions, such as diabetes and cancer. They can be worn or stuck to the skin directly on the affected body part to collect data at regular intervals and transmit information to health information systems (HIS) or even smartphones. Wearable patches can monitor oxygen levels, blood pressure, heart rate, glucose level, and body temperature. Some of the commonly used wearable patches include sweat analyzing patches and pain-relieving patches.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Wearable Patch Market Trends:
The increasing prevalence of chronic diseases, such as hyperglycemia, diabetes, and cardiovascular diseases (CVDs), represents one of the major factors driving the wearable patches market growth. In addition to this, significant technological innovations are contributing to the market growth. Market players have introduced product variants with advanced features enabling continuous monitoring of patients, coupled with precise data, minimal interference with body movements, and more effortless connectivity with smartphones. Furthermore, rising health consciousness, along with using wearable patches for tracking sports activities through fitness bands and smartwatches, is acting as another major growth-inducing factor. The market is also driven by the continual launch of customized and innovative skin patches that control skin exposure to ultraviolet (UV) rays, pollution, pollen and humidity, and can be used for melanoma therapies, including chemotherapy and radiotherapy. Other factors, including the rising geriatric population, the improving healthcare sector, especially in the developing economies, and rising consumer expenditure capacities, are creating a positive outlook for the market. Looking forward, the market is expected to exhibit a CAGR of
9.7% during 2022-2027.
- On the basis of the technology, the market has been divided into connected and regular segments.
- Based on the end use, the market has been classified into healthcare, fitness and sports.
- On a regional basis, the market has been spread across North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (the United Kingdom, Germany, France, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Abbott Laboratories, Delta Electronics Inc., Gentag Inc., Insulet Corp., iRhythm Technologies Inc., Kenzen Inc., MTG UK Co. Ltd., Nemaura Medical Inc. and UpRight Technologies Ltd.
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