Global Wearable Patch Market to Reach US$ 19.3 Billion by 2028, Stimulated by Increasing Prevalence of Chronic Diseases

August 25, 2023 | Healthcare

According to the latest report by IMARC Group, titled “Wearable Patch Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global wearable patch market size reached US$ 11.5 Billion in 2022. A wearable patch is a technologically advanced medical device designed to be attached directly to the skin, offering a convenient and non-invasive means of monitoring various health parameters and delivering therapeutic interventions. These patches are equipped with sensors, microprocessors, and wireless connectivity, enabling real-time tracking of vital signs, such as heart rate, temperature, and blood glucose levels. Wearable patches have gained substantial traction in healthcare due to their potential to revolutionize patient care and disease management. They provide patients with continuous monitoring, allowing for early detection of health issues and timely interventions. Their unobtrusive nature ensures user comfort and compliance, making them suitable for remote patient monitoring and chronic disease management.

Global Wearable Patch Market Trends:

The increasing prevalence of chronic diseases, such as diabetes and cardiovascular conditions, is one of the major drivers contributing to the market growth. Wearable patches offer a seamless way to track and manage these conditions, empowering patients to take proactive measures and reduce hospitalizations. Additionally, the increasing adoption of wearable patches among the geriatric population for continuous health monitoring, allowing them to maintain an independent lifestyle while staying connected to medical professionals, is propelling the market growth. Moreover, the integration of advanced technologies like the Internet of Things (IoT) and artificial intelligence (AI) that assists in collecting and analyzing data, offering personalized insights that enable individuals and healthcare providers to make informed decisions, is strengthening the market growth. Besides this, the increasing innovation and collaboration as technology companies, healthcare providers, and pharmaceutical firms forge partnerships to develop integrated solutions that seamlessly combine wearable patches with telehealth platforms is positively impacting the market growth. In addition to this, the sudden shift towards miniaturization and improved wearability, ensuring that these patches can be comfortably worn for extended periods without causing discomfort, is supporting the market growth. Furthermore, the implementation of various government initiatives aimed at promoting digital healthcare and remote patient monitoring is creating remunerative growth opportunities for market. Looking forward, the market value is projected to reach US$ 19.3 Billion by 2028, expanding at a CAGR of 9.3% during 2023-2028.

Market Summary:

Based on the technology, the market has been segmented as connected and regular.
On the basis of the end-use, the market has been bifurcated into healthcare and fitness and sports.
Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, 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.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Technology, End Use, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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.
Customization Scope	10% Free Customization
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Global Wearable Patch Market to Reach US$ 19.3 Billion by 2028, Stimulated by Increasing Prevalence of Chronic Diseases

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