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The global wearable patch market size reached US$ 10.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 17.9 Billion by 2027, exhibiting a growth rate (CAGR) of 9.7% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Wearable patch refers to smart medical bandages worn on the body for disease monitoring, drug delivery, diagnosis and wellbeing of a patient. The patches consist of various electronic components, such as sensors, actuators and energy storage and communication systems. They collect data at regular intervals and transmit it to the connected smartphones or health information systems (HIS). Some of the commonly used wearable patches include sweat analyzing patches, pain-relieving patches, nicotine and alcohol detection patches and sensor patches for monitoring temperature, heart rate, blood glucose, blood pressure and oxygen levels. They are compact and flexible in nature and facilitate continuous or semi-continuous monitoring of physiological parameters and various complex electrocardiogram measurements without tethering the patient to the wired hub.
The increasing prevalence of lifestyle diseases and chronic medical ailments, such as diabetes, cardiovascular diseases (CVDs) and hyperglycemia, represents one of the key factors driving the growth of the market. Furthermore, rising health consciousness among the masses is also strengthening the market growth. Wearable patches aid in the early diagnosis of ailments and are also used for tracking sports activities through fitness bands, smartwatches and HIS.
Various technological advancements, such as the development of personalized skin patches that monitor the individual’s exposure to ultraviolet (UV) rays, pollution, pollen and humidity, are acting as other growth-inducing factors. Product manufacturers are also developing innovative wearable cosmetic patches that can be used for melanoma therapies, including chemotherapy and radiotherapy. Other factors, including rising geriatric population and increasing healthcare expenditures and significant improvements in the healthcare infrastructure, especially in developing countries, are anticipated to drive the market further.
IMARC Group provides an analysis of the key trends in each sub-segment of the global wearable patch market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on technology and end use.
Breakup by Technology:
Breakup by End Use:
Breakup by Region:
The global wearable patch market is highly fragmented with the presence of several small and large players competing in terms of price and quality. Some of the major players in the market are:
|Base Year of the Analysis||2021|
|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.|
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The global wearable patch market was valued at US$ 10.4 Billion in 2021.
We expect the global wearable patch market to exhibit a CAGR of 9.7% during 2022-2027.
The sudden outbreak of the COVID-19 pandemic has led to increasing adoption of wearable patches for monitoring temperature, heart rate, blood glucose, blood pressure, and oxygen levels of the coronavirus-infected patients.
The introduction of wearable patches with advanced features that enable continuous monitoring of patients, along with the availability of precise data, minimal interference with body movements, and more effortless connectivity with smartphones, is primarily driving the global wearable patch market.
Based on the technology, the global wearable patch market can be bifurcated into connected and regular. Currently, connected exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global wearable patch market include Abbott Laboratories, Delta Electronics Inc., Gentag Inc., Insulet Corp., iRhythm Technologies Inc., Kenzen Inc., MTG UK Co. Ltd., Nemaura Medical Inc., UpRight Technologies Ltd, etc.
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