The global wearable patch market grew at a CAGR of around 18% during 2014-2019. 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.
Global Wearable Patch Market Trends and Drivers:
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. Looking forward, IMARC Group expects the global wearable patch market to continue its strong growth during 2020-2025.
IMARC Group provides an analysis of the key trends in each sub-segment of the global wearable patch market report, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on region, 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:
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