The global wearable patches market consists of wearable patches that aid in therapeutics, monitoring, and diagnosing various chronic conditions. The wearable patches are used for different purposes, such as monitoring heart rate, blood glucose, blood pressure, SpO2 level, and temperature, among others. The players in the global wearable patches market offer various types of wearable patches, which are used in monitoring, diagnostics, and therapeutics. Players in the market are focused on aligning their product portfolios with the current market trends, such as increase in multifunctional patches.
Wearable Patches Market was valued at $8,650.0 million in 2021 and is projected to reach $26,892.7 million by the end of 2031. Furthermore, the market is anticipated to grow at a CAGR of 11.06% during the forecast period 2022-2031. The market is driven by factors such as the continuous monitoring and minimum interference with body movement for measurement of vital signs of patients, increasing prevalence of chronic disorders (diabetes, strokes, etc.), rising technological advancement (increased connectivity with cell phones and precise data), and growing geriatric population.
COVID-19 Impact and Post-COVID-19 Scenario
During this period of fast expansion, the industry learned to be adaptable and versatile. The necessity to harness and use digital infrastructure for remote monitoring has been brought into stark relief by the COVID19 outbreak. There is a need for further effective disease monitoring and detection of individual and public health, which might be facilitated by wearable sensors, as current viral testing and vaccines are less preferable
Market Segmentation:
Segmentation 1: by Application
Monitoring and Diagnostics TherapeuticsThe wearable patches market (by application) is expected to be dominated by the monitoring and diagnostics segment.
Segmentation 2: by Usage Type
Temperature Patch Blood Glucose Patch Heart Rate and ECG Patch TENS and EMS Patch OthersThe wearable patches market (by usage type) is expected to be dominated by the blood glucose patch segment.
Segmentation 3: by End User
Hospital and Ambulatory Surgical Center HomecareThe wearable patches market (by end user) is dominated by the homecare segment.
Segmentation 4: by Region
North America - U.S. and Canada Europe - Germany, France, U.K., Italy, Spain, and Rest-of-Europe Asia-Pacific - Japan, China, India, Australia and New Zealand, South Korea, and Rest-of-Asia-Pacific Latin America - Brazil, Mexico, and Rest-of-Latin America Middle East and Africa - U.A.E., South Africa, and Rest-of-Middle East and AfricaNorth America held the largest share of the wearable patches market in 2021, and the trend is anticipated to continue during the forecast period 2022-2031.
Some of the prominent names in this market are:
Abbott Laboratories• Bittium Corporation
• Boston Scientific Corporation
• iRhythm Technologies, Inc.
• Koninklijke Philips N.V.
• Masimo Corporation
• Medtronic plc
• OMRON Corporation
• Senseonics Holdings, Inc.
• Alio, Inc.
• AliveCor Inc.
• BioIntellisense, Inc.
• Samay
• Theranica Bio-Electronics Ltd.
• VitalConnect Inc.
• VivaLNK Inc.
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Technology Landscape
A shift from traditional medicine to a patient-centric, consumer-led style of healthcare is now taking place. In the past, a doctor would confirm a diagnosis and devise a treatment plan using a patchy medical history or medical records. However, with the introduction of wearable devices and sensors, it is now possible to produce rich data sets that would allow medical professionals to provide more individualized medical advice.
Wearable Patch Material
Wearable patches consist of materials such as thermoplastic polyurethane (TPU) film, thermoformable foam, electroconductive adhesive tapes, and foil sensors. Different types of nanomaterials and polymers in wearable sensors enhance the selectivity and specificity of biomarker detection.
Wearable Patches Market to Grow Despite Challenges
The global wearable patches market is anticipated to be influenced by various factors during the forecast period 2022-2031. The factors driving growth include continuous monitoring and minimum interference with body movement, increasing prevalence of chronic disorders (diabetes, strokes, etc.), rising technological advancement, and growing geriatric population
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