BANGALORE, India, March 16, 2021 /PRNewswire/ -- The Wearable Patch Market is Segmented by Product (Temperature Patch, Blood Glucose Patch, Blood Pressure Patch, Heart Rate Patch & ECG Patch, Skin Care Patch, and Others) and End Use (Healthcare and Fss and Sports). This report covers Global Opportunity Analysis and Industry Forecast from 20itne20 to 2027. This report is published on Valuates Reports in the Medical Devices & Equipment Category.
The global Wearable Patch Market size was valued at USD 12,239.7 Million in 2019 and is projected to reach USD 27,820.5 Million by 2027, registering a CAGR of 9.6% from 2020 to 2027.
Major factors driving the growth of the wearable patch market size are:
- Rise in technological advancements in wearable patches, continuous monitoring of patients, precise data, minimal interference with physical movements, and easier connectivity with smartphones propels the wearable patch market.
- Increase in prevalence of chronic diseases and growing awareness among consumers regarding wearable patches.
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TRENDS INFLUENCING THE GROWTH OF WEARABLE PATCH MARKET SIZE
One of the main factors driving the wearable patch market size is the growing prevalence of lifestyle diseases and chronic medical ailments such as diabetes, cardiovascular diseases (CVDs), and hyperglycemia. Furthermore, increasing health awareness among the general public is boosting the market growth. Wearable patches aid in the early diagnosis of diseases and are also used to track sports activities through fitness bands, smartwatches and HIS.
The increasing use of the wearable patch in the fitness and sports industry is expected to drive the growth of the wearable patch market size. For example, biosensors are designed to provide glucose monitoring features that enable athletes to understand the efficacy of their nutritional choices during training and competition. It informs athletes to take proper nutrition, fill their glycogen stores prior to the race, and know when to replenish during the race to maintain athletic performance.
Technological advances such as creating customised skin patches that control an individual's exposure to ultraviolet (UV) rays, ozone, pollen, and humidity are expected to drive the wearable patch market size. Furthermore, 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 expenditure on healthcare and significant improvements in healthcare infrastructure, particularly in developing countries, are expected to further propel the wearable patch market size.
However, the high cost of sensor patches and data privacy and security concerns might hinder the wearable patch market growth.
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WEARABLE PATCH MARKET SHARE ANALYSIS
On the basis of product, The blood glucose patch segment led the market in 2019 and is expected to continue this trend throughout the forecast period. As several patients with diabetes are advised to monitor blood glucose on a regular basis to prevent the development of hyperglycemia or hypoglycemia and to facilitate control over diabetes, this segment is expected to grow continuously.
By end-use, the fitness and sports segment is expected to see the highest growth during the forecast period. This is due to the gradual rise in wearable patches' usage by athletes to gain health data insights to support their success.
Based on the region, the North America segment held a substantial revenue share in 2019, whereas Asia-Pacific will be the second-largest value contributor and is expected to register the fastest CAGR during the forecast period.
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Key Market Segments
By Product
- Temperature Patch
- Blood Glucose Patch
- Blood Pressure Patch
- Heart Rate Patch & ECG Patch
- Skin Care Patch
- Others
By End Use
- Healthcare
- Fitness & Sports
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
List Of Key Players Profiled In The Report
- Abbott Laboratories
- iRhythm Technologies, Inc.
- Johnson & Johnson Services, Inc.
- Koninklijke Philips N.V.
- L'Oreal Group
- LifeSignals, Inc.
- Medtronic Plc (Zephyr Technology Corporation)
- Qualcomm Technologies, Inc.
- VitalConnect, Inc.
- VivaLNK
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