JERSEY CITY, N.J., April 25, 2023 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. has announced the publication of a market research report titled "Global Wearable Patches Market By Application (Monitoring and Diagnostics, Therapeutics), Usage Type (Temperature Patch, Blood Glucose Patch, Heart Rate and ECG Patch, TENS and EMS Patch, Others), End User (Hospital and Ambulatory Surgical Center, Homecare) - Market Outlook and Industry Analysis 2030"
According to company's newest research, the Global Wearable Patches Market is estimated to reach over USD 22.89 billion by 2031, exhibiting a CAGR of 10.88% during the forecast period for 2023-2031.
The wearable patches are smart sensors used in the medical sector. These patches remotely monitor the health of individuals. Besides, these patches can be operated effectively using Bluetooth and mobile devices. Wearable gadgets are beneficial for hospitals and patients. With the increasing prevalence of lifestyle and chronic diseases, the usage of smart healthcare devices will accelerate.
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The advancement in IT and AI technologies and the health-conscious public have contributed to the growth of the wearable patches market. Currently, many wearable patches could be more comfortable and are considerably big. So, the idea is to manufacture more convenient, flexible, smaller size, sustainable and long-lasting devices. This can facilitate the further growth of the market.
Additionally, the COVID-19 pandemic has increased the demand for wearable patches due to a high preference for continuous monitoring and contactless treatments. Still, there is a need to improve the disease detection and monitoring ability of wearable devices linked to COVID-19 prediction.
The prominent market players
- Abbott Laboratories
- Bittium Corporation
- Boston Scientific Corporation
- Dexcom, Inc.
- 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.
The Key developments
- In Nov 2022, Medtronic plc introduced the Medtronic Extended infusion set, the first and only infusion set labelled for up to 7-day wear. The revolutionary design of the Medtronic Extended infusion set incorporates exclusive technologies, such as a novel tubing connector, which enhances the physical and chemical stability of insulin, the dependability of infusion site performance, and the danger of infusion set blockage.
- In Aug 2022, Masimo released its Masimo W1 health watch for consumer use. W1 offers accurate, continuous monitoring of oxygen saturation (SpO2). In addition to measuring arterial oxygen saturation and pulse rate, the Masimo W1 can also measure respiration rate, pleth variability index (PVi®), perfusion index, pulse rate variability (PRV), heart rate variability (HRV), steps, and, under limited market release terms, Hydration Index (HiTM).
- In June 2022, Abbott started developing a new bio-wearable that continuously monitors glucose and ketone levels in one sensor. The system can enhance people's lives with life-threatening or irreversibly debilitating illnesses or conditions.
- In Jun 2022, Senseonics Holdings, Inc. received CE Mark approval for the next-generation Eversense E3 CGM System, the longest-lasting system available, with exceptional accuracy.
- In May 2022, Vivalink announced the launch of the multi-vital blood pressure patch for remote patient monitoring in commercial R&D. The advanced multimodal continuous signal processing patch captures ECG trace, heart rate, breathing rate, and systolic and diastolic blood pressure on a single device using electrical signal-based technology. The FDA/NMPA has cleared the device for ECG and heart rate, as well as the CE for ECG, heart rate, and respiration rate.
- In Jan 2020, VivaLNK has received FDA approval for its Continuous ECG platform, which includes reusable wearable ECG sensors and a software development kit (SDK). The reusable patch and SDK enable solution providers with direct data control. According to the company, it is the world's first FDA-cleared wearable ECG sensor platform. The platform allows application developers to integrate with VivaLNK medical wearable sensors, which send data to the application in real time.
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Wearable Patches Market Report Scope
Report Attribute | Specifications |
Market size value in 2022 | USD 9.21 Bn |
Revenue forecast in 2031 | USD 22.89 Bn |
Growth rate CAGR | CAGR of 10.88 % from 2023 to 2031 |
Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
Historic Year | 2019 to 2022 |
Forecast Year | 2023-2031 |
Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
Segments covered | End-User And Component |
Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Insights:
Recent advancements in skin patch technology have accelerated the invention of wearable and implantable bioelectronics for long-term, ongoing healthcare management and targeted therapy. The patch represents a significant breakthrough towards continuous non-invasive health monitoring of chronic illnesses and early warning signs of disease progression. Market demand is continuously increasing in line with the expanding digitization of the healthcare industry. The design of these patches enables a wide range of applications to monitor essential parameters. Wireless connectivity and sensor miniaturization, for example, have spurred the rise of the wearable patch business. These patches have sensors that can detect vital indicators such as breathing rate, body temperature, blood pressure, and heart rate. This aspect is expected to boost the wearable patch market growth in the future years.
Regional Trends:
North America dominated the wearable patches market in 2022 and is predicted to grow the fastest over the forecast period. This growth can be due to the rapid development of smart technologies and the increasing demand for effective and remote healthcare monitoring in the region. Furthermore, the Asia-Pacific region is anticipated to hold the highest market revenue share during the forecast period. The growth is attributed to rising awareness about wearable patches, rising chronic diseases, improvement in IT healthcare solutions, and increasing effects of companies to improve the quality and efficiency of smart devices.
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Market Segments
Global Wearable Patches Market, by Application, 2023-2031 (Value US$ Bn)
- Monitoring and Diagnostics
- Therapeutics
Global Wearable Patches Market, by Usage Type, 2023-2031 (Value US$ Bn)
- Temperature Patch
- Blood Glucose Patch
- Heart Rate and ECG Patch
- TENS and EMS Patch
- Others
Global Wearable Patches Market, by End User, 2023-2031 (Value US$ Bn)
- Hospital and Ambulatory Surgical Center
- Homecare
Global Wearable Patches Market, by Region, 2023-2031 (Value US$ Bn)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
North America Wearable Patches Market, by Country, 2023-2031 (Value US$ Bn)
- U.S.
- Canada
Europe Wearable Patches Market, by Country, 2023-2031 (Value US$ Bn)
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
Asia Pacific Wearable Patches Market, by Country, 2023-2031 (Value US$ Bn)
- India
- China
- Japan
- South Korea
- Australia & New Zealand
Latin America Wearable Patches Market, by Country, 2023-2031 (Value US$ Bn)
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa Wearable Patches Market, by Country, 2023-2031 (Value US$ Bn)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Why should buy this report:
- To receive a comprehensive analysis of the prospects for the Wearable Patches Market
- To receive an industry overview and future trends of the Wearable Patches Market
- To analyze the Global Wearable Patches Market drivers and challenges
- To get information on the Global Wearable Patches Market size ((Value US$ Mn) & Volume (Units)) forecast to 2031
- Significant investments, mergers & acquisitions in the Global Wearable Patches Market industry
Other Related Reports Published by InsightAce Analytic:
Clinical-Grade Wearable Market
Digital Health Market
Remote Patient Monitoring System Market
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