WEARABLE PATCH MARKET ANALYSIS

The global wearable patch market is estimated to be valued at US$ 718.8 million in 2023 and is expected to exhibit a CAGR of 23.0% during the forecast period (2023-2030).

Analysts’ Views on Global Wearable Patch Market: 

Increasing product launch is expected to drive the global wearable patch market over the forecast period. For instance, in June 2020, Researchers at Purdue University created a novel wearable patch with nanoneedles enabling unobtrusive drug delivery through the skin for the management of skin cancers. The bioresorbable silicon nanoneedles are built on a thin, flexible, and water-soluble medical film that can be interfaced with the surface of the skin during the insertion of the nanoneedles. The silicon nanoneedles are biocompatible and dissolvable in tissue fluids, so they can be completely resorbed in the body over months in a harmless manner.

Figure 1. Global Wearable Patch Market Share (%), by Technology, 2023

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Global Wearable Patch Market – Driver

Increasing research and development by key players

Increasing research and development by key players is expected to drive the global wearable patch market over the forecast period. For instance, in September 2022, Vivalink, releases biometrics data platform 2.0, increasing remote patient monitoring patient adherence.    

Figure 2. Global Wearable Patch Market Value (US$ Million), by Region, 2023

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Global Wearable Patch Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global wearable patch market over the forecast period due to the increase in the launch of the products by the key market players. For instance, in November 2020, VitalConnect, Inc., a remote and in-hospital wearable biosensor technology manufacturing company, announced the launch of its VitalPatch RTM cardiac monitoring solution for patients who require extended Holter monitoring.

Global Wearable Patch Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

COVID-19 positively affected the global wearable patch market. For instance., in August 2021, data was published by the National Center for Biotechnology Information (NCBI), according to that, wearables can provide a key early-warning system about the likelihood of COVID-19 infection, but their use can potentially go further in infection surveillance. There have been wearable devices introduced in the literature that not only make physiological measurements, but also focus on contact tracing applications for disease prevention.

Global Wearable Patch Market Segmentation:

The global wearable patch market report is segmented into Technology, Application, End User and Region

Based on Technology, the market is segmented into connected and regular. Out of which, the regular segment is expected to dominate the wearable patch market during the forecast period. Due to increase in advancement in connected wearable.

Based on Application, the wearable patch market is segmented into monitoring, drug delivery, and diagnostics. Monitoring segment is expected to dominate the market over the forecast period. Due to increase in monitoring devices.

Based on End User, the wearable patch market is segmented into healthcare, fitness & sports. Out of which the healthcare segment is expected to dominate the market over the forecast period. Owing to increase in demand by the healthcare specialist.

Global Wearable Patch Market Cross Sectional Analysis:

In technology segment, the connected segment is expected to hold a dominant position in the global wearable patch market over the forecast period.  

Global Wearable Patch Market: Key Developments

Increase adoption of organic strategies such as product launches is expected to drive the global wearable patch market over the forecast period. For instance, in December 2022, The Air Force Laboratory (AFRL), partnered with the Nano Bio-Materials Consortium, or NBMC, and Case Western Reserve University to create wearable sensors that measure biomarkers in Airmen and Guardians. The term “biomarker” refers to any physiological or molecular information that can be tracked for human health. The collaboration, called Biomolecular Structure and Integration for Sensors, or BioSIS.

Global Wearable Patch Market: Key Trends

Increasing collaboration with the key market players

Increasing inorganic strategies such as collaboration with the key market players is expected to drive the global wearable patch market over the forecast period. For instance, in August 2022, Denka Company Limited, a chemical company located in Japan, announced that it has signed a partnership agreement with Epicore Biosystems, Inc., a biotechnology company in the U.S. (headquarters: Cambridge, MA, the U.S.) Through the collaboration with Epicore, Denka will advance the development of wearable sweat patch sensors for the Japanese and Asian markets in cooperation with Epicore to shift marketing into high gear.

Global Wearable Patch Market: Restraint

High cost of the sensor monitoring patch

High cost of the sensor monitoring patch is expected to hinder the growth of the global wearable patch market over the forecast period. To overcome the overall cost of the sensor wearable patch, companies should minimize the manufacturing cost.

Global Wearable Patch Market - Key Players

Major players operating in the global wearable patch market include Medtronic Plc, Hill-Rom Holdings, Inc. (Welch Allyn), iRythm Technologies, Inc., AliveCor, Inc., Vivalnk, Inc., Cardiac Insight Inc., VitalConnect, LifeSignals, Inc., L’oreal Group, Dexcom, Inc., GENTAG, Inc., Abbott Laboratories, Koninklijke Philips N.V. and other prominent players.

*Definition: Wearable patches are known as smart patches or electronic skin. These are thin, small, and flexible, and are used for disease monitoring, drug delivery, and diagnosis. Wearable patches help to maintain health and well-being in elderly patients suffering from chronic conditions such as diabetes and others