Global Connected Wearable Patches Market to Grow at Healthy CAGR, know about the Factors Driving the Market

Absolute Markets Insights offers its latest published report, ‘Connected Wearable Patches Market by Product Type (Clinical Use, Non-Clinical Use); by Application (Monitoring, Detection and Diagnosis, Managing and Treatment, Health, Wellness and Prevention, Clinical Trials); by Region (U.S., Rest of North America, France, UK, Germany, Spain, Italy, Rest of Europe, China, Japan, India, Southeast Asia, Rest of Asia Pacific, GCC Countries, Southern Africa, Rest of MEA, Brazil, Rest of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2018-2026’.The author of the report analyzed that the global connected wearable patches market accounted for US$ 166,820 million in 2017.

The increasing concern among people related to their health is driving the market for connected wearable patches. Blue Spark Technologies, an Ohio based manufacturing company came up with the unique innovation of temperature sensing wearable patches for babies known as ‘TempTraq’. It is a 24-hour intelligent thermometer, that continuously senses, records and sends alerts of a child's temperature to compatible Apple and Android mobile device through a dedicated mobile app. The temperature patch eases the stress, worry and physical discomfort of a child's temperature. There are many such devices that are penetrating in the connected wearable patches market and these are expected to be the main object over the forecast period for an easy lifestyle.

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The limited functionality of wearable patches and the low level of comfort from them is restraining the market from growing. The wearable patches have short battery life, limited connectivity, less interoperability. As it is connected to internet, the risk of data security also arises. Research and development efforts in the area of wearables are therefore necessary for unlocking innovation and bringing the ‘next generation wearables’ to consumers and professional users.

Companies are investing heavily in wearable technologies as they consider it to bring high cost of returns. Crowdfunding websites, such as Kickstarter and Indiegogo, have been instrumental in getting connected wearable projects off the ground. For instance, the Pebble Watch was able to raise more than US$10 million in pre-orders in 2012. Investors are currently very active all over the place. Venture capital funds are trying to provide more investments to start-ups that want to invest in wearables. This gives the market an excellent opportunity to expand and create a strong foothold.

The Application of Connected Wearable Patches in Clinical Use is Increasing and is Dominating the Market

The clinical segment leads the global connected wearable patches market, in terms of use and will continue to dominate the market in the coming years. Wearable patches help in monitoring the health conditions of patients. They gather information at regular intervals and transmit the data to connected devices such as smartphones and laptops. By remotely monitoring the health of patients, these devices eliminate the requirement for doctors to physical visit patients. Researchers have created nanoscale electronic scaffolds that can be seeded with cardiac cells to produce a bionic cardiac patch. Once implanted, the bionic patch could act similarly to a pacemaker delivering electrical shocks to correct arrhythmia. Thus, the need for a doctor to continuously monitor patients is eliminated.

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The Region of North America is Dominating Connected Wearable Patches Market Due to an Increase in Research and Development Activities

The region of North America is spending heavily on research activities related to connected wearable patches. Investment companies are providing enough funds to many small scale and medium scale companies to carry out research in the field. A California based startup Kenzen, is breaking records in the athletic smart patch realm. It was able to grab US$ 5 million through funding in 2017. The Kenzen patch monitors vital signs and it also analyzes sweat. Using algorithms and predictive analysis, it provides feedback to the quantity and quality of activities to athletes. The University of North Carolina recently received funds worth US$ 5.8 million in investment fundraising for development of smart patches.

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• Connected Wearable Patches Market – By Product Type
o Clinical Use
o Non-Clinical Use

• Connected Wearable Patches Market – By Application
o Monitoring, Detection and Diagnosis
o Managing and Treatment
o Health, Wellness and Prevention
o Clinical Trials

• Market By Region

o North America
 U.S.
 Rest of North America

o Europe
 France
 The UK
 Spain
 Germany
 Italy
 Rest of Europe

o Asia Pacific
 China
 Japan
 India
 Southeast Asia
 Rest of Asia Pacific

o Middle East and Africa
 GCC Countries
 Southern Africa
 Rest of Middle East and Africa

o Latin America
 Brazil
 Rest of Latin America

Purchase the complete report titled “Connected Wearable Patches Market - Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2018-2026” at https://www.absolutemarketsinsights.com/reports/Connected-Wearable-Patches-Market-2018-2026-64

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