Wearable Patch Market Revenue Growth Estimate | Abbott Laboratories, Kenzen, Gentag, Proteus Digital Health, Insluet, Nemaura Medical, Proteus Digital Health, Cequr, Chrona Therapeutics, Dexcom, Feeligreen, Fitlinxx

Wearable patches are known as smart patches or electronic skin. Wearable patches are thin, small, and flexible in nature, and are used for disease monitoring, drug delivery, and diagnosis. Also, wearable patch help to maintain health and well-being in elderly patients suffering from chronic conditions such as diabetes, lung disease, etc. Presently, the market of wearable technologies is increasing due to research and development activities carried out by companies.

Wearable patches can be used in several ways, such as patches which can be worn on the body or stuck to the skin, or patches such as scopolamine patches and transdermal patches which can be directly attached to the affected organ for disease monitoring. A nicotine patch is a transdermal patch which releases nicotine into the body, and is used in nicotine replacement therapy (NRT).

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Wearable Patch Market- Drivers

Increasing incidence of chronic diseases such as diabetes, cancer, and heart disease is one of the key factors driving the market growth. Wearable patches are non-invasive devises use for a longer period of time. Advances are made in user comfort, sensor accuracy and demonstration of wearable patch and its uses in both clinical and non-clinical area. Increase in healthcare expenditure has led to higher demand for wearable products, which is projected to facilitate growth of the wearable patch market over the forecast period.

In July 2019, researchers from the National University of Singapore developed conducive smart textile creates a wireless body sensor network that allows devices to transmit the data with a signal range of 1000 times stronger than that of other conventional devices, and it has a wide range of applications in medical interventions, Human computer -interaction, and healthcare monitoring.

In 2017, North America accounted for the highest growth in the wearable patch market owing to product launches and technological advancements in the region. In Jan 2019, L’Oreal launched the first wearable patch in U.S containing a microfluidic sensor which is useful for measuring the skin PH levels. As per the Business Standard press release, in May 2019, researchers from the University Of California developed a wearable temperature patch that cools or warms the wearer’s skin to a suitable temperature. According to the researchers, it can also save energy on heating and air conditioning.

The Europe wearable patch market is highly competitive due to presence of key players in the market such as Samsung, Microsoft, Google Inc. Moreover, increasing focus on product developments by key players is contributing to the growth and development of the wearable patch market in Europe. For example Samsung S – patch for ECG monitoring, Google Inc. patent for Medication dispensing patch etc.

Increasing government investment in technological advancement and rising healthcare expenditure is expected to propel growth of the wearable patch market. According to the Organization of Economic Co-operation and Development, Health Statistics report 2018, the healthcare spending rate in Asia Pacific region from 2010 – 2015 was 5.3% per year.

Key players operating in the global wearable patch market include Abbott Laboratories, Kenzen, Gentag, Proteus Digital Health, Insluet, Nemaura Medical, Proteus Digital Health, Cequr, Chrona Therapeutics, Dexcom, Feeligreen, Fitlinxx, and G-Tech Medical. Some other major companies are Medtronic, Loreal, Irhythm Technology, Leaf Healthcare, Delta Electronics, Zansors, X2 biosystems, and Valendo.

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Wearable Patch Market – Market Taxonomy

On the basis of product type, the global wearable patch market is segmented into:
Blood Glucose Patch
Temperature Patch
Blood Pressure Patch
Heart Rate Patch
ECG Patch
Blood Oxygen Patch
On the basis of technology, the global wearable patch market is segmented into:
Connected
Regular
On the basis of application, the global wearable patch market is segmented into :
Clinical
Non-clinical
On the basis of end user, the global wearable patch market is segmented into :
Healthcare
Fitness
Sports
On the basis of region, the global wearable patch market is segmented into:
North America
Latin America
Europe
Asia Pacific
Middle East
Africa

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