[COVID-19] Wearable Patch Market 2021 - Attractive Opportunities

Wearable patches can be attached to the skin or can be worn for few hours to a couple of weeks. These patches are becoming popular and can be used for drug delivery, patient monitoring, and diagnosing purpose. These patches are also been used for the treatment and delivery of medication such as nicotine patch in Nicotine Replacement Therapy (NRT) and anti-aging patches.

The connected wearable patches feature wireless connectivity in addition to the features of regular wearable patches that help in monitoring the health of an individual and delivering drugs accordingly. Features such as continuous monitoring of patients body activity coupled with precise data, minimal interference with body movements and easy connectivity with the various smartphones are some of the pivotal factors that are expected to drive growth of the market.

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Market Dynamics

Increasing adoption of inorganic growth strategies such as acquisitions and collaborations by key players operating in the market are expected to propel the market growth over the forecast period. For instance, in June 2018, LifeSignals, Inc. entered into a collaboration with INQCEL, a California-based physical and virtual innovation lab and Dreamtech, a contract manufacturing organization, to receive support for development and manufacturing of new biosensor wearable based on the Lifesignal Processor (LSP). Under this collaboration, Dreamtech provides LSP-centric design and contract manufacturing services, and INQCEL provides services and application-based support tools to develop clinical and consumer grade wearable patch.

Increasing demand for innovation in existing wearable patches for monitoring and diagnosis of disease is expected to provide immense growth opportunities for industry players operating in the global market. Moreover, key players in the market are focused on developing wearable technology, wherein patches adhere to the skin such as a self-adhesive bandage. For instance, in October 2018, Vivalnk, Inc. launched Vital Scout, a wearable patch used for continuous stress and recovery monitoring.

In June 2017, Stanford University and Kenzen, a wearable patch manufacturing company are entered into a research collaboration for development of ECHO Smart Patch wearable technology that uses sweat to measure vital signs to predict and prevent avoidable injuries and illness in athletes.

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Increasing research and development and integration of artificial intelligence for product development are expected to drive the market growth over the forecast period. For instance, in November 2017, AliveCor, Inc. launched SmartRhythm, a new feature of Kardia is an app connected to wearable kardiaBand. KardiaBand in the U.S., allowing Apple Watch users to discreetly capture their electrocardiogram (EKG) anytime, anywhere in order to quickly detect normal sinus heart rhythms and atrial fibrillation (AFib), the most common heart arrhythmia. Results from the Kardia App are displayed on the face of Apple Watch.

Key players in the market are focused on adopting strategies such as mergers and acquisitions, collaborations and partnerships, in order to expand their product portfolio and global presence in the wearable patch market. For instance, in February 2017, Hill-Rom Holdings, Inc. acquired Mortara Instrument, Inc., a leading designer, developer, and manufacturer of diagnostic cardiology instrument. The acquisition is expected to increase Hill-Rom Holdings, Inc., product portfolio for advance diagnostics capabilities in cardiology.

Moreover in 2018, in November, Cardiac Insight, Inc., a body-worn sensing and computing technology company for cardiac diagnostics entered into a collaboration with VivoSense, a company specializing in wearable sensor physiological monitoring solutions for research and clinical trials. With this collaboration Cardiac Insight, Inc., enhanced analytics to expand usage of their wearable cardiac sensors in clinical trials and other healthcare applications.

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