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Wearable Patches Market Deep Research Report with Forecast to 2031
The Global Wearable Patches Market Size is valued at 9.21 billion in 2022 and is predicted to reach 22.89 billion by the year 2031 at a 10.88% CAGR 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 development of IT and AI technologies and a health-conscious public have contributed to expanding the market for wearable patches. Currently, many wearable patches could be more comfortable and are notably large. Therefore, the objective is to produce more practical, flexible, compact, durable, and long-lasting devices. This can facilitate the market's continued expansion.
In addition, the COVID-19 pandemic has increased demand for ubiquitous patches due to a strong preference for continuous monitoring and contactless treatments. Still, the disease detection and monitoring capabilities of wearable devices linked to COVID-19 prediction must be enhanced.
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.
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The Key developments
• In Nov 2022, Medtronic plc introduced the Medtronic Extended infusion set, the first and only one with a seven-day wear label. The innovative design of the Medtronic Extended infusion set incorporates proprietary technologies, such as a novel tubing connector, that improve insulin's physical and chemical stability, the dependability of infusion site performance, and the risk of an infusion set blockage.
• In Aug 2022, Masimo has made the Masimo W1 health monitor available to consumers. W1 provides accurate, continuous oxygen saturation (SpO2) monitoring. 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 Hydration Index (HiTM) under limited market release parameters.
• In June 2022, Abbott initiated the development of a novel bio-wearable device that continuously monitors glucose and levels with a single sensor. The system can improve the lives of those suffering from life-threatening or irreversibly debilitating diseases or conditions.
• In Jun 2022, CE Mark approval was granted to Senseonics Holdings, Inc. for the next-generation Eversense E3 CGM System, the most accurate and durable system available..
• In May 2022, In commercial R&D, Vivalink announced the launch of a multi-vital blood pressure patch for remote patient monitoring.
Using electrical signal-based technology, the advanced multimodal continuous signal processing patch captures ECG traces, heart rate, respiration rate, and systolic and diastolic blood pressure on a single device. The FDA/NMPA and the CE have approved the device for ECG, heart rate, and respiration rate, respectively.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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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.
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
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Other Related Reports Published by InsightAce Analytic:
Clinical-Grade Wearable Market
Digital Health Market
Remote Patient Monitoring System Market
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