The global wearable patch market was valued at $12.2 billion in 2019, and is projected to reach $27.8 billion by 2027, registering a CAGR of 9.6% from 2020 to 2027.
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Increase in technological advancements in wearable patches, rise in prevalence of chronic diseases, and growth in awareness among consumers regarding wearable patches are the major factors that boost the market growth. In addition, benefits of wearable patches for providers and patients, coupled with rise in awareness among users or patients are further propel the wearable patch market growth. Wearable patches help in monitoring diseases on regular basis. Moreover, these patches keep a track of regular physical activities and suggest recommendations to users. Furthermore, these wearable patches can be easily covered under cloth and do not restrain movement of a person. Wearable patches are compatible with most mobile operating systems and can be easily connected through Bluetooth, hence are preferred alternatives to smart watches and fitness bands. In addition, connected wearables are portable in nature, feature wireless connectivity, and are mostly used to monitor heart rate via Bluetooth. Rise in adoption of connectivity technologies, such as microprocessor controllers, Bluetooth, and myoelectric technology propels the demand of connected wearable patches and thereby support the wearable patch market growth.
The global wearable patch market is segmented on the basis of product, end use, and region. On the basis of product, the market is divided into temperature patch, blood glucose patch, blood pressure patch, heart rate patch & ECG patch, skin care patch, and others. The blood glucose patch segment dominated the market in 2019 as numerous patients suffering from diabetes are advised to monitor blood glucose on a regular basis to prevent development of hyperglycemia and hypoglycemia, and to facilitate control over diabetes.
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By end use, the market is classified into healthcare and fitness and sports. Healthcare or medical/clinical use wearable patches are intended for diagnosis, treatment, or management of certain diseases. On the other hand, fitness and sports wearable patches are used by athletes to get health related data insights to support optimal energy strategy and performance. The fitness and sports segment is expected to represent favorable market growth during the forecast period attributed to rise in use of biosensors by athletes to optimize their sport performance.
Region wise, the wearable patch market analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North America market was dominant, in terms of revenue among other regions in 2019, owing to rise in prevalence of target diseases, presence of advanced healthcare infrastructure, as well as presence of major market participants such as Abbott Laboratories, iRhythm Technologies, Inc., Johnson & Johnson Services, Inc., LifeSignals, Inc., Qualcomm Technologies, Inc., and VitalConnect, Inc. For instance, as per data published by the American Heart Association (AHA), in February 2019, cardiovascular disease (CVD) remains the leading cause of death in the U.S. There are about 2.7 million Americans living with atrial fibrillation and around 800,000 individuals encounter stroke, every year. This is expected to propel demand for wearable patches in the coming years.
Moreover, the market in Asia-Pacific is expected to register fastest CAGR, in terms of revenue, during the forecast period pertaining to rise in awareness regarding wearable patches, rise in disposable income, and increase in use of wearable patches in India, China, and Japan.
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Wearable patch market players are adopting growth strategies such as product launches, mergers and acquisitions (M&As), and partnerships and collaborations to create sustainable position in the market. For instance, in October 2019, Abbott Laboratories partnered with Omada Health and Tandem Diabetes Care in order to increase the impact of its FreeStyle Libre technology.
The Major Key Players Are:
Abbott Laboratories, iRhythm Technologies, Inc., Johnson & Johnson Services, Inc., Koninklijke Philips N.V., L’Oreal Group, LifeSignals, Inc., Medtronic Plc (Zephyr Technology Corporation), Qualcomm Technologies, Inc., VitalConnect, Inc., and VivaLNK.
Key Findings Of The Study:
- On the basis of product, the blood glucose patch segment was the highest contributor to the market in 2019.
- Based on end use, the fitness and sports segment is anticipated to register fastest CAGR during the forecast period
- Region wise, North America accounted for the largest revenue share in 2019; while Asia-Pacific is anticipated to grow at the highest CAGR during the review period
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