Technavio Announces the Publication of its Research Report Global Wearable Patch Market 2016-2020
Technavio recognizes the following companies as the key players in the global wearable patch market: Abbott Laboratories, Gentag, Insluet, Kenzen, Nemaura Medical, and Proteus Digital Health
Other Prominent Vendors in the market are: CeQur, Chrono Therapeutics, Delta Electronics, Dexcom, Feeligreen, FitLinxx, G-tech Medical, Hivox, iRhythm Technologies, iThermonitor, Isansys Lifecare, L’Oréal, Leaf Healthcare, Mcio, Medtronic, MTG, Patchology, Qualcomm, Sensium Healthcare, STEMP, The Ionto Team, Upright, Vital Connect, Valendo, X2 biosystems, Ya-Man, and Zansors
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Commenting on the report, an analyst from Technavios team said: The increasing popularity of wearable patches is encouraging various industries to enter the global wearable patch market. Several cosmetic companies are entering into the market because of its high growth potential. For instance, Feeligreen has developed an anti-aging medical patch. The company is focusing on the development of an anti-aging patch called dermoPatch. It differs from a regular anti-aging patch as it uses the infusion of technology to apply a micro-current across the skin barrier. It increases the ability of the skin to improve the restoration of molecules.
According to the report, wearable patches help people monitor their health conditions to avoid serious health issues. The increase in aging population, rise in number of diseases, and high healthcare costs are major concerns for people. People are becoming increasingly concerned about their health and fitness. The increasing demand for diet programs and mobile health applications is helping the market to grow as it is encouraging more users adopt wearable patches. The increased awareness of wearable patches among consumers is expected to continue to drive the growth of the market during the forecast period.
Further, the report states that the integration of sensors into smartphones, tablets, and consumer-end devices and accessories is a challenge faced by vendors in the market. Mobile health and fitness applications use built-in sensors in smartphones to check heart rate, distance walked, steps taken, and calories burned during a workout. This feature has some limitations as it increases the manufacturing cost of wearable patches, which is a challenge for vendors in the market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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About Wearable Patches
Wearable patches can be affixed to the skin and can be worn for a few hours to a couple of weeks. These patches are used for the treatment and delivery of medications such as nicotine. They are also used as anti-aging patches. The connected wearable patches feature wireless connectivity, in addition to the features of regular wearable patches, which help in monitoring the health of an individual and delivering drugs accordingly.
Technavios analysts forecast the global wearable patch market to grow at a CAGR of 88.27%, in terms of shipment, during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global wearable patch market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of wearable patches.
The market is divided into the following segments based on geography:
Technavio’s report, Global Thoracic Surgery Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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