Wearable patches are thin, flexible medical devices for healthcare monitoring, diagnosis, and drug delivery. They are designed to help individuals track their health, patients with chronic disease manage their conditions, and geriatric people to manage their well-being. Currently, the market of wearable technologies is expanding, owing to research and development activities conducted by major 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).
Global Wearable Patch Market, by Technology (Connected and Regular), by Application (Monitoring, Drug Delivery, and Diagnostics), By End User (Healthcare and Fitness & Sports), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is expected to be valued at US$ 318.1 million in 2019 and is expected to exhibit a CAGR of 22.9% over the forecast period (2019-2027), as highlighted in a new report published by Coherent Market Insights.
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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.
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.
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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.
Browse 36 Market Data Tables and 30 Figures spread through 180 Pages and in-depth TOC on “Wearable Patch Market”- Global Forecast to 2027, by Technology (Connected and Regular), by Application (Monitoring, Drug Delivery, and Diagnostics), by End User (Healthcare and Fitness & Sports), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa),
To know the latest trends and insights prevalent in the global wearable patch market Press Release, click the link below: https://www.coherentmarketinsights.com/press-release/wearable-patch-market-2742
Key Takeaways of the Global Wearable Patch Market:
- The global wearable patch market is expected to exhibit a CAGR of 22.9% over the forecast period, owing to rising incidences of chronic disease and presence of favorable reimbursement policy for ECG sensor patches. For instance, according to the National Average Medicare Physician Fee Schedule (MPFS), ECG sensor patches are reimbursed under the global code 0295T and individual component codes 0296T, 0297T, and 0298T. Moreover, Zio XT, a wearable patch is a product of iRhythm Technologies, Inc. that is reimbursed under temporary CPT code 0297T.
- Among technology, connected segment held a higher market share in 2019, owing to increasing adoption of wearable patch among individuals for continuous disease monitoring. For instance, according to the Wearable Technologies, data published in 2015 Market Assessment on Smart Patches reports that in 2014, around 70,000 units of wearable patch shipments were recorded within the U.S., and it is estimated that it will reach around 200 million unit shipments by 2020.
- Among application, monitoring segment held a higher market share in Wearable patches are majorly used by high-risk groups, which include pregnant women and patients with chronic diseases and cardiac disorders to monitor their physical functions and provide emergency services. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2017, coronary heart disease was the most common condition among heart diseases. CDC reports that around 18.2 million individuals over the age of 20 had coronary artery disease (CAD) in the U.S.
- Companies operating in the global wearable patch market include Medtronic Plc, Hill-Rom Holdings, Inc. (Welch Allyn), iRhythm Technologies, Inc., AliveCor, Inc., Vivalnk, Inc., Cardiac Insight Inc., VitalConnect, LifeSignals, Inc., L’oreal Group, Dexcom, Inc., GENTAG, Inc., Abbott Laboratories, and Koninklijke Philips N.V.
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Global 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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