Smart patches or electronic skin are terms used to describe wearable patches. These patches are characterized by their thin, small, and flexible design, and they are employed for drug delivery, disease monitoring, and diagnosis purposes. Elderly patients with chronic conditions such as diabetes can benefit from wearable patches as they assist in maintaining their health and wellbeing. The wearable technology market is currently expanding due to extensive research and development efforts by major players in the market to develop these patches. Wearable patches can either be attached to the skin or applied directly to the affected body part, such as scopolamine and transdermal patches for disease monitoring. A transdermal nicotine patch is a prime example of a wearable patch that delivers nicotine into the body and is utilized in nicotine replacement therapy (NRT).
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The given section on the global Wearable Patch Market will include an extensive examination of the various players in this industry, their respective company overviews, an analysis of existing product portfolios, financials, etc. We even include a supply-chain analysis, a PEST analysis, market probability scenarios, Porter’s Five Forces analysis, and other related frameworks that are meant to aid in the expansion of your reputed organization. The specific application of these given findings allows all our clients to apply essential yet accurate data when formulating the most-suitable business strategies with the aim of improving their business’ footprint in this global industry.
Top Key Players:
★ Medtronic Plc
★ Hill-Rom Holdings Inc. (Welch Allyn)
★ iRythm Technologies Inc.
★ AliveCor Inc.
★ Vivalnk Inc.
★ Cardiac Insight Inc.
★ LifeSignals Inc.
★ L’oreal Group
★ Dexcom Inc.
★ GENTAG Inc.
★ Abbott Laboratories
★ Koninklijke Philips N.V.
The wearable patch market is projected to experience growth over the forecast period due to the rise in stroke incidents caused by the increasing prevalence of chronic diseases such as diabetes and atrial fibrillation. This trend can be attributed to various factors, including the fact that the number of adults diagnosed with diabetes worldwide is expected to reach approximately 700 million by 2045, according to a November 2019 report by the International Diabetes Federation.
The rising prevalence of atrial fibrillation is anticipated to drive growth in the wearable patch market, as per the American Heart Association’s report from January 2019. The report states that stroke, caused by blockage in the blood vessel supplying blood to the brain, is a leading cause of death in the US, affecting approximately 800,000 people annually. Additionally, around 2.7 million individuals in the country are living with atrial fibrillation.
Wearable patches are utilized to monitor and diagnose chronic illnesses. The growing prevalence of conditions like atrial fibrillation has resulted in an increased demand for wearable patches that can facilitate early diagnosis. This heightened demand has prompted major industry players to introduce novel and technologically advanced wearable patches. For example, in July 2018, LifeSignals, a provider of health and well-being solutions, obtained approval from the U.S. Food and Drugs Administration (FDA) for its wireless LP1100 Life Signal Patch, an advanced wearable healthcare monitoring device. The LP1100 Life Signal Patch is a clinical-grade, two-lead ECG and heart rate monitoring patch with a monitoring capacity of three days.
Additionally, ‘My Skin Track UV’, a wearable device for monitoring skin and sun safety, was launched by L’Oreal and La Roche-Posay in November 2018. The sensor helps both men and women keep track of their unique levels of exposure to UV rays, pollution, pollen, and humidity.
The growth of the market in emerging economies like India, Brazil, and China may face hindrances due to the high cost of sensor monitoring patches. The average cost of an ECG sensor patch ranges from US$ 300 to US$ 4,500. However, market players who can overcome the cost issue and provide top-quality products in these regions are likely to increase their market share.
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Prominent players, including VitalConnect, Medtronic Plc, Vivalnk, Inc., Hill-Rom Holdings, Inc. (Welch Allyn), Dexcom, Inc., LifeSignals, Inc., iRhythm Technologies, Inc., Cardiac Insight, Inc., L’Oreal Group, GENTAG, Inc., Koninklijke Philips N.V., AliveCor, Inc., and Abbott Laboratories, are operating in the global wearable patch market.
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➣ Outlook for the worldwide Wearable Patch market in both developed and emerging markets, both now and in the future.
➣ Both the market segment with the largest projected share and the market segment with the highest CAGR throughout the projection period.
➣ Countries and regions anticipated to experience the fastest development throughout the projected period.
➣ The most recent innovations, market shares, and business tactics used by the key market participants.
➣ Study examines emerging market trends as well as the likelihood that various trends will impact expansion.
➣ Analysis also discusses the factors, challenges, and opportunities that will have a significant impact on the global Wearable Patch industry.
➣ Research includes a detailed analysis of market statistics as well as historical and current growth conditions in order to provide futuristic growth estimates.
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Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Wearable Patch Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: Wearable Patch Industry Impact
Chapter 2 Global Wearable Patch Competition by Types, Applications, and Top Regions and Countries
2.1 Global Wearable Patch (Volume and Value) by Type
2.3 Global Wearable Patch (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Wearable Patch Sales, Consumption, Export, Import by Regions (2017-2023)
Chapter 5 North America Wearable Patch Market Analysis
Chapter 6 East Asia Wearable Patch Market Analysis
Chapter 7 Europe Wearable Patch Market Analysis
Chapter 8 South Asia Wearable Patch Market Analysis
Chapter 9 Southeast Asia Wearable Patch Market Analysis
Chapter 10 Middle East Wearable Patch Market Analysis
Chapter 11 Africa Wearable Patch Market Analysis
Chapter 12 Oceania Wearable Patch Market Analysis
Chapter 13 South America Wearable Patch Market Analysis
Chapter 14 Company Profiles and Key Figures in Wearable Patch Business
Chapter 15 Global Wearable Patch Market Forecast (2023-2030)
Chapter 16 Conclusions
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