LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global wearable adhesive market to grow at a CAGR of close to 12% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global wearable adhesive market for 2017-2021. The report also lists low-trauma adhesives and skin-friendly adhesives as the two major segments, of which the low-trauma adhesives segment accounted for more than 72% of the market share in 2016.
According to Ujjwal Doshi, a lead analyst at Technavio for consumer electronics research, “The global wearable adhesive market is likely to experience high growth during the forecast period. The growth of the adhesive market is directly proportional to the growth of wearable devices, especially wearable patches. Wearable adhesives are like temporary tattoos that can be affixed to the skin and can be worn for a few hours to a couple of weeks. Patches have wireless connectivity to phones and help in monitoring the health of individuals.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global wearable adhesive market:
- Increase in number of lifestyle diseases
- High healthcare costs
- Increased awareness of healthy lifestyle
Increase in number of lifestyle diseases
The number of lifestyle diseases is rising because of lifestyle changes and increased consumption of unhealthy food. In addition, the number of diseases among the aging population is increasing. These factors are driving the need for devices to detect and track various illnesses. The aging population and baby boomers are more prone to lifestyle diseases such as hypertension, diabetes, and cardiovascular disease.
Globally, about 380 million adults that were aged between 20 and 79 years had diabetes in 2016, which constituted about 9% of the adult population. This number is expected to increase at an alarming rate in the next 10 years. In 2013, about 970 million people were living with hypertension worldwide, and this figure is expected to increase significantly during the forecast period.
“The increase in the number of lifestyle diseases is leading to the increased adoption of wearable patches which is likely to drive the growth of the global wearable adhesive market during the forecast period,” says Ujjwal.
High healthcare costs
The high healthcare costs compel consumers to adopt health and fitness tracking devices. For instance, in the US, the average healthcare spending is around USD 10,000 per person. This is leading to a high adoption of health and fitness tracking devices in countries such as the US, the UK, Australia, and New Zealand, where medical procedures are expensive. The devices can be used to measure calorie intake, blood pressure, and heart rate. Users can monitor their health conditions at home, eliminating the need to visit a doctor for general check-ups. This will likely result in the increased adoption of wearable devices, which, in turn, will boost the sales of adhesives during the forecast period.
Increased awareness of healthy lifestyle
The steady growth of the aging population, increase in the number of diseases, and high healthcare costs are major concerns globally. People are becoming increasingly concerned about their health. The rise in health awareness among people is reflected in the rapid growth in the demand for healthy, nutritional, and hygienic foods; gym memberships; diet programs; and mobile health applications. This is expected to drive the demand for wearable patches. Wearable patches help people track and monitor their health to prevent serious health hazards. The adoption of wearable patches will support the volume growth of the global wearable adhesive market during the forecast period.
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