DUBLIN--(BUSINESS WIRE)--The "Wearable Patches Market - A Global and Regional Analysis: Focus on Usage Type, Application, End User, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The global wearable patches market was valued at $8,650.0 million in 2021 and is projected to reach $26,892.7 million by the end of 2031. Furthermore, the market is anticipated to grow at a CAGR of 11.06% during the forecast period 2022-2031.
The market is driven by factors such as the continuous monitoring and minimum interference with body movement for measurement of vital signs of patients, increasing prevalence of chronic disorders (diabetes, strokes, etc.), rising technological advancement (increased connectivity with cell phones and precise data), and growing geriatric population.
The wearable patches market is in the developed phase. Having an end-to-end platform for services and AI algorithms for wearable patches for better clinical outcome are some of the major opportunities in the global wearable patches market.
Impact of COVID-19
The COVID-19 pandemic impacted practically all sectors and social functions worldwide, including the wearable patches market. However, the wearable patches market sustained this impact as the demand for continuous monitoring with reduced contact increased during the pandemic.
During this period of fast expansion, the industry has learned to be adaptable and versatile. The necessity to harness and use digital infrastructure for remote monitoring has been brought into stark relief by the COVID-19 outbreak. There is a need for further effective disease monitoring and detection of individual and public health, which might be facilitated by wearable sensors, as current viral testing and vaccines are less patient compliant.
The application of this methodology toward predicting the probability of COVID-19 is still required, even though its value has been used to associate physiological measures with activities of daily existence and human performance. Users of wearable technology could receive alerts when changes in their parameters match those linked to COVID-19 when combined with predictive platforms.
How can this report add value to an organization?
Usage Type: The usage type segment helps the reader understand the different usage type of wearable patches available in the market. Moreover, the study provides the reader with a detailed understanding of products that fall under the main segments such as blood glucose patch, heart rate and ECG patch, temperature patch, TENS and EMS patch, and others.
Growth/Marketing Strategy: The wearable patches market has witnessed major development by key players operating in the market, such as product launches, business expansions, partnerships, collaborations, merger and acquisitions, funding activities, and regulatory and legal approvals.
The favored strategy for the companies has been business expansions, partnerships, and collaborations to strengthen their position in the market. For instance, in September 2022, Senseonics announced a collaboration with the University Hospitals Accountable Care Organization (UHACO) in Cleveland, Ohio.
Competitive Strategy: The key players in the wearable patches market analyzed and profiled in the study involve established and emerging players that offer different products for wearable patches.
Moreover, a detailed competitive benchmarking of the players operating in the wearable patches market has been done to help the reader understand the ways in which players stack against each other, presenting a clear market landscape. Moreover, comprehensive competitive strategies such as partnerships, agreements, collaborations, mergers, and acquisitions will help the reader understand the untapped revenue pockets in the market.
Recent Developments in the Global Wearable Patches Market
- In September 2022, Senseonics announced a collaboration with the University Hospitals Accountable Care Organization (UHACO) in Cleveland, Ohio.
- In June 2022, Abbott announced that it is developing a new biowearable, "Glucose-Ketone Monitoring System" that will continuously monitor glucose and ketone levels in one sensor.
- In June 2022, Blue Spark Technologies Joined Medidata's Sensor Cloud Network , which aims to overcome barriers limiting the full adoption of medical sensors--including data integration and standardization.
- In May 2022, BioIntelliSense introduced the BioButton Rechargeable Wearable Device for Continuous Medical Grade Monitoring of 20+ Vital Signs and Biometrics, a new product from BioIntelliSense.
- In April 2022, Blue Spark received a $40M funding for remote monitoring wearables.
- In April 2022, Carevive Systems and Blue Spark Technologies partnered to conduct Real-Time Remote Patient Monitoring Pilot.
- In April 2022, Insulet launched New Omnipod 5 System Data for Type 1 and Type 2 Diabetes.
- Application: The wearable patches market (by application) is expected to be dominated by the monitoring and diagnostics segment.
- Usage Type: The wearable patches market (by usage type) is expected to be dominated by the blood glucose patch segment.
- End User: The wearable patches market (by end user) is dominated by the homecare segment.
- Region: North America held the largest share of the wearable patches market in 2021, and the trend is anticipated to continue during the forecast period 2022-2031.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
- Abbott Laboratories
- Bittium Corporation
- Boston Scientific Corporation
- iRhythm Technologies, Inc.
- Koninklijke Philips N.V.
- Masimo Corporation
- Medtronic plc
- OMRON Corporation
- Senseonics Holdings, Inc.
- Alio, Inc.
- AliveCor Inc.
- BioIntellisense, Inc.
- Theranica Bio-Electronics Ltd.
- VitalConnect Inc.
- VivaLNK Inc.
Key Topics Covered:
1.1 Global Market Outlook
1.1.1 Product Definition
1.1.2 Inclusion and Exclusion Criteria
1.1.3 Key Findings
1.1.4 Global Market Scenario
184.108.40.206 Realistic Growth Scenario
220.127.116.11 Optimistic Growth Scenario
18.104.22.168 Pessimistic Growth Scenario
1.2 Industry Outlook
1.2.1 Key Trends
22.214.171.124 Seamless Connectivity among Devices
126.96.36.199 Use of Wearable Patches to Improve Patient Healthcare Outcomes with Machine Learning Algorithms
188.8.131.52 Increase in Adoption of Wearable Patches for Homecare Settings
1.2.2 Technology Landscape
1.2.3 Product Benchmarking
1.2.4 Wearable Patch Material
1.2.5 Patent Analysis
184.108.40.206 Patent Publication Growth Trend
220.127.116.11 Patent Analysis (by Country/Cluster)
1.2.6 Product Under Development
1.3 Impact of COVID-19
1.3.1 Rise in the Adoption of Wearable Patches
1.3.2 Data Collection and Saving of Medical Records
1.3.3 Impact on Market Size
18.104.22.168 Pre-COVID-19 Phase
22.214.171.124 During COVID-19 Phase
126.96.36.199 Post-COVID-19 Phase
1.4 Business Dynamics
1.4.1 Impact Analysis
1.4.2 Business Drivers
188.8.131.52 Continuous Monitoring and Minimum Interference with Body Movement for Measurement of Vital Signs of Patients
184.108.40.206 Increasing Prevalence of Chronic Disorders (Diabetes, Strokes, etc.)
220.127.116.11 Rising Technological Advancement (Increased Connectivity with Cellphones and Precise Data)
18.104.22.168 Growing Geriatric Population
1.4.3 Business Restraints
22.214.171.124 High Cost and Lack of Adequate Reimbursement Limiting the Adoption of Wearable Patches
126.96.36.199 Concerns Regarding Data Privacy and Security of the Data Collected from Wearable Patches
1.4.4 Business Opportunities
188.8.131.52 Having an End-to-End Platform for Services
184.108.40.206 AI Algorithms for Wearable Patches for Better Clinical Outcome
2 Global Wearable Patches Market (by Application)
2.1 Opportunity Assessment
2.2 Growth-Share Matrix
2.3 Monitoring and Diagnostics
3 Global Wearable Patches Market (by Usage Type)
3.1 Opportunity Assessment
3.2 Growth-Share Matrix
3.3 Temperature Patch
3.4 Blood Glucose Patch
3.5 Heart Rate and ECG Patch
3.6 TENS and EMS Patch
4 Global Wearable Patches Market (by End User)
4.1 Opportunity Assessment
4.2 Growth-Share Matrix
4.4 Hospital and Ambulatory Surgical Center
5.1 Key Finding and Opportunity Assessment
5.2 Regulatory Framework
5.3 Market Dynamics
5.3.1 Impact Analysis
5.3.2 Business Drivers
5.3.3 Business Restraints
5.4 Market Sizing and Forecast
6 Market-Competitive Benchmarking and Company Profiles
6.1 Competitive Landscape
6.1.1 Regulatory and Legal Activities
6.1.2 New Offerings
6.1.3 Partnerships, Collaborations, and Business Expansions
6.1.4 Mergers and Acquisitions
6.1.5 Funding Activities
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