USD 8.62 billion
Wearable Patch Market Size, Share, Growth Analysis, By Type (Temperature Patch, Glucose Patch), By Technology (Regular Wearable, Connected Wearable devices), By Application, By End Use, Distribution Channel, By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35H2304 |
Region:
Global |
Published Date: November, 2024
Pages:
165
|Tables:
88
|Figures:
71
Wearable Patch Market Insights
Global Wearable Patch Market size was valued at USD 8.62 billion in 2022 and is poised to grow from USD 9.30 billion in 2023 to USD 17.09 billion by 2031, growing at a CAGR of 7.9% in the forecast period (2024-2031).
Sometimes referred to as smart patches or electronic skin, wearable patches have been employed for the administration of drugs, monitoring of diseases and diagnostics. Wearable Patches can help elderly people with chronic medical conditions like diabetes and heart diseases in keeping themselves healthy. The primary drivers of the global wearable patch market growth are the rise in technological improvements in these patches, the rise in the prevalence of chronic diseases, and the rise in product awareness. The expansion of the global wearable patch market is also fuelled by the increase in technical improvements. Owing to more convenient smartphone connectivity, minimal hindrance of physical movements and continuous patient monitoring with precise information, the use of patches that can be worn on the body is expanding.
Koninklijke Philips N.V., for example, was granted FDA certification in May 2020 for the Philips Biosensor BX100, a disposable wearable sensor patch that monitors respiratory and heart rates after patients are released from intensive care. Bluetooth heart rate monitoring is the primary function of connected wearables, which are wirelessly connected and portable devices. Myoelectric technology and microprocessor controller are also utilized. These patches may also be readily paired over Bluetooth and are compatible with the majority of mobile operating systems. By keeping an eye on patients' health remotely, they minimize the need for in-person consultations with doctors.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hospitals
Fastest Growth
Regular Wearable
Growth Rate
7.9%
Global Wearable Patch Market ($ Bn)
Country Share by North America (%)
To get more reports on the above market click here to Buy The Report
Wearable Patch Market Segmental Analysis
Global Wearable Patch Market is segmented on the type, technology, application, end use, distribution channel, and region. By Type, Market is segmented into Temperature Patch, Glucose Patch, Heart Rate and ECG Patch, and Others. By Technology, Market is segmented into Regular Wearable and Connected Wearable devices. By Application, Market is segmented into Clinical and Non-clinical applications. By End Use, Market is segmented into Hospitals, Ambulatory Surgical Centers, and Homecare Settings. By distribution channel, the market is segmented into Offline Channel (Hospital Pharmacy, Retail Stores, Others), Online Channel. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product
As per categorization by product, the market is classified as temperature patch, blood glucose patch, blood pressure patch, heart rate patch & ECG patch, skin care patch and others. Among these, blood glucose patch earned the largest share and continue to dominate the market. The products of blood glucose patches are creating a revolution in the world’s economy of wearables with non-invasive, continuous glucose monitoring capabilities. This patch has been able to maintain its position as the market leader due to the rising cases of diabetes and the need for easy-to-use solutions for health management that can be done in real time. Their market superiority is reinforced by innovative designs and increased accuracy.
Heart rate and ECG patches are set to be the fastest-growing segment in the global wearable patch market due to their advanced capabilities in real-time cardiovascular monitoring and early disease detection. The popularity of these patches is driven by the increase in cardiovascular diseases and increasing consumer demand for proactive health management. The adoption and rapid growth of these patches in the market can be attributed to their continuous and accurate data: this enhances personalized healthcare, and preventive strategies.
Analysis by End Use
The global wearable patch market is being dominated by healthcare end use owing to continuous health monitoring innovations, disease management, and patient care. The patches provide real-time information and customized insight helping improve clinical outcomes as well as patient comfort. This is primarily due to increasing requirements for health care services together with technological progress.
The fitness and sports end use are poised to be the fastest-growing segment in the global wearable patch market due to heightened consumer interest in health optimization and performance tracking. These patches provide real-time metrics of physical activity, biometric data and recovery for both amateur and professional athletes. Increasing focus on personalized fitness solutions as well as the introduction of advanced sensors are the main factors behind their speedy growth that is causing dynamic sector growths.
Global Wearable Patch Market By Product (%)
To get detailed analysis on other segments, Request For Free Sample Report
Wearable Patch Market Regional Insights
Due to its advanced medical infrastructure, high acceptance of cutting-edge technology, and considerable investment in research and development, North America commands the global wearable patch market. Besides, this region has a strong health system and high consumer awareness which encourages the utilization of sophisticated health monitoring devices. Furthermore, this relatively high product innovation and distribution rates in North America are due to existence of the major market players and some technology companies found in U.S.A. and Canada. It is worth noting that North America’s leading position in the market for wearable patches is greatly supported by regulation of wearables for health and a growing trend towards personalized medicine.
Due to a booming healthcare sector, advanced technology reliance and a heterogeneous populace, the Asia-Pacific region is the leading region of growth for the global wearable patch market. The region’s economic progress, as well as increased awareness about health and an expanding middle class have propelled the need for modified health surveillance options. Moreover, the market is growing due to government support programs, investments in healthcare systems and the progress in technology. Furthermore, with its vibrant tech ecosystem comprising several start-ups as well as established firms, Asia Pacific plays a significant role in developing and deploying wearable patches.
Global Wearable Patch Market By Geography
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Wearable Patch Market Dynamics
Drivers
Technological Advancements
- Rapid technological advancements in sensors and ever-smaller devices form the key drivers behind the global wearable patch market. With greater precision, longer battery life and enhanced data analysis abilities, these patches have become more efficient and appealing to customers as well as healthcare providers, thus boosting growth.
Rising Health Awareness
- Wearable patches have their market driven by the increasing health awareness and a requirement for preventive health management. The trend is towards devices that provide consumers with immediate health assessment and individualized knowledge, thus causing an upsurge in the number of users and hence new opportunities in diverse fields.
Restraints
Limited Battery Life
- Most of the wearables have issues related to battery life, hence affecting their efficiency. Limited battery range means that batteries will often need to be changed or recharged, something that can be irritating on the part of customers and thus continuous surveillance is made difficult. Consequently, this limits the acceptance of this technology in the market.
Regulatory Hurdles
- Onerous regulations and lengthy approval processes might hinder the development in the market for wearable health devices. It may take significant time and cost for companies to comply with various international standards as well as acquire the required certifications which can impede their entrance into new markets or delay products’ launch.
Request Free Customization of this report to help us to meet your business objectives.
Wearable Patch Market Competitive Landscape
The global wearable patch market is very competitive characterized by a combination of old companies and new businesses that are full of innovation. Leading international corporations such as Philips, Abbott, and Medtronic have pioneered advanced health monitoring solutions and are investing heavily in research and development. Emerging companies like BioTelemetry and VitalConnect have also made a name for themselves with their advanced technologies. The competition is marked by fast paced innovation, collaborations between businesses as well as a strong focus on improving the quality of products so they can cater for different health care requirements from customers.
Top Player’s Company Profiles
- Abbott Laboratories (USA)
- Dexcom, Inc. (USA)
- Medtronic plc (Ireland)
- Insulet Corporation (USA)
- iRhythm Technologies (USA)
- BioTelemetry, Inc. (USA)
- Koninklijke Philips N.V. (Netherlands)
- GE Healthcare (USA)
- Gentag, Inc. (USA)
- VivaLNK (USA)
- Blue Spark Technologies (USA)
- Proteus Digital Health (USA)
- Nemaura Medical (UK)
- Leaf Healthcare, Inc. (USA)
- Masimo Corporation (USA)
- Holt Medical (China)
- MC10, Inc. (USA)
- Sano Intelligence (USA)
- AliveCor (USA)
- Epicore Biosystems (USA)
Recent Developments
- In August 2024, Philips announced their release of an advanced wearable patch for continuous glucose monitoring. The innovative patch merges real-time glucose data with artificial intelligence processing to improve diabetes management. This is a breakthrough in wearable health technology with promises of improved precision and ease for users.
- In June 2024, A new wearable ECG patch has been released by Medtronic (USA) which means better heart monitoring for everyone since its more accurate. It has sophisticated techniques for instantaneous recognition of arrhythmia and smooth merger with apps meant for monitoring human health thereby enhancing the treatment associated with heart diseases and making the life of patients better.
- In September 2024, Withings in France has launched a patch that is a next generation wearable whose main aim is to monitor various health parameters. The patch includes temperature, heartbeat and activity monitoring in one device thus suitable for both fitness enthusiasts and chronic patients' management. This latest move illustrates Withings’ dedication to diversifying its range of wearables for health purposes.
Wearable Patch Key Market Trends
- Integration with AI for Enhanced Health Insights: AI technologies are becoming more and more integrated with wearable patches to deliver more precise and useful health insights. The way users perceive the experience in general will get better due to analyzing data in real-time and giving personalized advice, it is possible to manage illnesses well.
- Rise in Preventive Healthcare Adoption: Due to the trend in healthcare towards preventive care, there is a growing demand for portable patches that track health indicators and vital signs on an ongoing basis. This pattern shows how consumers are becoming more concerned with proactive health management and early detection.
Wearable Patch Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, to sum up, due to technological progress, rising health consciousness and management of chronic illnesses the global wearable patch market is growing rapidly. This is evident from innovations like continuous glucose and ECG monitoring paving a way for an evolution towards more accurate and easier health solutions in the sector. Despite the obstacles such as battery life restrictions and regulatory challenges, the market is expanding due to increased customer demand and technological integration mainly by AI. While North America is leading in its uptake of these technologies, Asia-Pacific reflects the most rapid growth with diverse regional factors driving this emerging industry.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 8.62 billion |
| Market size value in 2031 | USD 17.09 billion |
| Growth Rate | 7.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Wearable Patch Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Wearable Patch Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Wearable Patch Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Wearable Patch Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wearable Patch Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Wearable Patch Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
