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

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.