Wearable Patches Market Size, Share & Industry Analysis, By Type (Regular, Connected), By Application (Patient Monitoring, Drug Delivery, Others), By Distribution Channels (Hospital Pharmacy, Retail Stores, Online Stores) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
The rising adoption of telehealth technologies has boosted the adoption of sensor-enabled wearable devices. Wearable patches can be a useful tool in monitoring and drug delivery to the patient. They can help in disease monitoring and management of geriatric patients, thus aiding in clinical decision making. Sensors embedded in the patches can help in temperature, blood pressure, glucose, and cardiac monitoring, eliminating the need for visiting hospitals frequently. Hospitals and healthcare professionals are gradually adopting remote patient monitoring. According to the On-Demand Virtual Care Benchmark Survey Report, 46.4% of the respondent physicians use remote patient monitoring in the U.S. This is likely to favor the expansion of the market during the forecast period.
Technological advancements in wearable technologies and the rapid adoption of remote patient monitoring are prominent factors driving the global wearable patches market growth. In May 2020, Koninklijke Philips N.V. received FDA approval for Philips Biosensor BX100, a smart patch for measuring vital signs for COVID-19 patients. The launch of similar products is anticipated to favor the expansion of the market. Furthermore, the rising prevalence of diseases and active government support are expected to augment the growth of the market.
However, poor infrastructure and technological barriers in low and middle-income countries are expected to hamper the growth of the market.
Key Market Driver -
Rapid adoption of remote patient monitoring
Key Market Restraint -
Poor infrastructure and technological barriers
Market Segmentation:
By type, the global wearable patches market can be segmented into regular and connected. On the basis of application, the market can be bifurcated into patient monitoring, drug delivery, and others. In terms of distribution channel, the market can be segmented into hospital pharmacy, retail stores, and online stores.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Players Covered:
The major companies in the global wearable patches market report include Koninklijke Philips N.V., LifeSignals, GENTAG Inc., VIVALNK, Blue Spark Technologies, VitalConnect, Sensium Healthcare Ltd., Abbott, and others.
Key Insights
- Technological Advancements in the Wearable Patches
- Smartphone Penetration Statistics – For Key Countries/ Regions
- Prevalence of Chronic Diseases – For Key Countries/ Regions
- COVID-19 Impact on the Global Wearable Patches Market
- New Product Launches
- Key Industry Developments – Mergers, Acquisitions, and Partnerships
Regional Analysis:
The global wearable patches market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to dominate the market throughout the forecast period. Primary factors responsible for the growth of the market are the increasing demand advanced monitoring and drug delivery tools and strong government support. In Europe, the market is poised to surge owing to the new product launches and the rising cost of healthcare. In May 2020, LifeSignals received European Commission approval for LifeSignals ECG Remote Monitoring Patch. This is likely to augment market growth in Europe. Asia Pacific is projected to witness remarkable growth owing to the increasing government initiatives to surge the adoption of telemedicine and digital health technologies. Improving healthcare infrastructure and increasing start-up investment is anticipated to drive the market in Latin America and the Middle East and Africa.
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Segmentation
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Wearable Patches Industry Developments
- In June 2020, Sensium Healthcare Ltd. partnered with Strategic Healthcare Connections bring SensiumVitals in the U.S.
- In April 2020, LifeSignals announced the launch of Biosensor Patch 1AX for early diagnosis and monitoring of COVID-19 symptoms.
- In May 2020, Koninklijke Philips N.V. received FDA approval for Philips Biosensor BX100, a smart patch for the measurement of vital signs for COVID-19 patients.
- Ongoing
- 2023
- 2019-2022
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