Market Research Report
Wearable Patch Market by Product and End Use : Global Opportunity Analysis and Industry Forecast, 2020-2027
|Wearable Patch Market by Product and End Use : Global Opportunity Analysis and Industry Forecast, 2020-2027|
Published: March 5, 2021
Allied Market Research
Content info: 206 Pages
Delivery time: 2-3 business days
The global wearable patch market was valued at $12,239.7 million in 2019, and is projected to reach $27,820.5 million by 2027, registering a CAGR of 9.6% from 2020 to 2027.
Wearable patch, also known as smart patch or electronic skin, is used for disease monitoring, drug delivery, and diagnosis applications. Wearable patches help to maintain health and wellbeing in elderly patients suffering from chronic conditions such as diabetes and cardiovascular diseases.
Growth of the global wearable patch market is majorly driven by rise in technological advancements in wearable patches, increase in prevalence of chronic diseases, and growth in awareness among consumers regarding wearable patches. For instance, according to the International Diabetes Federation (IDF), worldwide prevalence of diabetes in 2019 was around 463 million individuals, and is anticipated to reach to 700 million by 2045. Hence, increase in incidences of diabetes is expected to propel demand for wearable patches, which, in turn, propels the market growth. In addition, the connected wearable patches are gaining traction across the world owing to rise in adoption of connectivity technologies, namely, microprocessor controller, Bluetooth, and myoelectric technology.
Moreover, high cost of sensor patches along with concerns regarding data privacy and security are anticipated to restrain the market growth during the forecast period. High cost of sensor monitoring patches in emerging economies such as India, China, and Brazil is expected to impede the market growth during the forecast period. For instance, average selling price of ECG sensor patch in these countries is between $ 300 and $ 4,500.
Depending on product, the market is segmented into temperature patch, blood glucose patch, blood pressure patch, heart rate patch & ECG patch, skin care patch, and others. The blood glucose patch segment is expected to dominate the market as several patients with diabetes are advised to monitor blood glucose on a regular basis to prevent development of hyperglycemia and hypoglycemia.
By end use, the global wearable patch market is bifurcated into healthcare and fitness and sports. The healthcare segment is expected to lead the market throughout the forecast period as these medical/clinical use wearable patches are intended for diagnosis, treatment, or management of certain diseases.
By End Use
List of other players in the value chain (profiles not included in the report):