Technological advancements, surge in consumer awareness, and increase in prevalence of chronic diseases drive the growth of the global wearable patch market
PORTLAND, Ore., May 3, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Wearable Patch Market by Product (Temperature Patch, Blood Glucose Patch, Blood Pressure Patch, Heart Rate Patch & ECG Patch, Skin Care Patch, and Others) and End Use (Healthcare and Fitness and Sports): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global wearable patch industry generated $12.23 billion in 2019, and is expected to reach $27.82 billion by 2027, witnessing a CAGR of 9.6% from 2020 to 2027.
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Prime Determinants of Growth
Technological advancements, surge in consumer awareness, and increase in prevalence of chronic diseases drive the growth of the global wearable patch market. However, expensive nature of sensor patch and concerns regarding data privacy and security hinder the market growth. On the other hand, increase in adoption of telehealth and demand for the connected wearable patches present new opportunities in the coming years.
Covid-19 Scenario
- Healthcare systems have been burdened due to outbreak of Covid-19 and adoption of telehealth has become essential. Wearable patches play a crucial part in monitoring health conditions of patients and people and sending their reports to medical professionals or doctors. This eliminates the need for hospital visits and reduces possibility of cross-contamination.
- Covid-infected patients and non-infected people can monitor their temperature levels and heart rates. This would help in tracking health conditions continuously and necessary steps can be taken in time if the health deteriorates.
- Owing to real-time monitoring, wearable patches can assist medical professionals in protecting patients with hypertension, coronary heart disease, and diabetes, who may be at high risks if infected with the coronavirus.
The blood glucose patch segment to maintain its leadership status during the forecast period
Based on product, the blood glucose patch segment accounted for the highest market share in 2019, contributing to nearly half of the global wearable patch market, and is projected to maintain its leadership status during the forecast period. This is due to demand from diabetic patients to monitor blood glucose regularly to prevent development of hyperglycemia and hypoglycemia and facilitate control over diabetes. However, the heart rate patch & ECG patch segment is estimated to portray the largest CAGR of 11.3% from 2020 to 2027, owing to surge in demand in multiple studies including atrial fibrillation (AFIB) detection, coronary artery disease (CAD), stress & depression, and others.
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The healthcare segment to continue its lead position throughout the forecast period
Based on end use, the healthcare segment contributed to the highest market share, holding more than four-fifths of the global wearable patch market in 2019, and will continue its lead position throughout the forecast period. This is due to rise in application of wearable patches in the medical sector in temperature tracking, wearable ECG monitor, and wearable blood pressure monitors along with surge in demand for self-monitoring, diagnostic, and non-invasive monitoring processes. However, the fitness and sports segment is expected to maintain the highest CAGR of 10.9% from 2020 to 2027. This is attributed to increase in usage of wearable patches by athletes to gain health data insights to support their performance.
North America to maintain its dominant position by 2027
Based on region, North America accounted for the highest share in terms of revenue in 2019, contributing to more than two-fifths of the global wearable patch market, and will maintain its dominant position by 2027. This is attributed to rise in prevalence of target diseases, presence of advanced healthcare infrastructure, and establishment of major market participants. However, Asia-Pacific is estimated to manifest the fastest CAGR of 10.5% during the forecast period. This is due to presence of large population base, increase in awareness regarding wearable patches, and surge in disposable income.
Leading market players
- Abbott Laboratories
- iRhythm Technologies, Inc.
- Johnson & Johnson Services, Inc.
- Koninklijke Philips N.V.
- L'Oreal Group
- LifeSignals, Inc.
- Medtronic Plc (Zephyr Technology Corporation)
- Qualcomm Technologies, Inc.
- VitalConnect, Inc.
- VivaLNK
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