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Wearable Patch Market by Technology, Application, and Geography - Forecast and Analysis 2021-2025

  • Published: Mar 2021
  • Pages: 120
  • SKU: IRTNTR43181
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The wearable patch market share is expected to increase by USD 5.48 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 12.42%. This wearable patch market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The wearable patch market report also offers information on several market vendors, including Abbott Laboratories, Delta Electronics Inc., Gentag Inc., Insulet Corp., Kenzen Inc., MTG UK Co. Ltd., Nemaura Medical Inc., Prevent Biometrics, Proteus Digital Health Inc., and UpRight Technologies Ltd. among others. Furthermore, this report extensively covers wearable patch market segmentation by technology (regular and connected), application (clinical and non-clinical), and geography (North America, Europe, APAC, South America, North America, Europe, APAC, and South America).

What will the Wearable Patch Market Size be During the Forecast Period?

Wearable Patch Market Size

Download the Free Report Sample to Unlock the Wearable Patch Market Size for the Forecast Period and Other Important Statistics

 

Wearable Patch Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growing prevalence of chronic diseases is notably driving the wearable patch market growth, although factors such as concerns regarding data privacy and security may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the wearable patch industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Wearable Patch Market Driver

The growing prevalence of chronic diseases is a major factor driving the global wearable patch market share growth. The growing prevalence of chronic diseases and generally incurable conditions, such as cancer, cardiovascular conditions, diabetes, and asthma, is driving the demand for wearable patches. Wearable patches are gaining popularity as they are convenient for physicians and patients alike. The burden of chronic diseases is rapidly increasing worldwide. These diseases are associated with high mortality rates. Owing to limited resources and staff, the waiting time at hospitals is increasing. As a result, people are unable to get adequate treatment in hospitals, and only a limited number of people can be monitored. Hence, consumers and physicians have started using wearable devices that allow remote monitoring of health and the administration of medicines. With the aim of making healthcare services accessible to people in remote areas, healthcare providers are increasingly using wearable patches to remotely monitor the health of patients. Wearable devices are beneficial for hospitals and patients, and with the increasing prevalence of chronic diseases, the use of mobile healthcare devices across the world will increase. This will drive the growth of the market in focus during the forecast period.        

Key Wearable Patch Market Trend

The increasing demand for cloud-based solutions is another factor supporting the global wearable patch market share growth. Technological advances in IT have made processes more efficient and quicker. Hence, the healthcare industry is adopting such technologies. With growing interest in patient information privacy and safety, the pressure to manage data has increased the demand for economical solutions such as cloud computing. Several healthcare organizations are investing in upgrading their IT infrastructure. The use of cloud computing quickens access to electronic medical records and enables the storing of clinical statistical data related to hospitals and clinics. Increased spending and regulations are increasing the adoption of cloud computing. However, security breaches and data portability complications may restrict the adoption of cloud computing in the healthcare industry. With the adoption of cloud computing, healthcare organizations will be able to remotely access data through wearable patches. The storage of data from wearable patches on the cloud will eliminate the need for backups and the effects of system issues. As healthcare organizations upgrade to cloud-based systems, the relevance and ease of use of wearable patches will increase, thereby driving the market.

Key Wearable Patch Market Challenge

The concerns regarding data privacy and security will be a major challenge for the global wearable patch market share growth during the forecast period. An increase in the number of cyberattacks on the healthcare industry has raised serious concerns over privacy and data protection among players, consumers, and stakeholders in the healthcare industry players, such as hospitals, clinics, and insurance companies. The current trend toward the digitalization of healthcare workflows and the maintenance of electronic patient records has seen a paradigm shift in the healthcare industry. While medical data is key to improving the quality of healthcare, gaining insights, and reducing healthcare costs, security and privacy issues are restricting the healthcare industry from reaping the benefits of many advanced technologies. With more and more connected devices being used in healthcare and systems in hospitals getting interconnected, security and privacy have become even more crucial. Unauthorized access to this data can have serious consequences, including the obstruction of the hospital and service provider database and the unethical use of medical records. Therefore, concerns over data security may hinder the growth of the global wearable patch market during the forecast period.

This wearable patch market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global wearable patch market as a part of the global consumer electronics market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the wearable patch market during the forecast period.

Who are the Major Wearable Patch Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

  • Abbott Laboratories
  • Delta Electronics Inc.
  • Gentag Inc.
  • Insulet Corp.
  • Kenzen Inc.
  • MTG UK Co. Ltd.
  • Nemaura Medical Inc.
  • Prevent Biometrics
  • Proteus Digital Health Inc.
  • UpRight Technologies Ltd.

This statistical study of the wearable patch market encompasses successful business strategies deployed by the key vendors. The wearable patch market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Abbott Laboratories- The company offers a line of products such as FreeStyle Libre system that measures glucose levels through a small sensor.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The wearable patch market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Wearable Patch Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the wearable patch market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of global consumer electronics market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Wearable Patch Market?

Wearable Patch Market Market segmentation by region

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46% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for wearable patch market in North America. Market growth in this region will be faster than the growth of the market in MEA adn South America.

The rising number of health-conscious individuals will facilitate the wearable patch market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Technology Segments in the Wearable Patch Market?

Wearable Patch Market Segmentation

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The wearable patch market share growth by the regular segment will be significant during the forecast period. Regular wearable patches are typically adhesive-backed medical device that is directly applied to the skin of the user and data is collected at intervals when required. Regular patches are used in a wide range of products intended typically for single use and, in some cases, long-term wear. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the wearable patch market size and actionable market insights on post COVID-19 impact on each segment.

 

Wearable Patch Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 12.42%

Market growth 2021-2025

$ 5.48 billion

Market structure

Fragmented

YoY growth (%)

11.35

Regional analysis

North America, Europe, APAC, South America, North America, Europe, APAC, and South America

Performing market contribution

North America at 46%

Key consumer countries

US, Canada, Germany, and Australia

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Abbott Laboratories, Delta Electronics Inc., Gentag Inc., Insulet Corp., Kenzen Inc., MTG UK Co. Ltd., Nemaura Medical Inc., Prevent Biometrics, Proteus Digital Health Inc., and UpRight Technologies Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Wearable Patch Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive wearable patch market growth during the next five years
  • Precise estimation of the wearable patch market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the wearable patch industry across North America, Europe, APAC, South America, North America, Europe, APAC, and South America
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of wearable patch market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
  • 2.2 Market characteristics
    • Exhibit 02: Market characteristics
  • 2.3 Value chain analysis
    • Exhibit 03: Value chain analysis: Consumer electronics market

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
  • 3.4 Market outlook: Forecast for 2020 - 2025
    • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
    • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

4 Five Forces Analysis

  • 4.1 Five forces summary
    • Exhibit 08: Five forces analysis 2020 & 2025
  • 4.2 Bargaining power of buyers
    • Exhibit 09: Bargaining power of buyers
  • 4.3 Bargaining power of suppliers
    • Exhibit 10: Bargaining power of suppliers
  • 4.4 Threat of new entrants
    • Exhibit 11: Threat of new entrants
  • 4.5 Threat of substitutes
    • Exhibit 12: Threat of substitutes
  • 4.6 Threat of rivalry
    • Exhibit 13: Threat of rivalry
  • 4.7 Market condition
    • Exhibit 14: Market condition - Five forces 2020

5 Market Segmentation by Application

  • 5.1 Market segments
    • Exhibit 15: Application - Market share 2020-2025 (%)
  • 5.2 Comparison by Application
    • Exhibit 16: Comparison by Application
  • 5.3 Clinical - Market size and forecast 2020-2025
    • Exhibit 17: Clinical - Market size and forecast 2020-2025 ($ million)
    • Exhibit 18: Clinical - Year-over-year growth 2020-2025 (%)
  • 5.4 Non-clinical - Market size and forecast 2020-2025
    • Exhibit 19: Non-clinical - Market size and forecast 2020-2025 ($ million)
    • Exhibit 20: Non-clinical - Year-over-year growth 2020-2025 (%)
  • 5.5 Market opportunity by Application
    • Exhibit 21: Market opportunity by Application

6 Market Segmentation by Technology

  • 6.1 Market segments
    • Exhibit 22: Technology - Market share 2020-2025 (%)
  • 6.2 Comparison by Technology
    • Exhibit 23: Comparison by Technology
  • 6.3 Regular - Market size and forecast 2020-2025
    • Exhibit 24: Regular - Market size and forecast 2020-2025 ($ million)
    • Exhibit 25: Regular - Year-over-year growth 2020-2025 (%)
  • 6.4 Connected - Market size and forecast 2020-2025
    • Exhibit 26: Connected - Market size and forecast 2020-2025 ($ million)
    • Exhibit 27: Connected - Year-over-year growth 2020-2025 (%)
  • 6.5 Market opportunity by Technology
    • Exhibit 28: Market opportunity by Technology

7 Customer landscape

8 Geographic Landscape

  • 8.1 Geographic segmentation
    • Exhibit 30: Market share by geography 2020-2025 (%)
  • 8.2 Geographic comparison
    • Exhibit 31: Geographic comparison
  • 8.3 North America - Market size and forecast 2020-2025
    • Exhibit 32: North America - Market size and forecast 2020-2025 ($ million)
    • Exhibit 33: North America - Year-over-year growth 2020-2025 (%)
  • 8.4 Europe - Market size and forecast 2020-2025
    • Exhibit 34: Europe - Market size and forecast 2020-2025 ($ million)
    • Exhibit 35: Europe - Year-over-year growth 2020-2025 (%)
  • 8.5 APAC - Market size and forecast 2020-2025
    • Exhibit 36: APAC - Market size and forecast 2020-2025 ($ million)
    • Exhibit 37: APAC - Year-over-year growth 2020-2025 (%)
  • 8.6 MEA - Market size and forecast 2020-2025
    • Exhibit 38: MEA - Market size and forecast 2020-2025 ($ million)
    • Exhibit 39: MEA - Year-over-year growth 2020-2025 (%)
  • 8.7 South America - Market size and forecast 2020-2025
    • Exhibit 40: South America - Market size and forecast 2020-2025 ($ million)
    • Exhibit 41: South America - Year-over-year growth 2020-2025 (%)
  • 8.8 Key leading countries
    • Exhibit 42: Key leading countries
  • 8.9 Market opportunity by geography
    • Exhibit 43: Market opportunity by geography ($ million)

9 Drivers, Challenges, and Trends

  • 9.1 Market drivers
  • 9.2 Market challenges
    • Exhibit 44: Impact of drivers and challenges
  • 9.3 Market trends

10 Vendor Landscape

  • 10.1 Competitive scenario
  • 10.2 Vendor landscape
    • Exhibit 45: Vendor landscape
  • 10.3 Landscape disruption
    • Exhibit 46: Landscape disruption
  • 10.4 Industry risks
    • Exhibit 47: Industry risks

11 Vendor Analysis

  • 11.1 Vendors covered
    • Exhibit 48: Vendors covered
  • 11.2 Market positioning of vendors
    • Exhibit 49: Market positioning of vendors
  • 11.3 Abbott Laboratories
    • Exhibit 50: Abbott Laboratories - Overview
    • Exhibit 51: Abbott Laboratories - Business segments
    • Exhibit 52: Abbott Laboratories - Key news
    • Exhibit 53: Abbott Laboratories - Key offerings
    • Exhibit 54: Abbott Laboratories - Segment focus
  • 11.4 DarioHealth Corp.
    • Exhibit 55: DarioHealth Corp. - Overview
    • Exhibit 56: DarioHealth Corp. - Product and service
    • Exhibit 57: DarioHealth Corp. – Key news
    • Exhibit 58: DarioHealth Corp. - Key offerings
    • Exhibit 59: DarioHealth Corp. - Segment focus
  • 11.5 GENTAG Inc.
    • Exhibit 60: GENTAG Inc. - Overview
    • Exhibit 61: GENTAG Inc. - Product and service
    • Exhibit 62: GENTAG Inc. - Key offerings
  • 11.6 Insulet Corp.
    • Exhibit 63: Insulet Corp. - Overview
    • Exhibit 64: Insulet Corp. - Product and service
    • Exhibit 65: Insulet Corp. – Key news
    • Exhibit 66: Insulet Corp. - Key offerings
  • 11.7 Kenzen Inc.
    • Exhibit 67: Kenzen Inc. - Overview
    • Exhibit 68: Kenzen Inc. - Product and service
    • Exhibit 69: Kenzen Inc. - Key offerings
  • 11.8 Koninklijke Philips NV
    • Exhibit 70: Koninklijke Philips NV - Overview
    • Exhibit 71: Koninklijke Philips NV - Business segments
    • Exhibit 72: Koninklijke Philips NV – Key news
    • Exhibit 73: Koninklijke Philips NV - Key offerings
    • Exhibit 74: Koninklijke Philips NV - Segment focus
  • 11.9 MTG Co. Ltd.
    • Exhibit 75: MTG Co. Ltd. - Overview
    • Exhibit 76: MTG Co. Ltd. - Business segments
    • Exhibit 77: MTG Co. Ltd. – Key news
    • Exhibit 78: MTG Co. Ltd. - Key offerings
    • Exhibit 79: MTG Co. Ltd. - Segment focus
  • 11.10 Nemaura Medical Inc.
    • Exhibit 80: Nemaura Medical Inc. - Overview
    • Exhibit 81: Nemaura Medical Inc. - Product and service
    • Exhibit 82: Nemaura Medical Inc. – Key news
    • Exhibit 83: Nemaura Medical Inc. - Key offerings
  • 11.11 Otsuka Holdings Co. Ltd.
    • Exhibit 84: Otsuka Holdings Co. Ltd. - Overview
    • Exhibit 85: Otsuka Holdings Co. Ltd. - Business segments
    • Exhibit 86: Otsuka Holdings Co. Ltd. - Key offerings
    • Exhibit 87: Otsuka Holdings Co. Ltd. - Segment focus
  • 11.12 Prevent Biometrics
    • Exhibit 88: Prevent Biometrics - Overview
    • Exhibit 89: Prevent Biometrics - Product and service
    • Exhibit 90: Prevent Biometrics - Key offerings

12 Appendix

  • 12.1 Scope of the report
  • 12.2 Currency conversion rates for US$
    • Exhibit 91: Currency conversion rates for US$
  • 12.3 Research methodology
    • Exhibit 92: Research Methodology
    • Exhibit 93: Validation techniques employed for market sizing
    • Exhibit 94: Information sources
  • 12.4 List of abbreviations
    • Exhibit 95: List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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Wearable Patch Market market growth will increase by $5.48 bn during 2021-2025.
The wearable patch market market is expected to grow at a CAGR of 12.42% during 2021-2025.
Technavio has segmented the wearable patch market market by technology (regular and connected) ,application (clinical, non-clinical, APAC, and South America) , and geography (North America, Europe, APAC, South America, and North America).
Abbott Laboratories, Delta Electronics Inc., Gentag Inc., Insulet Corp., Kenzen Inc., MTG UK Co. Ltd., Nemaura Medical Inc., Prevent Biometrics, Proteus Digital Health Inc., UpRight Technologies Ltd. are a few of the key vendors in the wearable patch market market.
North America will register the highest growth rate of 46% among the other regions. Therefore, the wearable patch market market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the wearable patch market market growth are:
  • Growing prevalence of chronic diseases
  • Increasing demand for cloud-based solutions
The wearable patch market market vendors should focus on grabbing business opportunities from the regular segment as it accounted for the largest market share in the base year.
  • What are the key global market and the regional market share?
  • What are the revenue-generating key market segments?
  • What are the key factors driving and challenging this market’s growth?
  • Who are the key market vendors and their growth strategies?
  • What are the latest trends influencing the growth of this market?
  • What are the variables influencing the market growth in the primary regions?
  • What are the factors influencing the growth of the parent market?
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