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The wearable patch market size is forecast to increase by USD 7.12 billion, at a CAGR of 13.26% between 2023 and 2028. The market for electronic skin patches, including nicotine patches, is driven by the increasing prevalence of chronic diseases, which necessitate continuous monitoring and management. Wearable patches offer significant advantages for healthcare providers and patients by providing real-time data insights and enhanced patient engagement. These factors contribute to improved healthcare outcomes and reduced healthcare costs, fueling market growth.
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The market is experiencing exponential growth driven by advancements in Bluetooth technology and connected wearable patches, catering to the rising incidence of chronic diseases like cardiovascular diseases. With a focus on drug delivery and monitoring the health of elderly patients and consumers, these patches offer innovative solutions such as nicotine patches for Nicotine Replacement Therapy (NRT). Electronic skin and myoelectric technology enable seamless integration, while the International Diabetes Federation Report 2019 underscores the significance of wearable patches and diagnostic wearable medical devices in managing diabetes and other chronic conditions. The market is propelled by driving factors including the increasing number of diseases and R&D spending, prompting businesses to devise strategic business/growth strategies to capitalize on this expanding segment. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Furthermore, as consumer awareness regarding preventive healthcare and self-management grows, there is a heightened demand for accessible and user-friendly healthcare technologies, driving the adoption of wearable patches as part of individuals' wellness routines. Collectively, these factors create a conducive environment for market expansion, fostering innovation and collaboration within the healthcare industry to meet evolving patient needs and preferences. The market forecast report provides market size, historical data spanning from 2018 - 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
The growing prevalence of chronic diseases is driving the market. An emerging trend in the global pharmaceutical filtration market is the rising presence of US FDA-approved manufacturing facilities in emerging markets, particularly in the APAC region. China and India are the leading countries in this market, with India being highly favored for pharmaceutical manufacturing outsourcing, boasting approximately 400 US FDA-approved facilities. India holds the highest number of API and FDA facilities globally and has around 147 facilities for formulations. The market is also witnessing the approval of manufacturing facilities in other emerging countries such as China, India, Mexico, and Brazil.
Moreover, foreign pharmaceutical companies are now outsourcing their drug manufacturing to CMOs in the country, leading to higher adoption of CMOs. This development is expected to encourage pharmaceutical and biotechnology companies to outsource their drug research and development activities, either comprehensively or partially, to Chinese companies. Therefore, the growing number of US FDA-approved manufacturing facilities will propel the expansion of the global pharmaceutical filtration market in the forecast period.
Increasing demand for cloud-based solutions is a trend in the market. Technological advancements in the field of IT have resulted in increased efficiency and speed in various processes. As a result, the healthcare industry is embracing these technologies. The rising emphasis on patient data privacy and safety has created a demand for cost-effective solutions such as cloud computing. Cloud computing offers several advantages, including flexibility, compatibility with existing systems, disaster recovery capabilities, scalability, and automatic software updates without additional costs.
Moreover, with the implementation of cloud computing, healthcare organizations can access data remotely through wearable patches. Storing wearable patch data on the cloud eliminates the need for backups and mitigates the impact of system failures. As healthcare organizations transition to cloud-based systems, the importance and usability of wearable patches are expected to increase. Consequently, this trend is anticipated to propel the growth of the targeted market in the forecast period.
Concerns regarding data privacy and security are challenging the market growth. The healthcare industry has witnessed a surge in cyberattacks, leading to heightened concerns about privacy and data protection. Hospitals, clinics, and insurance companies are among the entities in the healthcare sector that have been affected. The integration of data-generating devices and the centralization of healthcare and patient data have made organizational data vulnerable to cyber threats.
The healthcare industry has undergone a significant transformation with the digitization of workflows and the adoption of electronic patient records. While medical data plays a crucial role in enhancing healthcare quality, reducing costs, and gaining insights, security, and privacy issues hinder the full realization of the potential benefits offered by advanced technologies. The volume, complexity, diversity, and timeliness of electronically available data, commonly referred to as big data, have increased significantly. Concerns regarding the security and privacy of sensitive information have escalated due to factors such as clinical mobility, wireless networking, cloud computing, and information exchange. The use of wearable patches raises similar concerns as data is acquired from third-party devices, and assessing the security measures of wearable patches and connected devices becomes challenging for care providers, thereby amplifying the importance of addressing these security concerns.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
2M Engineering Ltd: The company offers wearable health patch which measures and record physiological signals like ECG, bioimpedance, accelerometer, and others for research applications.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The clinical segment is estimated to witness significant growth during the forecast period. Wearable patches play a crucial role in monitoring patients' health conditions by collecting data at regular intervals and transmitting it to connected devices like smartphones and laptops. These patches provide remote health monitoring, reducing the need for physical consultations with doctors. As the prevalence of lifestyle diseases increases, manufacturers are focusing on developing devices that help doctors better understand patients' health issues.
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The clinical segment was the largest segment and was valued at USD 3.00 billion in 2018. Technological advancements have enabled wearable devices to assist patients with high risks of heart disease. AI-powered wearable patches can detect early signs of heart disease. Element Science is conducting tests on the Jewel Patch Wearable Cardioverter Defibrillator, which utilizes machine learning algorithms to detect and track heart rhythms that could lead to sudden cardiac arrest. Wearable medical devices are also aiding individuals with diabetes by monitoring and managing glucose levels in the body and delivering insulin doses when needed. The development of smart insulin patches, such as the one by researchers at the UNC School of Medicine and MIT, allows for continuous monitoring of blood sugar levels and timely delivery of insulin doses. Biobeat has received FDA clearance for its patch that measures blood pressure, oxygenation, and heart rate, supporting cloud-based healthcare with connectivity solutions. Although the market is still in its early growth stage, recent technological advancements and the benefits offered to patients are expected to drive market growth in the forecast period.
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North America is estimated to contribute 45% to the growth of the global market during the forecast period, while ROW contributes 55%. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America dominated the global wearable patch market and is projected to maintain its leading position until the end of the forecast period. This can be attributed to the increasing number of health-conscious individuals in the region, with Canada and the US playing a significant role in driving the regional market. The region is witnessing a rise in obesity and lifestyle diseases due to hectic work schedules and reduced physical activity. As people become more health-conscious, there is a growing demand for devices that enable daily health monitoring. Changing lifestyles and the prevalence of chronic diseases are key factors propelling market growth in North America.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market continues to expand rapidly, driven by the aging population and the increasing prevalence of chronic disease. With insights from reports like the American Heart Association Report 2019, businesses are making strategic business decisions to capitalize on this growing segment, focusing on innovative solutions for diagnosis and treatment. The connected wearable segment is at the forefront, offering advanced features such as wireless connectivity and mobile health applications for seamless monitoring and delivering drugs and medications. From anti-aging patches to nicotine patch and Scopolamine patch for nausea, these patches cater to diverse needs. However, the market faces challenges including potential risks and restrictive factors such as relevant policies. Despite this, the demand for smart patches equipped with microprocessor controller is on the rise, especially for conditions like atrial fibrillation and stroke incidents. As technology insights evolves, wearable patches are poised to revolutionize healthcare delivery, shaping the future of medical treatment and improving patient outcomes.
Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.26% |
Market Growth 2024-2028 |
USD 7.12 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
11.85 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 45% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
2M Engineering Ltd., Abbott Laboratories, Apple Inc., Beneli AB, Biofourmis Inc., DarioHealth Corp., Dassault Systemes SE, DuPont de Nemours Inc., Eoflow Co. Ltd., GENTAG Inc., greenTEG AG, Kenzen Inc., LifeSignals Group Inc., Nemaura Medical Inc., PKvitality S.A.S., Prevent Biometrics, Qualcomm Inc., Samsung Electronics Co. Ltd., The Surgical Co., and VitalConnect Inc. |
Market dynamics |
Parent market analysis, Market forecasting, 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 the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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