Wearable Patch Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, UK, China, Japan - Size and Forecast 2023-2027

Wearable Patch Market Forecast 2023-2027

The Wearable Patch Market size is estimated to grow by USD 5.65 billion at a CAGR of 12.02% between 2023 and 2027. The growing prevalence of chronic diseases, such as diabetes and cardiovascular diseases, is increasing the demand for remote monitoring and management solutions, making wearable patches a valuable tool for both providers and patients. The benefits of wearable patches, such as real-time data collection and monitoring, convenience, and non-invasiveness, make them attractive for both providers and patients, driving market growth. Additionally, growing awareness among consumers about the benefits of wearable patches for health monitoring and management is increasing their adoption, further fueling market growth.

It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

Market Overview

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Market Segmentation

The market report extensively covers market segmentation by application (clinical and non-clinical), technology (regular and connected), and geography (North America, Europe, Asia, and the Rest of the World (ROW)).

By Application

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 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 2.71 billion in 2017. 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 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.

By Region

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North America is estimated to contribute 45% to the growth of the global wearable patches market during the forecast period. 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 in 2020, a trend expected to persist due to a growing population of health-conscious individuals in the region. Both Canada and the US are set to play significant roles in this market during the forecast period.

The region is witnessing a surge in demand for health monitoring devices due to sedentary lifestyles and an increase in obesity and lifestyle diseases. The aging population, changing lifestyles, and the prevalence of chronic illnesses further contribute to market growth. Athletes, professionals, and the general public widely adopt wearable patches. High technology adoption and ongoing research and development in wearables drive demand. Evolving technology and the availability of cost-effective wearables expand their applications and, combined with the presence of multiple manufacturers like Abbott and Gentag, encourage consumer choices and competitive pricing. User-friendly instructions and convenience further boost the demand in North America.

Market Dynamics 

The market is experiencing rapid growth due to several driving factors. These include the increasing incidence of chronic diseases like cardiovascular diseases and the rising healthcare costs associated with them. Manufacturers are investing heavily in R&D to develop connected wearable patches for drug delivery and health monitoring. The connected wearable segment, which includes devices with Bluetooth connectivity and electronic skin technology, is particularly promising. These are designed to deliver drugs, such as nicotine for Nicotine Replacement Therapy (NRT), making them valuable tools for managing various health conditions.

Key Market Driver

The benefits of wearable patches for providers and patients are a key driver boosting the market growth. To address the escalating expenses associated with healthcare, both healthcare insurance and device companies are introducing innovative solutions, such as wearable patches designed for continuous monitoring of diseases. These are manufactured by companies specializing in health monitoring technology, not only tracking diseases but also helping users maintain their physical well-being by monitoring daily activities and providing personalized recommendations. The patches utilize myoelectric technology for health monitoring and are particularly useful for Nicotine Replacement Therapy (NRT), including nicotine patches, to support smoking cessation efforts. They are discreet, allowing users to wear them under clothing without affecting their movements or daily activities. These easily connect to various devices via Bluetooth, compatible with most mobile operating systems. As a result, wearable patches are becoming increasingly popular among individuals and healthcare professionals, challenging the popularity of fitness bands and smartwatches.

Advances in sensor technology have enabled many patches to incorporate wireless connectivity, enhancing their capabilities for health monitoring and drug delivery. The appeal of these among healthcare providers is further enhanced by features such as real-time streaming of health data, data accuracy, and user-friendly daily applications. Additionally, the seamless integration with smartphones is expected to drive the growth of the market in the foreseeable future.

Major Market Trend

The growing interest in transdermal medicines is one of the major wearable patch market trends shaping the market growth. A transdermal patch, a form of transdermal technology, is a medical adhesive device affixed to the skin to administer precise medication dosages. These employ a diffusion method to deliver medication through the skin directly into the bloodstream over time. Their adoption is increasing due to various advantages over oral or injectable medications. Transdermal methods are patient and physician-friendly, reducing gastrointestinal side effects and being non-invasive. They ensure controlled medication release through porous membranes or medication reservoirs.

Over the past decade, interest in transdermal tech has surged, driven by additional clinical data and pharmaceutical companies seeking innovative formulations. This growing interest has led to more than 35 transdermal products in the US alone, with ongoing advancements in chemical enhancers and iontophoresis techniques. As technology advances, the demand for wearable transdermal patches is set to increase, fueling market growth in the foreseeable future.

Significant Market Challenge

The lengthy process of government approvals is a major challenge hindering the wearable patch industry. Navigating the regulatory approval process for healthcare devices and medications is a protracted and intricate ordeal, involving multiple stages and extensive documentation requirements for manufacturers. This complexity often makes it challenging for companies to meet the exacting standards imposed. Consequently, introducing a product to the market can take a substantial amount of time, often 3-4 years before profitability is achieved.

The approval process itself is time-consuming, taking up to a year, and only after approval can commercialization commence. When a product reaches mass market availability, typically two years have passed, leaving manufacturers vulnerable to obsolescence in the face of emerging technologies. Any post-approval product modifications require additional approval, further impeding wearable patches market growth during the forecast period

Which are the Major Companies and Key offerings of the Wearable Patch Market?

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 wearable patches market.

Qualcomm- The company offers wearable patches such as smart single use biometric patches.

Technavio has detailed analyses of the competitive landscape of the market and information about 15 market companies, including: 

• 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.
• VitalConnect Inc.

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.

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Application Outlook 
  • Clinical
  • Non-clinical
• Technology Outlook
  • Regular
  • Connected
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • ROW
    • Australia
    • Argentina
    • Brazil

Market Analyst Overview

The market is witnessing significant growth due to the increasing adoption of mobile health applications and the rising prevalence of chronic diseases such as atrial fibrillation and diabetes. These patches offer a convenient way of monitoring health and delivering drugs. Anti-aging patches and smart patches are particularly gaining traction among elderly patients. Companies are focusing on R&D investment to develop innovative patches with microprocessor controllers for enhanced functionality. However, the market faces challenges such as restrictive factors and potential risks associated with the use of patches. Strategic business decisions and growth strategies are essential for companies to navigate the market competitive situation and capitalize on the growing demand for wearable patches.

The market is driven by a combination of factors such as R&D spending to develop innovative patches, monitoring the health of individuals, and business/growth strategies adopted by key players. These patches play a crucial role in the diagnosis and monitoring of various health parameters, contributing to the management of a number of diseases. The market is also influenced by relevant policies that govern the use and distribution of wearable patches. Additionally, the market benefits from the increasing focus on qualitative analysis and Technology Insights. However, challenges such as sales fluctuations and concerns over stroke incidents associated with certain patches remain. Efforts to address these challenges are crucial for the sustained growth of the market.

Market Scope
Report Coverage	Details
Page number	154
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 12.02%
Market growth 2023-2027	USD 5.65 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	11.28
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 market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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