Global Wearable Patches Market Analysis Report 2023: Market to Exceed $26.8 Billion by 2031 – AI Algorithms for Wearable Patches for Better Clinical Outcome Presents Unique Opportunities
DUBLIN, Dec. 8, 2023 /PRNewswire/ — The “Wearable Patches Market – A Global and Regional Analysis: Focus on Usage Type, Application, End User, and Region – Analysis and Forecast, 2023-2031” report has been added to ResearchAndMarkets.com’s offering.
The global wearable patches market was valued at $10,462.4 million in 2022 and is expected to reach $26,892.7 million by 2031, growing at a CAGR of 10.19% between 2023 and 2031.
Wearable patches represent a revolutionary advancement in the field of healthcare technology, offering a compact and non-invasive solution for monitoring various physiological parameters and delivering therapeutic interventions. These innovative patches are designed to adhere comfortably to the skin, providing continuous real-time data collection, analysis, and communication with healthcare professionals or individuals themselves.
The key factors driving the growth of the global wearable patches market include continuous monitoring of body vitals and minimum interference with body movement, increasing prevalence of chronic disorders (diabetes, strokes, etc.), rising technological advancement, and a growing geriatric population.
The top segment players who are leading include manufacturers of different kinds of wearable medical patches. The blood glucose patches captured around 82.23% of the presence in the market in 2022. This was followed by the heart rate and ECG patches, which accounted for approximately 9.47% of the presence in the market in 2022.
Market Segmentation
Blood Glucose Patches Dominate the Global Wearable Patches Market
Blood glucose patches are innovative medical devices designed for continuous monitoring of blood sugar levels in individuals with diabetes. These patches offer several advantages over traditional glucose monitoring methods, such as fingerstick tests. Some of its advantages are as follows:
Continuous Monitoring: Blood glucose patches provide real-time, continuous data on blood sugar levels. This constant monitoring helps individuals and healthcare providers make timely and informed decisions regarding insulin dosages, dietary choices, and overall diabetes management.
Minimized Discomfort: Unlike frequent fingerstick tests, which can be painful and inconvenient, wearable devices offer a more comfortable and non-invasive way to monitor blood glucose levels. They eliminate the need for frequent needle pricks.
Convenience: Wearable patches are discreet and can be worn underneath clothing, allowing individuals to monitor their glucose levels without drawing attention to themselves. This convenience encourages regular monitoring and adherence to treatment plans.
Data Trends: Blood glucose patches often come with accompanying mobile apps or software that display historical data and trends. This information can help individuals and healthcare providers identify patterns, adjust treatment plans, and improve diabetes management over time.
Alerts and Alarms: Many wearable patches are equipped with customizable alerts and alarms, sending timely notifications. These notifications can warn individuals of potential hypoglycemia (low blood sugar) or hyperglycemia (high blood sugar) episodes, enabling prompt action.
Monitoring and Diagnostics to be the Major Application in the Global Wearable Patches Market
Wearable patches are widely used for the monitoring and diagnosis of vital parameters such as blood pressure, pulse rate, and blood glucose levels. These are equipped with numerous sensors which can adhere to the skin using a skin adhesive. These patches are usually non-invasive, so they are patient-friendly as well.
Patches such as blood glucose patches, heart rate and ECG patches, temperature patches, and others are used for monitoring and diagnosis of various conditions. For instance, different key players operating in the market are providing products with unique value propositions such as long battery life, easy recharge, and maintenance. These patches provide real-time feedback on a person’s health condition and are used to monitor chronic disease conditions.
Homecare Segment to Continue to Dominate the Wearable Patches Market
Remote healthcare monitoring provides an efficient and cost-effective alternative to on-site clinical monitoring and allows the patient to continue to stay at home and prevent costly treatments from hospitals, clinics, or other nursing homes.
China dominated the Asia-Pacific wearable patches market in 2022 with a share of 23.10%.
The China wearable patches market is driven by factors such as an increase in the prevalence of chronic disease. Moreover, other factors, such as the rising technological advancements in connected care and the growing demand for remote patient monitoring, are also expected to drive the growth of the market in China.
Recent Developments in the Global Wearable Patches Market
In August 2023, Theranica Bio-Electronics Ltd. received expanded CE mark approval under MDR European regulation for Nerivio as dual-use therapy for both acute and preventive treatment of migraine for adults and adolescents. The CE mark expansion for Nerivio is a critical milestone to accelerate the availability of the novel, drug-free migraine device into the European market.In June 2023, Abbott Laboratories announced that the U.S. Food and Drug Administration (FDA) cleared its FreeStyle Libre 2 and FreeStyle Libre 3 integrated continuous glucose monitoring (iCGM) system sensors for integration with automated insulin delivery (AID) systems.In June 2023, Insulet Corporation announced the commercial launch of its Omnipod 5 Automated Insulin Delivery System (Omnipod 5) for individuals aged two years and older with type 1 diabetes (T1D) in the U.K.In April 2023, the Medicare program expanded access to continuous glucose monitoring systems such as the FreeStyle Libre 2 and the FreeStyle Libre 14-day for insulin-using1 Medicare beneficiaries with diabetes, removing the prior requirement of multiple insulin injections on a daily basis.
Business Dynamics
Business Drivers
Continuous Monitoring and Minimum Interference with Body Movement for Measurement of Vital Signs of PatientsIncreasing Prevalence of Chronic Disorders (Diabetes, Strokes, etc.)Rising Technological Advancement (Increased Connectivity with Cellphones and Precise Data)Growing Geriatric Population
Business Restraints
High Cost and Lack of Adequate Reimbursement Limiting the Adoption of Wearable PatchesConcerns Regarding Data Privacy and Security of the Data Collected from Wearable Patches
Business Opportunities
Having an End-to-End Platform for ServicesAI Algorithms for Wearable Patches for Better Clinical Outcome
Key Trends
Seamless Connectivity among DevicesUse of Wearable Patches to Improve Patient Healthcare Outcomes with Machine Learning AlgorithmsIncrease in Adoption of Wearable Patches for Homecare Settings
Global Market Scenario
Realistic Growth ScenarioOptimistic Growth ScenarioPessimistic Growth Scenario
Industry Outlook
Technology LandscapeProduct BenchmarkingWearable Patch Material
Patent Analysis
Patent Publication Growth TrendPatent Analysis (by Country/Cluster)
Impact of COVID-19
Rise in the Adoption of Wearable PatchesData Collection and Saving of Medical RecordsImpact on Market SizePre-COVID-19 PhaseDuring COVID-19 PhasePost-COVID-19 Phase
Competitive Benchmarking and Company Profiles
Abbott LaboratoriesBittium CorporationBoston Scientific CorporationiRhythm Technologies, Inc.Koninklijke Philips N.V.Masimo CorporationMedtronic plcOMRON CorporationSenseonics Holdings, Inc.Alio, Inc.AliveCor Inc.BioIntellisense, Inc.SamayTheranica Bio-Electronics Ltd.VitalConnect Inc.VivaLNK Inc.
For more information about this report visit https://www.researchandmarkets.com/r/pdsw7t
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