IMARC Group has recently released a new research study titled “Wearable Patch Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the global wearable patch market share, drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios. The market size reached US$ 11.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 19.3 Billion by 2028, exhibiting a growth rate (CAGR) of 9.3% during 2023-2028.
Industry Definition and Application:
The wearable patch represents smart medical bandages worn on the body for disease monitoring, drug delivery, diagnosis, and well-being of a patient. It consists of numerous electronic components, including sensors, actuators and energy storage, communication systems, etc.
Wearable patches gather data at regular intervals and transmit it to connected smartphones or health information systems (HISs). Some of the commonly used patches comprise sweat-analyzing patches, pain-relieving patches, nicotine and alcohol detection patches, and sensor patches for monitoring temperature, heart rate, blood glucose, blood pressure, oxygen levels, etc. They are compact and flexible in nature and facilitate continuous or semi-continuous monitoring of physiological parameters and several complex electrocardiogram measurements without tethering the patient to the wired hub.
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Market Trends and Drivers:
The growing prevalence of lifestyle diseases and chronic medical ailments, such as diabetes, cardiovascular diseases (CVDs), hyperglycemia, etc., is primarily augmenting the wearable patch market. Furthermore, the increasing consumer health consciousness is positively influencing the global market. The rising usage of wearable patches for tracking sports activities via fitness bands and smartwatches is acting as another significant growth-inducing factor. Moreover, various technological advancements, including the introduction of personalized skin patches that monitor individual exposure to ultraviolet (UV) rays, pollution, pollen, humidity, etc., are also bolstering the market growth. The development of innovative wearable cosmetic patches by leading manufacturers that can be used for melanoma therapies, including chemotherapy and radiotherapy, is further catalyzing the global market. Additionally, the expanding geriatric population and continuous improvements in healthcare infrastructures are expected to fuel the wearable patch market in the coming years.
Competitive Landscape:
The competitive landscape of the wearable patch market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Abbott Laboratories
- Delta Electronics Inc.
- Gentag Inc.
- Insulet Corp.
- iRhythm Technologies Inc.
- Kenzen Inc.
- MTG UK Co. Ltd.
- Nemaura Medical Inc.
- UpRight Technologies Ltd.
Key Market Segmentation:
The report has segmented the global wearable patch market based on technology, end use and region.
Breakup by Technology:
- Connected
- Regular
Breakup by End Use:
- Healthcare
- Fitness and Sports
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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