Wearable patch market analysis | Coherent Market Insights

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• WEARABLE PATCH MARKET ANALYSIS
• Wearable Patch Market, by Technology (Connected
  and Regular), by Application (Monitoring, Drug
  Delivery, and Diagnostics), by End User
  (Healthcare and Fitness Sports), and by Region
  (North America, Latin America, Europe, Asia
  Pacific, Middle East, and Africa) - Size, Share,
  Outlook, and Opportunity Analysis, 2019 - 2027

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• Wearable patches are known as smart patches or
  electronic skin. These are thin, small, and
  flexible in nature, and are used for disease
  monitoring, drug delivery, and diagnosis.
  Wearable patches help to maintain health and
  wellbeing in elderly patients suffering from
  chronic conditions such as diabetes and others.
  Presently, the market of wearable technologies is
  growing, owing to increasing research and
  development activities for development of
  wearable patch carried out by key players
  operating in the market. Wearable patches can be
  worn or stuck to the skin, or patchs such as
  scopolamine patches and transdermal patch are
  directly attached to the affected body part for
  disease monitoring. For instance, a nicotine path
  is a transdermal patch, which releases nicotine
  into the body, and is used in nicotine
  replacement therapy (NRT).
• The global wearable patch market size is expected
  to be valued at US 318.1 million in 2019, and is
  expected to exhibit a CAGR of 22.9 over the
  forecast period (2019-2027).

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• Figure 1. Global Wearable Patch Market Value (US
  Mn), by Region, 2019

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• Increasing prevalence of chronic diseases is
  expected to propel the market growth over the
  forecast period
• Increasing prevalence of chronic diseases such as
  diabetes and atrial fibrillation is resulting in
  high number of stroke incidents, which is
  expected to drive growth of the wearable patch
  market over the forecast period. For instance,
  according to the International Diabetes
  Federation report published in November 2019,
  around 463 million adults between the age group
  of 20 to 79 years were diagnosed with diabetes
  across the globe, and it is expected that the
  total diabetes population will reach around 700
  million by 2045 globally.
• Moreover, according to the American Heart
  Association, January 2019, stroke was a leading
  cause of death in the U.S. with around 2.7
  million people in the country living with atrial
  fibrillation and around 800,000 people encounter
  stroke, annually, due to blockage in the blood
  vessel, which supplies blood to the brain.
  Therefore, increasing prevalence of atrial
  fibrillation is expected to boost growth of the
  wearable patch market.

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Figure 2. Global Wearable Patch Market Share (),
by Application, 2027

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Rising technological advancements in wearable
patch is anticipated to drive the market growth
over the forecast period

• Wearable patches are used for monitoring and
  diagnosis of chronic diseases. Increasing
  prevalence of diseases such as atrial
  fibrillation has led to increase in demand for
  wearable patches for early diagnosis. This rising
  demand has led by major players in the market to
  launch new and technologically advanced wearable
  patch. For instance, in July 2018, LifeSignals, a
  solution provider for health and wellbeing,
  received the U.S. Food and Drugs Administration
  (FDA) approval for wireless LP1100 Life Signal
  Patch, a next generation wearable healthcare
  monitoring device. LP1100 Life Signal Patch is a
  clinical-grade, two-lead ECG, and heart rate
  monitoring patch, which has three-day monitoring
  capacity.
• Furthermore, in November 2018, LOreal and La
  Roche-Posay launched My Skin Track UV, a
  wearable skin and sun safety sensor to help women
  and men to track their personalized exposure to
  UV, pollution, pollen, and humidity.

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Key Players

• However, high cost of sensor monitoring patch is
  expected to hinder growth market growth in
  emerging economies such as India, Brazil and
  China. The average price of ECG sensor patch is
  around US 300 to US 4,500. Market players, who
  can address the cost issue and can offer high
  quality products in emerging economies are
  expected to enhance their market share in the
  particular region.
• Major players operating in the global wearable
  patch market include Medtronic Plc, Hill-Rom
  Holdings, Inc. (Welch Allyn), iRhythm
  Technologies, Inc., AliveCor, Inc., Vivalnk,
  Inc., Cardiac Insight Inc., VitalConnect,
  LifeSignals, Inc., Loreal Group, Dexcom, Inc.,
  GENTAG, Inc., Abbott Laboratories, and
  Koninklijke Philips N.V.

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• Referance https//www.coherentmarketinsights.com/
  market-insight/wearable-patch-market-2891

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