Market Snapshot:
Medical grade wearable are becoming important across the globe in all the areas of healthcare by providing continuous real time physiological data available in clinical settings.Wearable patches are designed to detect, monitor, diagnosis,medicate, management and treatment health wellness and prevention.they are easy to carry, which can lead to better patient compliance and increases adoption rate.wearable patches help people monitor their health conditions to avoid serious health issues. The increase in the aging population, the rise in the number of diseases, and high healthcare costs are major concerns for people. People are becoming increasingly concerned about their health and fitness. The increasing demand for diet programs and mobile health applications is helping the market to grow as it is encouraging more users to adopt wearable patches. The increased awareness of wearable patches among consumers is expected to continue to drive the growth of the market during the forecast period.
Highlights from Wearable Patch Market Study
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The key Players profiled in the report are Abbott Laboratories (United States), iRhythm Technologies, Inc. (United States), Feeligreen SA (France), Masimo Corporation (United States), NanoSonic, Inc. (United States), Proteus Digital Health, Inc. (United States), Hocoma AG (Switzerland), Leaf Healthcare, Inc. (United States), Hivox Biotek Inc. (Taiwan) and Raiing Medical Company (China). Additionally, other players that are part of this comprehensive study are MC10, Inc. (United States), Texas Instruments Inc. (United States) and Proteus Digital Health, Inc. (United States).
Geographic Breakdown and Segment Analysis
The Global Wearable Patch market presents a comprehensive analysis of the Wearable Patch market by product type (Temperature Patch, Blood Glucose Patch, Blood Pressure/Flow Patch, Heart Rate Patch, ECG Patch, Blood Oxygen Patch and Others (Position Sensor, Sweat Analyzer, and Pain Reliever)), by end-user/application (Monitoring, Diagnostics, Medical Therapeutics and Others(Healthcare, Fitness & sports )), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Wearable Patch industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Wearable Patch market
Analyst at AMA have segmented the market study of Global Wearable Patch market by Type, Application and Region.
Influencing Trend:
The Emergence Of Sensor Patches
Market Growth Drivers:
Increasing Demand for Childcare Diagnostics Sensor Patches Is the Key Driving Factor of market, Growing Demand for Portable Medical Devices and Wearable Sensor patch, Growing Elderly Population and Growing Applications of Sensor Patches to Monitor Glucose Level
Challenges:
The Design Complexities Associated with the Use of Wearable patches
Restraints:
Stringent Government Regulations
Market Developments Activities:
For instance in November 2019 Biofourmis has announced their acquisition with wearable company of Zurich based company Biovotion AG. This acquisition will help to deliver proprietary clinical grade wearable by Combining Biovotion's top wearables with Biofourmis' digital therapeutics platform and its foremost artificial intelligence (AI)-driven predictive analytics generate the most comprehensive digital therapeutics solution on the market.
For instance, in August 2020 ZetrOZ Systems of United States wearable patch SAM approved by FDA to heals the wide range of injuries and pain without drugs and pain. Veteran Health Administration is expanding its pain management program with Sustained Acoustic Medicine for chronic pain patients. and On May 18, 2020, A team at the University of California San Diego has introduced a wearable, non-invasive vitamin C sensor that could offer a new, highly personalized option for users to track their daily dietary adherence and nutritional intake
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Wearable Patch Manufacturer, Wearable Patch Suppliers, Dealers, Suppliers, Traders, and Distributors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industry