Global Wearable Patch Market Overview:
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. Some of the key players profiled in the study 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).
On the basis of geography, the market of Wearable Patch has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Mounting, the sub-segment i.e. Regular Wearable Patch will boost the Wearable Patch market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Wearable , the sub-segment i.e. Wristwear will boost the Wearable Patch market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Online will boost the Wearable Patch market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Clinical will boost the Wearable Patch market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- 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
- Growing Applications of Sensor Patches to Monitor Glucose Level
- The Emergence Of Sensor Patches
- Stringent Government Regulations
- The Design Complexities Associated with the Use of Wearable patches
Major Market Developments:
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.
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
Major Objectives Focused through this Study
To define, describe, and forecast the Global Wearable Patch market on the basis of product [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)] , application [Monitoring, Diagnostics, Medical Therapeutics and Others(Healthcare, Fitness & sports )], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Wearable Patch market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Wearable Patch industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are MC10, Inc. (United States), Texas Instruments Inc. (United States) and Proteus Digital Health, Inc. (United States).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Wearable Patch market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.