The Global Wearable Patch Market size is expected to reach $12.6 billion by 2026, rising at a market growth of 10.6% CAGR during the forecast period.
Wearable patches are commonly known as electronic skin and smart patches. These are small, thin, and flexible in nature. Wearable patches are used for drug delivery, disease monitoring, and diagnosis. These patches are helpful in maintaining health and wellbeing in ageing patients suffering from prolonged conditions like diabetes and others. Currently, the market of wearable technologies is increasing, due to rise in research and development activities for designing new wearable patch carried out by significant players functioning in the market.
Features like continuous monitoring of patient's body along with accurate data, minimal intervention with body movements and easier connectivity with the numerous smartphones are the pivotal factors that are boosting the growth of this market. In addition to it, the increase in a number of lifestyle diseases will also fuel the market growth.
On the other hand, overlong process of governmental supports and interruption in new product launch are hamper the market growth. Growing acceptance of wearable patches in developing countries and rising adoption towards healthy lifestyle in order to create profitable prospects for wearable patches market.
Based on Technology, the market is segmented into Connected Wearable and Regular Wearable. The Connected Wearable segment has the largest revenue share in 2019. This large share of this segment is accredited to the increasing occurrence of chronic diseases as well as the growing demand for the wearable patch in emerging countries. The speedily increasing aging population and growing occurrence of cardiovascular diseases are the primary factors that are expected to drive segment growth in the foreseeable period.
Based on Application, the market is segmented into Non-Clinical and Clinical. The clinical segment has the largest revenue share in 2019. Owing to the speedily increasing patient population and growing investments in the R&D for new wearable patch, the segment is anticipated to show growth in the coming years.
Increasing investment in the clinical research industry by numerous players in the market to boost their efficacy and yield has driven the manufacturers to surge their emphasis on these activities. Growing focus on the wearable patch and increasing R&D spending are main factors that are responsible for the progress of this segment.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America is the leading region for the Wearable Patch Market, owing to the existence of large number of creators in the North America region is largely contributing for the growth of this region. Still, other emerging economies like Asia Pacific is expected to have a substantial growth owing to rising disposable income in the population and rising awareness about wearable skin patch in the Asia Pacific region.
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Koninklijke Philips N.V., Abbott Laboratories, Qualcomm, Inc., and L'Oreal Group are forerunners in the Wearable Patch Market. Companies such as VivaLNK, Inc., LifeSignals Group, Inc., and Smith & Nephew PLC are some of the key innovators in the market.
Key Topics Covered:
Chapter 1. Market Scope & Methodology 1.1 Market Definition 1.2 Objectives 1.3 Market Scope 1.4 Segmentation 1.5 Methodology for the research
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