The global Wearable Patch Market is estimated to be valued at US$ 718.8 Mn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Wearable patches are medical devices that adhere to the skin and continuously monitor various health parameters of the user such as heart rate, blood pressure, glucose levels, respiratory rate, temperature, and ECG. These patches are compact, easy to use, and provide real-time health data to users as well as healthcare professionals.
Market Overview:
Wearable patches monitor physiological parameters without invasive procedures. They are becoming popular for remote patient monitoring applications such as chronic disease management and elderly care. Medical devices contributing the largest revenue are patches for cardiac monitoring, glucose monitoring, and respiratory monitoring.
Market key trends:
One of the key trends in the wearable patch market is the increasing popularity of drug delivery wearable patches. Conventional drug delivery methods such as oral pills, injections, and IVs have certain limitations which wearable transdermal drug delivery patches aim to address. These patches offer advantages such as controlled drug release, precise dosing, and non-invasiveness over traditional methods. Cardiac patches and glucose monitoring patches are also gaining prominence in the market, driven by the growing incidence of heart diseases and diabetes globally. Research into new applications, such as fertility and addiction monitoring patches, is further expanding opportunities in this market.
Segment Analysis
The global wearable patch market is dominated by diagnostic patch segment owing to rising incidences of cardiovascular diseases. Diagnostic patch segment accounted for over 50% share of the total market in 2023. This segment encompasses smart patches that can continuously track key vital parameters like ECG, blood pressure, oxygen saturation levels etc. Diagnostic patches helps in remote patient monitoring and early disease detection thus driving their demand.
Key Takeaways
The global wearable patch market is expected to witness high growth, exhibiting CAGR of 23.% over the forecast period, due to increasing prevalence of chronic diseases.
The North America region dominated the global market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to increasing healthcare expenditures, rising adoption of remote patient monitoring practices and supportive reimbursement policies in the region promoting wearable medical devices.
Key players operating in the wearable patch market are Medtronic Plc, Hill-Rom Holdings, Inc. (Welch Allyn), iRythm Technologies, Inc., AliveCor, Inc., Vivalnk, Inc., Cardiac Insight Inc., VitalConnect, LifeSignals, Inc., Lâ€TMoreal Group, Dexcom, Inc., GENTAG, Inc., Abbott Laboratories, Koninklijke Philips N.V. and other prominent players. Medtronic captured over 15% share of the global market owing to its diverse product portfolio in the diagnostic patches segment.
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