In terms of revenue, the global connected wearable patches market was US$ 166820 Mn in 2020 and is estimated to be US$ 412470 Mn by 2030. Connected wearable patches market participants include TempTraq, Qualcomm Inc., Abbott Laboratories, Nemaura Medical Inc., G-Tech Inc., Proteus Digital Health, Inc., Chrono Therapeutics, Blue Spark Technologies, KENZEN, Gentag Inc., Preventice Solutions, Vital Connect, Vancive Medical, Sensium Healthcare, Medtronic, NeuroMetrix, Qardio, iRhythm amongst others.
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Connected wearable patches include tags, tattoos, or small devices that are affixed to the skin and worn for a limited period of time, ranging from an hour to several weeks. The patches also have an element of wireless connectivity, and have a medical, health, or wellness purpose that can range from monitoring physiological data to delivering medication. The wearable technology devices are in high demand in the healthcare industry. Several connected wearable products are existing in various forms for many years. The development in wearable patches took place about a decade ago with the arrival of new sensors and low power radio chips.
The market for connected wearable patches holds high demand, with the potential to improve the health of patients and contribute to lower healthcare costs. The market is however in the early stages of development and commercial availability. Advancements in the healthcare sector and growing health awareness worldwide is the primary factor driving the connected wearable patches market. The need to monitor health and fitness using wearable patches has also accentuated demand for the connected wearable patches. Growth in technological and medical capabilities is one of the major factor driving the growth of connected wearable patches market.
Connected Wearable Patches, by Application
Connected wearable patches are widely used in monitoring a patient’s conditions and treating them on time. They are also used in diagnosing any abnormalities in body conditions. For instance, people with diabetes prick their fingers multiple times a day to check their blood glucose levels, and dose themselves timely with injections of insulin. Monitoring is crucial, as rises in sugar levels in the blood can over time increase a diabetic patient’s risks of developing long-term complications from the disease. When a diabetic person puts the patch on, the device captures sweat from the person’s skin. Sensors within the patch pick up on the sweat's pH and note the temperature change that occurs. The patch then sends a signal alerting high glucose level to inform both, the patient as well as the doctor. Once a high level is detected, heaters in the patch start to dissolve a layer of coating, exposing micro needles that release a drug called Metformin, which help to regulate and reduce high blood sugar levels.
This is how a patient’s health is monitored by using skin wearable patches. Such patches are also used in monitoring and treating other body conditions such as obesity, heart attack and increased blood pressure. In 2018, scientists from the Nanyang Technological University developed a micro-needle patch that delivers fat-burning drugs into the body. The researchers hope that their wearable patch could be used to address worldwide obesity problems without the need for surgical operations.
Connected Wearable Patches Market, by Region
North America is leading in connected wearable patches market, due to the technological advancements and high investments made by the companies in the region. As per the import data of United States, the shipment of wearable devices in the first quarter of 2015 in the United States reached US$11.4 million units. There was an increase of 200% as compared to previous years. Businesses are developing wearable patches that aim to make living with certain illnesses and conditions more manageable. For example, the ADAM (asthma detection and monitoring) wearable patch detects symptoms and, via an app connection, monitors inhaler use and provides warning of impending asthma attacks by sending important data to a patient’s doctor. North America based technology companies such as Intel and Apple are investing heavily in wearable patches. Also, non-tech companies such as Nike, Proteus Digital Health and others are investing heavily in connected wearable patches market.
Connected Wearable Patches Market research added by Absolute Markets Insights, offers a comprehensive analysis of the growth trends prevailing in the global business arena. This report also provides definitive data regarding the market, size, marketing aspects, and revenue forecast of the industry. In addition, the study explicitly highlights the competitive status of major players in the projection schedule while focusing on their portfolio and regional expansion efforts.
The Global Connected Wearable Patches Market Analysis to 2030 is a specialized and in-depth study of the Technology, Media, and Telecommunications industry, with an emphasis especially on the analysis of global market trends. The report aims to provide an overview of the enterprise content delivery networks and enterprise streaming software market with detailed market segmentation by component, type of deployment, industry vertical, and geography. The global market for enterprise content delivery networks and enterprise streaming software is expected to witness high growth during the forecast period.
The overall turnover of the companies / segments for the years 2021, 2020 and 2019 is provided in the sub-heading “Financial performance” (listed companies) with the analysis and explanation of the increase or decrease. decrease in these due to factors such as mergers and acquisitions, profit or loss of any strategic business unit (SBU) and others.
Information relating to new product launches, strategic collaboration, mergers and acquisitions, regulatory approval and other company developments in the market is covered in the strategic initiatives section.
Connected Wearable Patches Market: Regional analysis includes:
- Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia and Australia)
- Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
- North America (United States, Mexico and Canada.)
- South America (Brazil etc.)
- The Middle East and Africa (GCC countries and Egypt.)
This research provides detailed information on the major factors influencing the Connected Wearable Patches market growth on a global and regional level (drivers, restraints, opportunities and challenges), forecast of market size, in terms of value, market share by region and segment; regional market positions; growth opportunities by segment and by country, strengths and weaknesses, brand portfolio; Marketing and distribution strategies; challenges and threats of current competition and prospects; Key Company Profiles, SWOTs and Growth Strategies.
The Connected Wearable Patches market research covers a comprehensive analysis of the following data:
• Historical and future growth of the Global Connected Wearable Patches market.
• Segmentation of enterprise content delivery network and enterprise streaming software market to highlight the growth prospects and trends impacting these segments.
• Change the consumption behavior of customers in different regions.
• Regional analysis on the basis of market share, growth prospects and key countries.
• Agreements, product launches, acquisitions and R&D projects of various players in the enterprise content delivery networks and enterprise streaming software market.
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