Wearable Patches Market Growth Analysis, Industry Size, Market Opportunities and Future Estimations

According to BIS Research, the global wearable patches market consists of wearable patches that are used for diagnostic, monitoring, and therapeutic purposes. These patches are used for various purposes, such as heart rate monitoring, blood glucose monitoring, and SpO2 levels, among others.

The global wearable patches market was valued at $8,650.0 million in 2021 and is projected to reach $26,892.7 million by the end of 2031. Furthermore, the market is anticipated to grow at a CAGR of 11.06% during the forecast period 2022-2031. The market is driven by factors such as the continuous monitoring and minimum interference with body movement for measurement of vital signs of patients, increasing prevalence of chronic disorders (diabetes, strokes, etc.), rising technological advancement (increased connectivity with cell phones and precise data), and growing geriatric population.

Recent Developments in the Global Wearable Patches Market

•    In September 2022, Senseonics announced a collaboration with the University Hospitals Accountable Care Organization (UHACO) in Cleveland, Ohio.
•    In June 2022, Abbott announced that it is developing a new biowearable, "Glucose-Ketone Monitoring System" that will continuously monitor glucose and ketone levels in one sensor.
•    In June 2022, Blue Spark Technologies Joined Medidata’s Sensor Cloud Network , which aims to overcome barriers limiting the full adoption of medical sensors––including data integration and standardization.
•    In May 2022, BioIntelliSense introduced the BioButton Rechargeable Wearable Device for Continuous Medical Grade Monitoring of 20+ Vital Signs and Biometrics, a new product from BioIntelliSense.
•    In April 2022, Blue Spark received a $40M funding for remote monitoring wearables.
•    In April 2022, Carevive Systems and Blue Spark Technologies partnered to conduct Real-Time Remote Patient Monitoring Pilot.
•    In April 2022, Insulet launched New Omnipod 5 System Data for Type 1 and Type 2 Diabetes.

Impact of COVID-19

The COVID-19 pandemic impacted practically all sectors and social functions worldwide, including the wearable patches market. However, the wearable patches market sustained this impact as the demand for continuous monitoring with reduced contact increased during the pandemic.

During this period of fast expansion, the industry has learned to be adaptable and versatile. The necessity to harness and use digital infrastructure for remote monitoring has been brought into stark relief by the COVID-19 outbreak. There is a need for further effective disease monitoring and detection of individual and public health, which might be facilitated by wearable sensors, as current viral testing and vaccines are less patient compliant. The application of this methodology toward predicting the probability of COVID-19 is still required, even though its value has been used to associate physiological measures with activities of daily existence and human performance. Users of wearable technology could receive alerts when changes in their parameters match those linked to COVID-19 when combined with predictive platforms.

Demand – Drivers and Limitations

Following are the drivers for the global wearable patches market:

•    Continuous Monitoring and Minimum Interference with Body Movement for Measurement of Vital Signs of Patients
•    Increasing Prevalence of Chronic Disorders (Diabetes, Strokes, etc.)
•    Rising Technological Advancement (Increased Connectivity with Cellphones and Precise Data)
•    Growing Geriatric Population

The market is expected to face some limitations as well due to the following challenges:

•    High Cost and Lack of Adequate Reimbursement Limiting the Adoption of Wearable Patches
•    Concerns Regarding Data Privacy and Security of the Data Collected from Wearable Patches

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

Some of the prominent names in this market are:

•    Abbott Laboratories
•    Bittium Corporation
•    Boston Scientific Corporation
•    iRhythm Technologies, Inc.
•    Koninklijke Philips N.V.
•    Masimo Corporation
•    Medtronic plc
•    OMRON Corporation
•    Senseonics Holdings, Inc.
•    Alio, Inc.
•    AliveCor Inc.
•    BioIntellisense, Inc.
•    Samay
•    Theranica Bio-Electronics Ltd.
•    VitalConnect Inc.
•    VivaLNK Inc.

Companies that are not a part of the aforementioned pool have been well represented across different sections of the report (wherever applicable).

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