Wearable Patch Market Size To Hit US$ 17.9 Billion by 2027 | IMARC Group
According to IMARC Group’s latest report, titled “Wearable Patch Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global wearable patch market size reached US$ 10.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 17.9 Billion by 2027, exhibiting a growth rate (CAGR) of 9.7% during 2022-2027. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Wearable patches, also called as electronic skin and smart patches used for drug delivery, disease monitoring, and diagnosis. Some of the commonly utilized patches comprise sweat-analyzing patches and pain-relieving patches. Wearable patches are small, thin, flexible, etc., and are helpful in maintaining the health and well-being of patients suffering from prolonged conditions, including diabetes and cancer. They can be worn or stuck to the skin directly on the affected body part to collect data regularly and transmit data to health information systems (HISs) or even smartphones.
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Market Trends:
The growing prevalence of lifestyle disorders and chronic medical ailments, including diabetes, cardiovascular diseases (CVDs), hyperglycemia, etc., is among the key factors stimulating the wearable patch market. Moreover, the increasing health consciousness among the masses is acting as another significant growth-inducing factor. Besides this, the widespread adoption of wearable patches, which aid in the early diagnosis of ailments and tracking sports activities through fitness bands and smartwatches is positively influencing the global market. Furthermore, the inflating technological advancements, such as the development of personalized skin patches that monitor individual exposure to ultraviolet (UV) rays, pollen, humidity, pollution, etc., are also propelling the market growth. Apart from this, the introduction of innovative wearable cosmetic patches by product manufacturers that can be used for melanoma therapies, including radiotherapy and chemotherapy is further fueling the global market. Additionally, the growing geriatric population and the rising improvements in healthcare infrastructures, especially in developing countries are anticipated to fuel the wearable patch market over the forecasted period.
Competitive Landscape With Key Players:
The competitive landscape of the wearable patch market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Abbott Laboratories
- Delta Electronics Inc.
- Gentag Inc.
- Insulet Corp.
- iRhythm Technologies Inc.
- Kenzen Inc.
- MTG UK Co. Ltd.
- Nemaura Medical Inc.
- UpRight Technologies Ltd.
Key Market Segmentation:
The report has segmented the global wearable patch market based on technology, end use and region.
Breakup by Technology:
- Connected
- Regular
Breakup by End Use:
- Healthcare
- Fitness and Sports
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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