Connected Wearable Patches Market

Global Connected Wearable Patches Market Size (2023 to 2028)

The connected wearable patches market size is expected to grow at a CAGR of 10.12% from 2023 to 2028 and the market size is anticipated to be worth USD 15.76 billion by 2028 from USD 9.73 billion in 2023.

Impact of COVID-19 on the global connected wearable patches market:

Connected wearable devices, also known as E-skin or smart patches, are sensory equipment that is attached directly to the skin and provide continuous updates about the patient's vitals like blood pressure, breathing patterns, and sugar levels in the body. The device has unique information recording technology and human-safe glue that attaches to the skin tightly and causes minimal trauma during removal. This innovation has been in the qualms for quite some time, providing multiple consumer benefits. The standard connected wearable patches are attached to the patient's skin and help in clinical and non-clinical record-keeping. They are an essential part of the remote patient monitoring experience and significantly simplify the task of doctors and healthcare professionals. These smart patches are becoming increasingly advanced in the recent medical field with multiple innovations to make them smaller, more comfortable, more accessible, and with more functions to comfort the patient's experience. These devices act like a part of the skin and collect every minute detail of the body's function.

The pandemic led to significant impacts on several markets. It caused an economic crisis due to restrictions on business production and sales and the spread of unemployment due to lockdowns. The healthcare sector was among the most severely impacted sectors of business during the covid due to the rapid influx of patients and the continuous lack of equipment and assistance to patients. The growing spread of infection and scarcity of resources led to a need for more attention in the covid sector, and all the other medical sectors and procedures were postponed. It became difficult for people to access such healthcare. The connected wearable patches market is expected to have a positive impact from the pandemic. The pandemic led to everything shifting to an online system and the wearable patch, a remote system that supports patients from the comfort of their homes. The accessibility to such remote monitoring technology without going to the hospital and telemedicine kept the other healthcare sectors partly alive during the pandemic. As covid-19 was a respiratory disease, these devices made it easier to monitor the condition of covid patients from their homes, leading to growth for the market due to the pandemic. Therefore, there was increased demand for systems without the hospital, like the connected wearable patches.

MARKET DRIVERS:

These connected wearable devices assist in remote care for patients. Therefore, the increasing shift toward telemedicine and IT technologies in the healthcare department, especially after the pandemic, has led to significant growth in the market, supporting the rise of the market. In addition, the growing rates of chronic conditions like heart attacks, strokes, cardiovascular issues, diabetes, etc., support the market's growth. For example, according to WHO, Cardiovascular diseases claim around 17.9 lives each year, and around 422 million people worldwide have diabetes. Furthermore, the growing need for continuous monitoring of such critical patients to avoid severe conditions and emergencies, as they can be life-threatening, supports the market's growth. Connected wearable patches are easy to connect with the wifi and bluetooth to your smart device and send regular notifications to your healthcare provider. In addition, the growing lifestyle changes like smoking and drinking habits are causing a rise in respiratory diseases are supporting growth.

The rising count of geriatric population leads to increased chances of chronic diseases and emergency cases, further supporting the market's growth. The world's population of 60 years or older is estimated t reach 2.1 billion by 2050, according to WHO. The rising need for remote patient monitoring, especially for older people in hospice care and old age centers, supports the demand for the market. Additionally, there has been a significant rise in internet penetration, and the population's awareness of the IoT (Internet of Things) supports the market's rise. The digitalization of data collection for hospitals with EHRs and new data-collecting software is leading to a paradigm shift in healthcare. In addition, the rising advancement in online consultations and assistance has led to more people opting for treatment from the convenience of home. The rising need to curb the high healthcare costs and the easy portability of these devices also lead to demand.

With the growing efforts to achieve incredibly advanced technologies, these connected wearable patches that are more comfortable to wear are reusable (not immediately disposed of), smaller in size, and connected to AI technologies. In addition, the attempts to make smart skin patches that act like part of the skin provide accurate time information and can help send signals to the healthcare provider in case of alarming changes in the body. These new gen patches are light and can be applied to your clothes or body, unlike the previous versions, which are large and can be uncomfortable to wear. Attempts at making the patches last longer are being made to reduce the number of wastages caused by these devices. The rising research and innovation in the field are leading to the growing demand for the market. In addition, the growing accountability for the patients in the field has led to growth in the market.

MARKET RESTRAINTS:

The increasing risk of a personal information breach is leading to restraints for the market. Additionally, even though there have been ways to reduce wastage, the connected wearable patches often used are disposable unit that needs to be removed once their use is over. Therefore, the waste products from these devices are a drawback to the market growth. Furthermore, there have been several research papers on the unintended ill effects of using sensory patch systems, like posing a threat to the security of the user as it leaves them vulnerable and exposed to the manufacturers and regulators of the devices. Additionally, the high cost of these devices makes them unaffordable for certain economic classes, and it has a low awareness rate and slow approval process, further supporting the market drawbacks. 

REPORT COVERAGE:

This market research report on the global connected wearable patches market has been segmented based on the product, application, end-user, and Region.

Global Connected Wearable Patch Market – By Product:

• Cardiovascular
  • Heart Rate
  • Blood Pressure
  • Others
• Respiratory
  • Oxygen Saturation
  • Respiratory rate
• Diabetes
• Others

The cardiovascular diseases segment is expected to dominate the market during the forecast period. The growing rates of CVD around the world, leading to more heart patient monitoring, support the market's growth. For example, according to WHO, CVD cases claim around 17.9 million lives yearly.

The diabetes segment is also expected to grow significantly during the forecast period due to the growing consumption of sugar-based foods and unhealthy lifestyles leading to several diabetic people. Additionally, the growing geriatric populations with high B and Dibetes developed with age require patch management systems supporting market growth.

Global Connected Wearable Patch Market – By Application:

• Monitoring & Diagnosis
• Health & Fitness
• Others

The monitoring and diagnosis segment is expected to dominate the market during the forecast period due to the rising cases of chronic illnesses and the need for remote patient monitoring services supporting the segment's growth.

The health and fitness segment is also expected to grow due to the rising health consciousness among populations and the adoption of healthy lifestyles and regular gyming and exercise in several households. In addition, the rising trend for keeping the body in a fit shape and aesthetically beautiful is leading to further demand for smart gadgets like watches for monitoring daily activities, supporting the segment's growth.

Global Connected Wearable Patch Market – By End User:

• Hospitals & Specialty Clinics
• Home Care
• Ambulatory Surgical Centers
• Others

The hospitals and specialty clinics segment is expected to dominate the market during the forecast period due to the high inflow of patients and continuous requests for remote assistance and data for better treatment procedures.

The growing hospice care and home healthcare services are also supporting the demand for the market.

Global Connected Wearable Patch Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• MEA

The North American region is expected to dominate the market during the forecast period due to the growing rates of advanced healthcare and the rapid adoption of IT technologies into the systems. The growth rates of the chronic patient population in the countries like the US and Canada also support the market's growth. For example, according to the CDC, around 6 in every ten adults in the US has a chronic illness due to bad lifestyle choices and diets. The presence of several key players in the region, a strong economy, disposable incomes, and increasing internet penetration and digitalization all support the market growth in the region. The growing platforms for research and development in connected wearable patches and FDA approvals support the growth of the market in the region.

The Asia-Pacific region is also expected to grow significantly due to large geriatric populations in countries like China, Japan, India, South Korea, etc. The growing use of wearable patches in countries like Australia also leads to regional growth. There has been a significant improvement in the healthcare facilities for the Asia-Pacific region, and such technologies are being continuously accepted as a part of modernization. The rising trend toward smart devices and wearable technologies also leads to regional growth.

The European region is also expected to grow during the forecast period due to the growing healthcare expenditure in the region. In addition, the extensive contribution from countries like Germany, with extensive government support for advanced technologies in healthcare, and the UK, with a growing patient population, support the market's growth.

KEY MARKET PARTICIPANTS:

Abbott Laboratories, Chrono Therapeutics Inc., Dexcom, Inc., FEELIGREEN SA, GENTAG, Inc., G-Tech Inc, iRhythm Technologies, Inc., Preventice Solutions, Inc., Proteus Digital Health, Inc., and Sensium Healthcare Ltd. are some of the promising companies in the global connected wearable patches market.

RECENT HAPPENINGS IN THE MARKET:

• In April 2023, from its UK production facility, Ilika has sent its Stereax solid-state batteries to its first customers. The first in a planned series of shipments include a batch of single-layer Stereax M50 cells for Israeli wearables company Blink Energy.
• In January 2023, Epicore Biosystems, a digital health company developing advanced sweat-sensing wearables to provide real-time personalized hydration insights for performance and safety, today announced that it would unveil its new Connected Hydration sweat patch and mobile app at the 2023 Consumer Electronics Show (CES) from Jan. 5-8.
• In November 2022, Business with NHLBI SBIR funding has developed a chest patch for monitoring COPD. Samay's medical technology startup is working to help solve this detection problem with financing from the National Heart, Lung, and Blood Institute's (NHLBI) small business program. The Mountain View, California-based business has created a wearable chest patch prototype that may enable COPD patients to continuously monitor changes in lung function, including flare-ups that may necessitate hospitalizations or even worse.