The connected wearable patches market size in Europe is predicted to be valued at USD 2.21 billion by 2028 from USD 1.23 billion in 2023, growing at a CAGR of 12.46% from 2023 to 2028.
The rising prevalence of chronic diseases across Europe majorly drives the connected wearable patches market growth in Europe. The growing patient population with chronic diseases is majorly attributed to lifestyle changes, unhealthy dietary habits, and increased alcohol and tobacco consumption. This has resulted in a surge in mortality rates among patients with chronic conditions such as cardiovascular disease and hypertension, prompting healthcare providers to recommend the use of connected wearable patches. The adoption of connected wearable patches by hospitals and healthcare facilities in Europe has grown significantly in recent years to enable patients to monitor their health status daily. These devices facilitate prompt communication of vital information to healthcare providers, enabling them to offer timely treatment and respond to emergency situations effectively.
The rising adoption of advanced technologies in the manufacturing of connected wearable patches is further contributing to the growth of the European market. Notably, the integration of the Internet of Things and sensor technologies in wearable patches added fuel to the growth rate of the European market in recent years. Furthermore, the growing support from the governments of European countries, greater awareness of wearable patches among urban populations, and rising investments in research and development boost the growth of the European market. As a result of these factors, the demand for wearable patches is expected to continue to rise, providing businesses with significant growth opportunities. Companies that invest in cutting-edge technologies and engage in robust research and development activities are poised to take advantage of this trend and emerge as market leaders.
In addition, the benefits of connected wearable patches such as convenience, portability, the growing need to reduce healthcare costs, rising usage of connected wearable patches in home healthcare, and the integration possibilities of wearable patches with smartphones and other mobile devices boost the growth rate of the European market. Furthermore, the growing patient population of lifestyle diseases such as obesity due to unhealthy lifestyle choices such as poor diet, lack of exercise and smoking is also contributing to the regional market growth.
On the other hand, the high costs associated with connected wearable patches are one of the major factors hampering the growth of the European market. In addition, issues of data security and privacy with the usage of connected wearable patches hinder market growth. Furthermore, a lack of awareness about the connected wearable patches, manufacturing of duplicated products, and long-time approval impedes regional market growth.
This research report on European connected wearable patches market has been segmented and sub-segmented into the following categories.
By Product:
By Application:
By End User:
By Country:
The European market captured a substantial share of the worldwide market in 2022 and is anticipated to grow at a healthy CAGR during the forecast period owing to factors such as increasing adoption of advanced medical products by the population, rising healthcare expenditure and surge in the approval of novel wearable patches. Germany had the largest share of the European market in 2022 and is anticipated to grow at a notable CAGR during the forecast period owing to the measures taken by the German government to ensure the quality and efficacy of connected wearable patches used in the treatment of chronic diseases, which has helped improve patient outcomes. Companies that focus on innovation, quality, and strategic partnerships with healthcare providers are poised to emerge as market leaders and capitalize on this trend. The growing investments from healthcare organizations and the government are favoring the German market growth. The focus has been on developing wearable patches specifically for diabetes management, as recent surveys indicate that approximately 7.2% of the population in Germany suffers from this chronic disease. Type 2 diabetes is the most prevalent form of diabetes in the country, making it a key area of focus for manufacturers.
The UK is another noteworthy regional market for connected wearable patches and is estimated to account for a considerable share of the European market during the forecast period. Factors such as the increasing availability of these products through both offline and online pharmacies, expansion of clinical and testing centers for these wearable patches that have enabled patients to access them more easily and the growing number of awareness programs by the UK government that highlight the benefits of using connected wearable patches.
KEY MARKET PLAYERS:
Medtronic plc, Abbott Laboratories, Dexcom Inc., Sensium Healthcare Ltd., Proteus Digital Health Inc., BioTelemetry Inc., iRhythm Technologies Inc. Philips Healthcare, Nihon Kohden Corporation and VitalConnect are some of the key players in Europe connected wearable patches market.
Frequently Asked Questions
The European connected wearable patches market is predicted to grow at a CAGR of 12.46% from 2023 to 2028.
Factors such as the increasing prevalence of chronic diseases, the growing demand for remote patient monitoring, advancements in technology, and the availability of government funding for healthcare majorly promote the European connected wearable patches market growth.
Medtronic, Abbott Laboratories, Dexcom, Sensium Healthcare, Proteus Digital Health, BioTelemetry, and iRhythm Technologies are some of the notable players in the Europe connected wearable patches market.
Regulatory hurdles, data privacy concerns, and the need for better integration with existing healthcare systems and the high cost of some connected wearable patches may limit their adoption in certain regions are some of the major challenges to the Europe connected wearable patches market.
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1400
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region