Wearable Patches Market worth $22.89 Bn by 2031 - Exclusive Report by InsightAce Analytic

News provided by

Apr 25, 2023, 10:05 ET

JERSEY CITY, N.J., April 25, 2023 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. has announced the publication of a market research report titled "Global Wearable Patches Market By Application (Monitoring and Diagnostics, Therapeutics), Usage Type (Temperature Patch, Blood Glucose Patch, Heart Rate and ECG Patch, TENS and EMS Patch, Others), End User (Hospital and Ambulatory Surgical Center, Homecare) - Market Outlook and Industry Analysis 2030"

According to company's newest research, the Global Wearable Patches Market is estimated to reach over USD 22.89 billion by 2031, exhibiting a CAGR of 10.88% during the forecast period for 2023-2031.

The wearable patches are smart sensors used in the medical sector. These patches remotely monitor the health of individuals. Besides, these patches can be operated effectively using Bluetooth and mobile devices. Wearable gadgets are beneficial for hospitals and patients. With the increasing prevalence of lifestyle and chronic diseases, the usage of smart healthcare devices will accelerate.

Get a Demo Sample copy of the Global Wearable Patches Market Report at https://www.insightaceanalytic.com/request-sample/1750

The advancement in IT and AI technologies and the health-conscious public have contributed to the growth of the wearable patches market. Currently, many wearable patches could be more comfortable and are considerably big. So, the idea is to manufacture more convenient, flexible, smaller size, sustainable and long-lasting devices. This can facilitate the further growth of the market.

Additionally, the COVID-19 pandemic has increased the demand for wearable patches due to a high preference for continuous monitoring and contactless treatments. Still, there is a need to improve the disease detection and monitoring ability of wearable devices linked to COVID-19 prediction.

The prominent market players

Abbott Laboratories
Bittium Corporation
Boston Scientific Corporation
Dexcom, Inc.
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.

The Key developments

In Nov 2022, Medtronic plc introduced the Medtronic Extended infusion set, the first and only infusion set labelled for up to 7-day wear. The revolutionary design of the Medtronic Extended infusion set incorporates exclusive technologies, such as a novel tubing connector, which enhances the physical and chemical stability of insulin, the dependability of infusion site performance, and the danger of infusion set blockage.
In Aug 2022, Masimo released its Masimo W1 health watch for consumer use. W1 offers accurate, continuous monitoring of oxygen saturation (SpO2). In addition to measuring arterial oxygen saturation and pulse rate, the Masimo W1 can also measure respiration rate, pleth variability index (PVi®), perfusion index, pulse rate variability (PRV), heart rate variability (HRV), steps, and, under limited market release terms, Hydration Index (HiTM).
In June 2022, Abbott started developing a new bio-wearable that continuously monitors glucose and ketone levels in one sensor. The system can enhance people's lives with life-threatening or irreversibly debilitating illnesses or conditions.
In Jun 2022, Senseonics Holdings, Inc. received CE Mark approval for the next-generation Eversense E3 CGM System, the longest-lasting system available, with exceptional accuracy.
In May 2022, Vivalink announced the launch of the multi-vital blood pressure patch for remote patient monitoring in commercial R&D. The advanced multimodal continuous signal processing patch captures ECG trace, heart rate, breathing rate, and systolic and diastolic blood pressure on a single device using electrical signal-based technology. The FDA/NMPA has cleared the device for ECG and heart rate, as well as the CE for ECG, heart rate, and respiration rate.
In Jan 2020, VivaLNK has received FDA approval for its Continuous ECG platform, which includes reusable wearable ECG sensors and a software development kit (SDK). The reusable patch and SDK enable solution providers with direct data control. According to the company, it is the world's first FDA-cleared wearable ECG sensor platform. The platform allows application developers to integrate with VivaLNK medical wearable sensors, which send data to the application in real time.

Get Customized Report @ https://www.insightaceanalytic.com/customisation/1750

Wearable Patches Market Report Scope

Report Attribute	Specifications
Market size value in 2022	USD 9.21 Bn
Revenue forecast in 2031	USD 22.89 Bn
Growth rate CAGR	CAGR of 10.88 % from 2023 to 2031
Quantitative units	Representation of revenue in US$ Billion, and CAGR from 2023 to 2031
Historic Year	2019 to 2022
Forecast Year	2023-2031
Report coverage	The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends
Segments covered	End-User And Component
Regional scope	North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country scope	U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia

Market Insights:

Recent advancements in skin patch technology have accelerated the invention of wearable and implantable bioelectronics for long-term, ongoing healthcare management and targeted therapy. The patch represents a significant breakthrough towards continuous non-invasive health monitoring of chronic illnesses and early warning signs of disease progression. Market demand is continuously increasing in line with the expanding digitization of the healthcare industry. The design of these patches enables a wide range of applications to monitor essential parameters. Wireless connectivity and sensor miniaturization, for example, have spurred the rise of the wearable patch business. These patches have sensors that can detect vital indicators such as breathing rate, body temperature, blood pressure, and heart rate. This aspect is expected to boost the wearable patch market growth in the future years.

Regional Trends:

North America dominated the wearable patches market in 2022 and is predicted to grow the fastest over the forecast period. This growth can be due to the rapid development of smart technologies and the increasing demand for effective and remote healthcare monitoring in the region. Furthermore, the Asia-Pacific region is anticipated to hold the highest market revenue share during the forecast period. The growth is attributed to rising awareness about wearable patches, rising chronic diseases, improvement in IT healthcare solutions, and increasing effects of companies to improve the quality and efficiency of smart devices.

Enquiry Before Buying: https://www.insightaceanalytic.com/enquiry-before-buying/1750

Market Segments

Global Wearable Patches Market, by Application, 2023-2031 (Value US$ Bn)

Monitoring and Diagnostics
Therapeutics

Global Wearable Patches Market, by Usage Type, 2023-2031 (Value US$ Bn)

Temperature Patch
Blood Glucose Patch
Heart Rate and ECG Patch
TENS and EMS Patch
Others

Global Wearable Patches Market, by End User, 2023-2031 (Value US$ Bn)

Hospital and Ambulatory Surgical Center
Homecare

Global Wearable Patches Market, by Region, 2023-2031 (Value US$ Bn)

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

North America Wearable Patches Market, by Country, 2023-2031 (Value US$ Bn)

U.S.
Canada

Europe Wearable Patches Market, by Country, 2023-2031 (Value US$ Bn)

Germany
France
Italy
Spain
Russia
Rest of Europe

Asia Pacific Wearable Patches Market, by Country, 2023-2031 (Value US$ Bn)

India
China
Japan
South Korea
Australia & New Zealand

Latin America Wearable Patches Market, by Country, 2023-2031 (Value US$ Bn)

Brazil
Mexico
Rest of Latin America

Middle East & Africa Wearable Patches Market, by Country, 2023-2031 (Value US$ Bn)

GCC Countries
South Africa
Rest of Middle East & Africa

Why should buy this report:

To receive a comprehensive analysis of the prospects for the Wearable Patches Market
To receive an industry overview and future trends of the Wearable Patches Market
To analyze the Global Wearable Patches Market drivers and challenges
To get information on the Global Wearable Patches Market size ((Value US$ Mn) & Volume (Units)) forecast to 2031
Significant investments, mergers & acquisitions in the Global Wearable Patches Market industry

Other Related Reports Published by InsightAce Analytic:

Clinical-Grade Wearable Market

Digital Health Market

Remote Patient Monitoring System Market

About Us:

InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

Contact Us:

InsightAce Analytic Pvt. Ltd.
Tel.: +1 551 226 6109
Email: [email protected]
Site Visit: www.insightaceanalytic.com
Follow Us on LinkedIn @ bit.ly/2tBXsgS
Follow Us On Facebook @ bit.ly/2H9jnDZ

Logo: https://mma.prnewswire.com/media/1729637/InsightAce_Analytic_Logo.jpg

SOURCE InsightAce Analytics Pvt. Ltd.