Wearable Patch Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Wearable Patch Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
The global wearable patch market size reached US$ 11.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 19.3 Billion by 2028, exhibiting a growth rate (CAGR) of 9.0% during 2022-2028.

Wearable patch refers to smart medical bandages worn on the body for disease monitoring, drug delivery, diagnosis and wellbeing of a patient. The patches consist of various electronic components, such as sensors, actuators and energy storage and communication systems. They collect data at regular intervals and transmit it to the connected smartphones or health information systems (HIS). Some of the commonly used wearable patches include sweat analyzing patches, pain-relieving patches, nicotine and alcohol detection patches and sensor patches for monitoring temperature, heart rate, blood glucose, blood pressure and oxygen levels. They are compact and flexible in nature and facilitate continuous or semi-continuous monitoring of physiological parameters and various complex electrocardiogram measurements without tethering the patient to the wired hub.

Global Wearable Patch Market Trends and Drivers:

The increasing prevalence of lifestyle diseases and chronic medical ailments, such as diabetes, cardiovascular diseases (CVDs) and hyperglycemia, represents one of the key factors driving the growth of the market. Furthermore, rising health consciousness among the masses is also strengthening the market growth. Wearable patches aid in the early diagnosis of ailments and are also used for tracking sports activities through fitness bands, smartwatches and HIS.

Various technological advancements, such as the development of personalized skin patches that monitor the individual’s exposure to ultraviolet (UV) rays, pollution, pollen and humidity, are acting as other growth-inducing factors. Product manufacturers are also developing innovative wearable cosmetic patches that can be used for melanoma therapies, including chemotherapy and radiotherapy. Other factors, including rising geriatric population and increasing healthcare expenditures and significant improvements in the healthcare infrastructure, especially in developing countries, are anticipated to drive the market further.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global wearable patch market report, along with forecasts at the global, regional and country levels from 2023-2028. Our report has categorized the market based on technology and end use.

Breakup by Technology:

Connected

Regular

Breakup by End Use:

Healthcare

Fitness and Sports

Breakup by Region:

North America

United States

Canada

Asia Pacific

China

Japan

India

South Korea

Australia

Indonesia

Others

Europe

Germany

France

United Kingdom

Italy

Spain

Russia

Others

Latin America

Brazil

Mexico

Others

Middle East and Africa

Competitive Landscape:

The global wearable patch market is highly fragmented with the presence of several small and large players competing in terms of price and quality. Some of the major players in the market are:

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 Questions Answered in This Report

1. What was the size of the global wearable patch market in 2022?

2. What is the expected growth rate of the global wearable patch market during 2023-2028?

3. What has been the impact of COVID-19 on the global wearable patch market?

4. What are the key factors driving the global wearable patch market?

5. What is the breakup of the global wearable patch market based on the technology?

6. What are the key regions in the global wearable patch market?

7. Who are the key players/companies in the global wearable patch market?