Authored By: Sarah
18 Jan 2021

Wearable Patch Market Size to Grow by $ 5.48 bn through 2021-2025  

Technavio research projects the wearable patch market to grow by $ 5.48 bn, accelerating at a CAGR of over 12% till 2025. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report

Wearable Patch Market: Key Market Driver

One of the primary factors that will trigger the growth of the wearable patch market size is Growing prevalence of chronic diseases. This research report provides a comprehensive analysis of all the factors that are likely to propel market growth, taking into account the market trends as well as challenges that are likely to impede growth. The objective of this research report is to equip clients with actionable insights that will help them leverage opportunities and formulate growth strategies for their business.

Wearable Patch Market to Grow by Nearly $ 6 Billion | Wearable Technologies Help Facilitate Remote Medicine

Wearable Patch Market: Vendor Analysis

The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Abbott Laboratories, DarioHealth Corp., GENTAG Inc., Insulet Corp., Kenzen Inc., Koninklijke Philips NV, MTG Co. Ltd., Nemaura Medical Inc., Otsuka Holdings Co. Ltd., and Prevent Biometrics are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Technavio also offers custom research reports with detailed insights assessing the market from a global as well as regional perspective. This customized report will help clients keep up with new product launches in direct & indirect or related markets. It will also provide insights on upcoming developments along with a pipeline analysis of vendor operations and the impact of government regulations.

For more insights on this market: Download a Free Sample Report

The Global Wearable Patch Market is expected to grow by USD 5.96 billion accelerating at a CAGR of 22% during the forecast period. Technavio evaluates the market with a detailed investigation into the market forces, emerging trends, and growth drivers. It also provides competitive benchmarking to equip clients with actionable insights that will help them navigate through the current market scenario. Preview our latest report

"The the growing prevalence of chronic diseases will drive the growth prospects for the global Wearable Patch Market in the forthcoming years. 43% of the market growth will originate from North America during the forecast period", says senior research analyst for the communication services Industry at Technavio.

Wearable Patch Market to Grow by Nearly $ 6 Billion | Wearable Technologies Help Facilitate Remote Medicine

Wearable Patch Market: Application Segment Highlights

  • Application Segmentation: Clinical and Non-clinical
  • The clinical wearable patches segment led the market. These patches help monitor the health conditions of patients. They collect data at regular intervals and transmit it to connected devices such as smartphones and laptops. By remotely monitoring the health of patients, these patches eliminate the need for physical consultation with doctors. 
  • Even though the market is still in the initial stages of growth, recent development in wearable technologies and benefits for patients are expected to drive market growth in the clinical wearable patch segment.

Wearable Patch Market: Competitive Analysis

  • The Wearable Patch Market is fragmented due to the presence of several vendors.
  • Market vendors focus on market expansion, innovations, and expansion of distribution networks.
  • Abbott Laboratories, Delta Electronics Inc., Gentag Inc., Insulet Corp., Kenzen Inc., MTG UK Co. Ltd., Nemaura Medical Inc., Prevent Biometrics, Proteus Digital Health Inc., and UpRight Technologies Ltd. are some of the major market participants. Although the growing demand will offer immense growth opportunities, concerns regarding data privacy and security will challenge the growth of the market participants. 

Technavio provides custom research reports with detailed insights on the impact of COVID-19 with respect to the industry, region, and supply chain operations. This customized report will help clients keep up with new product launches in direct & indirect COVID-19 related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations. Download a Free Sample Report 

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