Wearable Patch Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 11.53 Billion |
| Market Size (2029) | USD 18.74 Billion |
| CAGR (2024 - 2029) | 11.05 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Wearable Patch Market Analysis
The Global Wearable Patch Market size is estimated at USD 11.53 billion in 2024, and is expected to reach USD 18.74 billion by 2029, growing at a CAGR of 11.05% during the forecast period (2024-2029).
Wearable patches are typically lightweight, thin, and flexible to ensure comfort and ease of use. They are often made of flexible materials such as silicone or adhesive substrates that adhere to the skin securely. Many wearable patches incorporate sensors to detect and monitor specific physiological data, such as heart rate, body temperature, blood pressure, oxygen saturation, and electrocardiogram (ECG) signals. These sensors can provide real-time or continuous monitoring of the wearer's health parameters.
There has been a global increase in the prevalence of chronic diseases such as heart disease and diabetes. For instance, according to the data published by the Institute for Health Metrics and Evaluation, in 2023, diabetes cases soared from 529 million in 2022 to approximately 1.3 billion by 2050. Diabetes patients require regular monitoring of their blood glucose levels. Wearable patches equipped with CGM sensors offer a convenient and non-invasive way to continuously monitor glucose levels, providing real-time data for better diabetes management. Thus, with the growing number of individuals diagnosed with diabetes worldwide, there is an increasing need for continuous glucose monitoring, which drives the demand for wearable patches.
Moreover, as chronic cases continue to rise, healthcare companies are continuously focusing on product launches in the market that can be easily accessible. This trend is poised to drive the growth of the wearable patches market. For instance, in March 2024, DexCom Inc. received FDA clearance for its inaugural over-the-counter glucose monitor patch and is expecting to launch the product by mid-2024 in the United States.
The wearable patch market has attracted significant investments from technology companies, healthcare organizations, and venture capitalists. These investments drive research and development that lead to new product development and promote the market's growth. In November 2023, DuPont and STMicroelectronics signed a collaboration deal to create the Liveo DuPont biosensing patch. This state-of-the-art wearable combines advanced materials with sensor technology, enabling users to monitor vital signs, especially heart activity, from a distance.
However, limited accuracy, reliability, and awareness in the developing region are some factors restraining the growth of the wearable devices market.
Wearable Patch Market Trends
The Connected Wearable Segment is Expected to Dominate the Market during the Forecast Period
A connected wearable patch is a type of wearable device designed to be attached to the skin and equipped with connectivity features, typically through wireless technology such as Bluetooth or Wi-Fi. Rising focus on preventive healthcare, increasing demand for remote monitoring, and technological advancements are some factors that drive the segment.
The rising incidence of chronic diseases, like diabetes and cardiovascular ailments, has fueled the need for real-time health monitoring. This has positioned wearable patches as a compelling solution for managing such conditions and helps to prevent and minimize the burden of diseases and associated risk factors. For instance, in May 2024, Philips rolled out its ambulatory cardiac monitoring service in Spain using its unique wearable ePatch paired with its AI-driven Cardiologs analytics platform. Philips鈥� ePatch provides reliable data for up to 14 days of continuous monitoring.
Moreover, the connected patch segment market has seen a significant boost due to the increased use of telemedicine and remote patient monitoring, a trend that was fast-tracked by the COVID-19 pandemic. Healthcare providers and patients are increasingly turning to these methods for tracking health metrics, given their convenience and non-invasiveness, which in turn also boosts the demand for technologically advanced patches in the market. For instance, in May 2023, researchers from the Monash University, Australia, developed a wearable patch for remote health monitoring. The ultra-thin skin patch with nanotechnology was able to monitor eleven human health signals. The introduction of a high-tech wearable patch with advanced monitoring capabilities is likely to attract new consumers to the wearable patch market, and this is expected to lead to the market's expansion and growth.
Hence, the rising focus on preventive healthcare is, in turn, leading to the launch of new products and the development of advanced products that help in monitoring patients remotely with more efficiency, and these developments are expected to drive the growth of the connected segment during the forecast period.
North America Dominated the Market and is Expected to Retain its Dominance During the Forecast Period
North America is expected to dominate the market owing to factors such as the rising focus on preventive healthcare, increased research and development activities, new product launches, and the presence of established players in the region.
In North America, the United States is the biggest market for wearable patches. As chronic cases are rising in the country annually, more people are using wearable patches for their well-being. Moreover, increasing research and development activities in the United States is expected to boost the market's growth. In January 2024, a researcher from the University of North Carolina, United States, stated that a wearable patch equipped with electrically triggered microneedles could significantly advance in treating neurodegenerative disorders and neurological injuries. Such a statement can generate increased interest and attention from investors, healthcare organizations, and technology companies. The potential breakthrough in treating neurodegenerative disorders and neurological injuries using wearable patches may attract funding and resources toward research and development in this area and, as a result, drive the market.
Furthermore, in July 2024, researchers at the McMaster University and the University of Waterloo of Canada developed a pain-free, wearable patch that continuously monitors blood glucose, lactates, and other critical health indicators. Such development of a pain-free wearable patch with advanced monitoring capabilities can trigger competition among manufacturers and researchers to develop similar or advanced solutions. This competition fosters innovation, leading to improvements in wearable patch technology, increased product variety, and market expansion.
Continuous research and the development of new products are some of the factors driving the growth of the wearable patches market in the region. Therefore, owing to the aforementioned factors, the market studied is anticipated to grow in North America.
Global Wearable Patch Industry Overview
The wearable patch market is highly competitive, with many key players dominating the market. The presence of major market players, such as Abbott Laboratories, Medtronic PLC, L'Oreal Group, Dexcom Inc., and Qualcomm Technologies Inc., is intensifying the competition. Market players are adopting strategies such as rising research and development investments, mergers, acquisitions, and product innovation to sustain the increasing rivalry in the market.
Wearable Patch Market Leaders
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Abbott Laboratories
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Medtronic
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Qualcomm
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GENTAG
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Dexcom, Inc.
*Disclaimer: Major Players sorted in no particular order
Global Wearable Patch Market News
- February 2024: Epicore Biosystems, a digital health company, partnered with the US Anti-Doping Agency (USADA) to deploy its cutting-edge sweat-sensing wearables for drug detection. The company's flagship product, the Discovery Patch, a disposable, pliable microfluidic patch, offers real-time hydration data and bolsters anti-doping initiatives by integrating sweat analysis with conventional urine and blood tests.
- October 2023: Wellysis forged a strategic partnership with Dozee, a leading Indian provider of bed monitoring solutions. After a well-received product launch in New Delhi, Wellysis commenced the integration and distribution of S-Patch devices to 50,000 Dozee's hospital beds beginning in January 2024.
Global Wearable Patch Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Prevalence of Chronic Diseases
4.2.2 Increasing Awareness about Personal Health and Fitness
4.2.3 Rise in Demand For Home Healthcare
4.3 Market Restraints
4.3.1 Limited Accuracy and Reliability
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Technology
5.1.1 Connected Wearable
5.1.2 Regular Wearable
5.2 By Indication
5.2.1 Clinical
5.2.2 Non-clinical
5.3 By End User
5.3.1 Hospital
5.3.2 Ambulatory Surgical Centers
5.3.3 Home Care Settings
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Medtronic PLC
6.1.3 L'Oreal Group
6.1.4 AliveCor Inc.
6.1.5 Qualcomm Technologies Inc.
6.1.6 Epicore Biosystems
6.1.7 GENTAG Inc.
6.1.8 Nemaura Pharma
6.1.9 Koninklijke Philips NV
6.1.10 Pulsify Medical
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Wearable Patch Industry Segmentation
As per the scope of the report, wearable patches, also known as smart patches or smart stickers, are thin, flexible devices that can be attached to the skin to monitor various physiological parameters, collect data, or deliver therapeutic treatments.
The wearable patches market is segmented into technology, application, and end user. By technology, the market is segmented into connected wearables and regular wearables. By application, the market is segmented into clinical and non-clinical. By end user, the market is segmented into hospitals, ambulatory surgical centers, and home care settings. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value (USD) for the above segments.
| By Technology | |
| Connected Wearable | |
| Regular Wearable |
| By Indication | |
| Clinical | |
| Non-clinical |
| By End User | |
| Hospital | |
| Ambulatory Surgical Centers | |
| Home Care Settings |
| Geography | ||||||||
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Global Wearable Patch Market Research FAQs
How big is the Global Wearable Patch Market?
The Global Wearable Patch Market size is expected to reach USD 11.53 billion in 2024 and grow at a CAGR of 11.05% to reach USD 18.74 billion by 2029.
What is the current Global Wearable Patch Market size?
In 2024, the Global Wearable Patch Market size is expected to reach USD 11.53 billion.
Who are the key players in Global Wearable Patch Market?
Abbott Laboratories, Medtronic, Qualcomm, GENTAG and Dexcom, Inc. are the major companies operating in the Global Wearable Patch Market.
Which is the fastest growing region in Global Wearable Patch Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Wearable Patch Market?
In 2024, the North America accounts for the largest market share in Global Wearable Patch Market.
What years does this Global Wearable Patch Market cover, and what was the market size in 2023?
In 2023, the Global Wearable Patch Market size was estimated at USD 10.26 billion. The report covers the Global Wearable Patch Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Wearable Patch Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Global Wearable Patch Industry Report
Statistics for the 2024 Global Wearable Patch market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Global Wearable Patch analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
