June 24, 2024
Wearable Patch Market

Wearable Patch Market Propelled by Remote Patient Monitoring Capabilities

Wearable patches are medical devices that are affixed to the body for continuous monitoring of various health parameters such as blood pressure, blood glucose level, alcohol level, respiration rate etc. They provide non-invasive monitoring and eliminate the need for frequent hospital or clinic visits. With advancement in medical technology, wearable patches have become an integral part of remote patient monitoring capabilities.

The Global Wearable Patch Market Size is estimated to be valued at US$ 6.43 billion in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Inorganic growth through mergers and acquisitions has been a key trend in the wearable patch market. Major players in the market have been actively acquiring companies with complementary technology to expand their product portfolio. For instance, in 2020 Dexcom acquired X2 Biosystems to leverage its wearable technology capabilities. This allowed Dexcom to offer non-invasive continuous glucose monitoring through wearable patches. Similarly, other players are focusing on inorganic growth strategies such as acquisitions, partnerships and collaborations to remain competitive and capitalize on emerging opportunities in remote patient monitoring through wearable patches.

SWOT Analysis

Strength: The wearable patch market offers advanced monitoring capabilities and real-time diagnosis, which improves healthcare outcomes. It provides easy collection of vital signs without any discomfort to the patient.

Weakness: High costs associated with advanced sensors and circuitry used in wearable patches limit their widespread adoption. Limited battery life and data storage capacity remain key challenges.

Opportunity: Growing geriatric population and rising prevalence of chronic diseases will drive demand. Expanding applications in sports, fitness and remote patient monitoring present opportunities over the forecast period.

Threats: Strict regulations and privacy concerns limit the scope, especially in the healthcare segment. Competition from alternative monitoring devices hamper market growth.

Key Takeaways

The global wearable patch market is expected to witness high growth over the forecast period of 2024 to 2031 supported by rising health awareness, growing elderly population and increasing incidence of chronic ailments.

Regional analysis – North America currently dominates the market and is expected to grow at a high rate during the forecast period owing to advanced healthcare infrastructure and high patient awareness in the region. Asia Pacific is projected to be the fastest growing market due to rising medical tourism and availability of low-cost alternatives.

Key players analysis – Key players operating in the wearable patch market are Diageo plc, Brown-Forman, Pernod Ricard, Bacardi Limited, Suntory Holdings Limited, Asahi Group Holdings, Ltd., Anheuser-Busch InBev, E. & J. Gallo Winery, Constellation Brands, Inc., Treasury Wine Estates, Barefoot Cellars, and Kona Brewing Co. Advanced sensor technologies, product innovation and expansion in emerging economies are some of the strategies adopted by major players to gain market share.

1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it