Connected wearable patches are intended for clinical and non-clinical use. Moreover, these patches are used to monitor and diagnose cardiovascular, respiratory, and diabetes parameters.
Connected Wearable Patch Market: Introduction
- Connected wearable patches are intended for clinical and non-clinical use. Moreover, these patches are used to monitor and diagnose cardiovascular, respiratory, and diabetes parameters.
Key Drivers and Opportunities of Global Connected Wearable Patch Market
- Sedentary lifestyle and unhealthy diet lead to increase in prevalence of chronic diseases. Hence, rise in prevalence of chronic diseases is projected to boost the growth of the global market. According to the American Heart Association, an estimated 116.4 million adults in the U.S. had hypertension in 2019. An article published in the Diabetes Research and Clinical Practice stated that prevalence of diabetes was estimated at 9.3% globally in 2019 and it is likely to rise to 10.2% by 2030 and 10.9% by 2045.
- Wearable patches are ease to use and carry, which leads to better patient compliance and increases adoption rate. Hence, rise in use of wearable patches is anticipated fuel the growth of the global market.
- Increase in demand for integrated technologies owing to rise in awareness about Internet of Things and technological advancement is expected accelerate the growth of the global connected wearable patch market
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- The shift from hospital care to home care is also likely to drive the global market. Industry players are engaged in the development of wearable products for home care for remote patient monitoring and health care application. For instance, VitalConnect offers the VitalPatch and VitalSolution for home care. This patch is used to monitor respiratory rate, heart rate variability, body temperature, and other parameters.
- The geriatric population is more prone to chronic diseases such as cardiovascular and diabetes. Hence, increase in geriatric population is a major factor propelling the global market.
- Emerging markets in regions such as Asia Pacific, Middle East & Arica, and Latin America offer significant opportunities in the global connected wearable patch market. Surge in geriatric population with various chronic diseases present lucrative opportunities in the global market. According to the National Heart Foundation of Australia, cardiovascular diseases (CVDs) is the major cause of death in Australia; in 2017, around 43,477 deaths were attributed to CVD in the country.
- Moreover, the current coronavirus pandemic has induced health care organizations to focus on monitoring temperatures of infected or exposed patients. Usage of traditional thermometers for multiple patients creates a risk of infection. Blue Spark Technologies offers the TempTraq, a disposable temperature monitor, single use patch ideal for temperature monitoring in patients without the need of direct contact. Hence, rise in adoption of single use products presents lucrative opportunity in the global connected wearable patch market.
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North America to Capture Major Share of Global Connected Wearable Patch Market
- North America is projected to dominate the global connected wearable patch market during the forecast period. Introduction of new products, presence of key players, and high adoption rate of technologically advanced products are anticipated to boost the growth of the market in the region. In February 2020, Caretaker Medical introduced VivaLNK’s FDA-Cleared ECG Patch for its wireless patient monitoring platform.
- Asia Pacific is expected to account for significant share of the market from 2020 to 2030. The market in the region is likely to grow at a rapid pace during the forecast period due to rise in awareness and emergence of telemedicine, increase in usage of technologically advanced products, and trend toward wearable medical technology.
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Key Players Operating in Global Connected Wearable Patch Market
The global connected wearable patch treatment market is highly consolidated due to the presence of small number of key players. Demand for integrated technology products has increased in emerging as well as developed markets owing to rise in awareness about Internet of Things. The key players focus on research & development in order to develop technological advanced products. Growth strategies adopted by these players is anticipated to fuel the growth of the global market. For instance, in March 2020, Biobeat received CE mark approval for Biobeat patch for measurement of cardiac output, blood pressure, stroke volume, etc. in long-term care, hospitals, home care, and clinics.
Major players operating in the global connected wearable patch treatment market are:
- VitalConnect
- Biobeat
- LifeSignals
- iRhythm Technologies, Inc.
- Caretaker, LLC
- Dexcom, Inc.
- Blue Spark Technologies
- Other Prominent Players
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