Wearable Skin Patch Market Size And Forecast
Wearable Skin Patch Market size was valued at USD 7.77 Billion in 2020 and is projected to reach USD 11.65 Billion by 2027, growing at a CAGR of 5.95% from 2021 to 2027.
The Increasing prevalence of lifestyle diseases and the rising number of geriatric populations are some of the primary factors which are positively influencing the growth of the Wearable Skin Patch Market. The Global Wearable Skin Patch Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Wearable Skin Patch Market Definition
Wearable patches are known as smart patches or electronic skin. These are thin, small, and flexible in nature, and are used for disease monitoring, drug delivery, and diagnosis. Wearable patches help to maintain health and well-being in elderly patients suffering from chronic conditions such as diabetes and others. Presently, the market of wearable technologies is growing, owing to increasing research and development activities for the development of wearable patches carried out by key players operating in the market. Wearable patches can be worn or stuck to the skin, or patches such as scopolamine patches and transdermal patches are directly attached to the affected body part for disease monitoring. For instance, a nicotine path is a transdermal patch, which releases nicotine into the body, and is used in nicotine replacement therapy (NRT).
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Wearable skin patches stick to one location of the skin without any motion interference and assist to record accurate information. They do not restrain the movement of the person or cause any kind of discomfort. Wearable skin patches relate to operating systems of mobile and can also be connected to the Bluetooth system which makes them preferred alternatives to other health surveillance devices such as fitness bands and smartwatches. These patches deploy electronic components including sensors and actuators with appropriate processing, energy storage, and communication, directly onto the human body. The wearable skin patches find their applications in cardiovascular monitoring, diabetes management, and others.
Global Wearable Skin Patch Market Overview
The increasing prevalence of chronic diseases is expected to propel the market growth over the forecast period. The increasing prevalence of chronic diseases such as diabetes and atrial fibrillation is resulting in a high number of stroke incidents, which is expected to drive the growth of the wearable patch market over the forecast period. For instance, according to the International Diabetes Federation report published in November 2019, around 463 million adults between the age group of 20 to 79 years were diagnosed with diabetes across the globe, and it is expected that the total diabetes population will reach around 700 million by 2045 globally.
Moreover, according to the American Heart Association, January 2019, stroke was a leading cause of death in the U.S. with around 2.7 million people in the country living with atrial fibrillation and around 800,000 people encountering stroke, annually, due to blockage in the blood vessel, which supplies blood to the brain. Therefore, the increasing prevalence of atrial fibrillation is expected to boost the growth of the wearable patch market. In addition, rising technological advancements in wearable patches are anticipated to drive market growth over the forecast period. Wearable patches are used for monitoring and diagnosis of chronic diseases. The increasing prevalence of diseases such as atrial fibrillation has led to an increase in demand for wearable patches for early diagnosis. This rising demand has led by major players in the market to launch new and technologically advanced wearable patches.
For instance, in July 2018, LifeSignals, a solution provider for health and wellbeing, received the U.S. Food and Drugs Administration (FDA) approval for the wireless LP1100 Life Signal Patch, a next-generation wearable healthcare monitoring device. LP1100 Life Signal Patch is a clinical-grade, two-lead ECG, and heart rate monitoring patch, which has a three-day monitoring capacity. Furthermore, in November 2018, L’Oreal and La Roche-Posay launched ‘My Skin Track UV’, a wearable skin and sun safety sensor to help women and men to track their personalized exposure to UV, pollution, pollen, and humidity. However, some restraints are limiting the growth of the Wearable Skin Patch Market. The patient is still reluctant to use a wearable patch due to result issues. Furthermore, the integration of sensors in computing devices and various accessories will likely dampen the growth of the global Wearable Skin Patch Market.
Global Wearable Skin Patch Market Segmentation Analysis
The Global Wearable Skin Patch Market is Segmented on the basis of Clinical Application, Technology, And Geography.
Wearable Skin Patch Market, By Clinical Application
- Clinical Applications
- Non-Clinical Applications
Based on Clinical Application, The market is bifurcated into Clinical Applications and Non-Clinical Applications. The demand for wearable skin patches is mostly high for clinical applications. The wearable patch skin is used for various purposes such as disease monitoring, drug delivery, and diagnosis.
Wearable Skin Patch Market, By Technology
- Regular Wearables
- Connected Wearables
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Based on Technology, The market is bifurcated into Regular Wearables and Connected Wearables. The regular wearable patch segment is likely to hold the largest market share. These wearable patches do not have any sensors implanted in them and are mostly used by anti-smoking and cosmetic companies.
Wearable Skin Patch Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
Based on Geography, The Global Wearable Skin Patch Market is classified into The largest share in the market will be dominated by North America. The factors credited to the dominance of the North America region are the rising number of health-conscious people across the region. Countries such as Canada and the U.S. are majorly contributing to the growth of the market in said region. Furthermore, wearable skin patches are widely used by athletes, working professionals, and individual consumers. However, the Asia Pacific region is also anticipated to witness significant growth owing to the rise in awareness about wearable skin patches and growing disposable incomes.
Key Players
The “Global Wearable Skin Patch Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Abbott, Medtronic, GENTAG, Inc., Insulet Corporation, Kenzen, Inc., Nemaura, CeQur SA, Chrono Therapeutics Inc., Dexcom, Inc., G-Tech Inc., HIVOX BIOTEK INC.,iRhythm Technologies Inc., Raiing Medical Inc., Isansys Lifecare, Sensium Healthcare Ltd.
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