The global wearable patches market is expected to witness an upsurge in many specialized start-ups. These start-ups are expected to leverage niche technologies to differentiate their offerings from other players in the market.
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Wearable Patches Market – A Global and Regional Analysis.
According to this study, the global wearable patches market was valued at $8.65 billion in 2021 and is projected to reach $26.89 billion by 2031.
The following factors are responsible for the increase in demand for wearable patches:
- Continuous monitoring and minimum interference with body movement for measurement of vital signs of patients
- Increasing prevalence of chronic disorders (Diabetes, Strokes, etc.)
- Rising technological advancement (increased connectivity with cell phones and precise data)
- Growing geriatric population
The detailed study is a compilation of 24 market data tables and 178 figures spread through 226 pages.
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Analyst’s Take on the Market Projection
According to Swati Sood, Principal Analyst – BIS Research, “With the increase in continuous monitoring and minimum interference with body movement for measurement of vital signs of patients and chronic disease, the demand for wearable patches has increased worldwide. The global wearable patches market is expected to witness significant growth due to factors such as a rise in the geriatric population, and rising technological advancement.”
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Major Existing Industry Leaders in the Wearable Patches Market
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are
- Abbott Laboratories
- Bittium Corporation
- Boston Scientific Corporation
- iRhythm Technologies, Inc.
- Koninklijke Philips N.V.
- Masimo Corporation
- Medtronic plc
- OMRON Corporation
- Senseonics Holdings, Inc.
- Alio, Inc.
- AliveCor Inc.
- BioIntellisense, Inc.
- Samay
- Theranica Bio-Electronics Ltd.
- VitalConnect Inc.
- VivaLNK Inc.
Recent Developments in the Global Wearable Patches Market
- In September 2022, Senseonics announced a collaboration with the University Hospitals Accountable Care Organization (UHACO) in Cleveland, Ohio.
- In June 2022, Abbott announced that it is developing a new biowearable, “Glucose-Ketone Monitoring System” that will continuously monitor glucose and ketone levels in one sensor.
- In June 2022, Blue Spark Technologies Joined Medidata’s Sensor Cloud Network , which aims to overcome barriers limiting the full adoption of medical sensors––including data integration and standardization.
- In May 2022, BioIntelliSense introduced the BioButton, a rechargeable wearable device for continuous medical grade monitoring of 20+ vital signs and biometrics, a new product from BioIntelliSense.
- In April 2022, Blue Spark received a $40M funding for remote monitoring wearables.
- In April 2022, Carevive Systems and Blue Spark Technologies partnered to conduct Real-Time Remote Patient Monitoring pilot.
- In April 2022, Insulet launched New Omnipod 5 System Data for type 1 and type 2 diabetes.
North America and European Regions to Lead the Wearable Patches Market
Regions such as North America and Europe have technologically advanced healthcare systems and beneficial reimbursement policies; allocating considerable budgets to the healthcare system and awareness among people is more related to healthcare technologies, due to which these regions hold the maximum share in the global wearable patches market.
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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
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