Product Code: RP-ID-10059311 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Healthcare & Pharmaceuticals |
Report ID: 10059311
Market Overview:
Global Wearable Skin Patch Market Outlook 2030
In 2021, the global wearable skin patch market is projected to be worth ~USD 8 billion, and it is expected to expand at a compound annual growth rate (CAGR) of 7% from 2022 to 2030. Wearable patches are called electronic skins or smart repairs. They are used to monitor diseases, diagnose and administer drugs, and help maintain the health of elderly patients with chronic diseases such as diabetes. Due to the increase in R&D investment in the development of wearable patches, the market is expected to experience lucrative growth. Wearable patches, such as transdermal patches and scopolamine patches, are applied directly to the affected body parts to control the disease. For example, nicotine patches are used in nicotine replacement therapy (NRT) to release nicotine into the body and help prevent smoking.
The main factor driving the market is the increasing incidence of chronic diseases such as atrial fibrillation and diabetes, which are causing strokes at a higher rate, which is expected to drive the market during the forecast period. For example, according to the 2019 International Diabetes Federation report, approximately 463 million adults worldwide have diabetes.
In addition, it is estimated that by 2045, approximately 700 million people worldwide will suffer from diabetes. In addition, the increase in the prevalence of atrial fibrillation is a major factor driving the development of the market. According to the 2019 American Heart Association report, the main cause of death in the United States is stroke, and approximately 2.7 million people in the country suffer from atrial fibrillation.
It is estimated that 800,000 stroke cases are recorded each year due to vascular obstruction. The increase in portable patch technology is also one of the main reasons for market growth. The portable patch is used for the diagnosis and monitoring of various chronic diseases such as atrial fibrillation.
This in turn has increased the demand for wearable patches, so major market players are launching technologically advanced devices. For example, Philips received approval for a disposable wearable sensor patch in May 2020, which can track breathing rate and heart rate after the patient is discharged from the ICU. The device is basically called the Philips biosensor BX100, and has been approved by the US FDA for use in a hospital environment.
INFORMATION TECHNOLOGY :
Connected wearable devices accounted for the largest revenue share in 2020, exceeding 74%. This part is mainly due to the increasing prevalence of chronic diseases and the growing demand for wearable device patches in developing countries. During the forecast period, rapid population growth and increased prevalence of cardiovascular diseases may drive the growth of this segment.
In addition, factors such as technological progress, increasing prevalence of chronic diseases, and increasing demand for connectable wearable patches are more important. It is expected to drive market growth during the forecast period.
The increasing use of connection technologies such as microprocessor controllers, Bluetooth and EMG technology has led to an increasing demand for such devices. In addition, during the forecast period, the increase in demand and awareness of these advanced products from technologically advanced countries may promote market development.
APPLICATION INSIGHTS :
In 2020, the clinical market segment had the largest revenue share at 48%. Due to the rapid growth of the patient population and increased investment in wearable patch R&D, this segment is expected to grow during the forecast period.
Various market participants have increased their investment in the clinical research industry to improve its efficiency and productivity, which has prompted manufacturers to pay more attention to these activities. Increasing attention to wearable patches and increasing R&D expenditures are the main factors for the growth of this segment.
REGIONAL INFORMATION:
The region is expected to grow substantially during the forecast period. This growth can be attributed to the rapid growth in the development of wearable devices to meet the growing demand for efficient medical care in the region, as well as the strong R&D and promotion of new therapies.
In addition, North America, as a leading manufacturing center for highly reliable, complex and high-end portable medical devices, is expected to drive market development in the region. In addition, due to the booming healthcare industry in the region, a number of medical device manufacturing companies are targeting the market. Increase investment in wearas technological advancement.
MAJOR COMPANIES AND MARKET SHARE PROSPECTS:
Major companies also participate in partnerships, mergers and acquisitions to strengthen their product portfolios, manufacturing capabilities and provide competitive differentiation.
Some of the major players in the wearable patch market include: AliveCor, IncVivaLNK, IncCardiac Insight IncVitalConnectLifeSignals,IncL;Oreal GroupDexcom, IncGENTAG, IncAbbott LaboratoriesKoninklijke Philips N.V.Sensium Healthcare LtdLeaf Healthcare, IncQualcomm Technologies, Inc
MARKET SEGMENTS COVERED BY THE REPORT:
The report forecasts global, regional and national revenue growth, and analyzes the latest industry trends in each sub-segment from 2022-2030. For the purpose of this research, Grand View Research reports on the global wearable patch market based on technology, application and region: technology outlook (revenue, millions of dollars, 2022-2030) normal connected wearable application outlook (revenue, 100 Million USD, 2022-2030) Clinical non-clinical.
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