The Global Wearable Patch Market size is expected to reach $12. 6 billion by 2026, rising at a market growth of 10. 6% CAGR during the forecast period. Wearable patches are commonly known as electronic skin and smart patches.
New York, Dec. 23, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Wearable Patch Market By Technology, By Application, By Region, Industry Analysis and Forecast, 2020 - 2026" - https://www.reportlinker.com/p05999877/?utm_source=GNW
These are small, thin, and flexible in nature. Wearable patches are used for drug delivery, disease monitoring, and diagnosis. These patches are helpful in maintaining health and wellbeing in ageing patients suffering from prolonged conditions like diabetes and others. Currently, the market of wearable technologies is increasing, due to rise in research and development activities for designing new wearable patch carried out by significant players functioning in the market.
Features like continuous monitoring of patient’s body along with accurate data, minimal intervention with body movements and easier connectivity with the numerous smartphones are the pivotal factors that are boosting the growth of this market. In addition to it, the increase in a number of lifestyle diseases will also fuel the market growth. On the other hand, overlong process of governmental supports and interruption in new product launch are hamper the market growth. Growing acceptance of wearable patches in developing countries and rising adoption towards healthy lifestyle in order to create profitable prospects for wearable patches market.
Based on Technology, the market is segmented into Connected Wearable and Regular Wearable. The Connected Wearable segment has the largest revenue share in 2019. This large share of this segment is accredited to the increasing occurrence of chronic diseases as well as the growing demand for the wearable patch in emerging countries. The speedily increasing aging population and growing occurrence of cardiovascular diseases are the primary factors that are expected to drive segment growth in the foreseeable period.
Based on Application, the market is segmented into Non-Clinical and Clinical. The clinical segment has the largest revenue share in 2019. Owing to the speedily increasing patient population and growing investments in the R&D for new wearable patch, the segment is anticipated to show growth in the coming years. Increasing investment in the clinical research industry by numerous players in the market to boost their efficacy and yield has driven the manufacturers to surge their emphasis on these activities. Growing focus on the wearable patch and increasing R&D spending are main factors that are responsible for the progress of this segment.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America is the leading region for the Wearable Patch Market, owing to the existence of large number of creators in the North America region is largely contributing for the growth of this region. Still, other emerging economies like Asia Pacific is expected to have a substantial growth owing to rising disposable income in the population and rising awareness about wearable skin patch in the Asia Pacific region.
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Koninklijke Philips N.V., Abbott Laboratories, Qualcomm, Inc., and L’Oreal Group are forerunners in the Wearable Patch Market. Companies such as VivaLNK, Inc., LifeSignals Group, Inc., and Smith & Nephew PLC are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include DexCom, Inc., Abbott Laboratories, Koninklijke Philips N.V., Smith & Nephew PLC (Leaf Healthcare, Inc.), Qualcomm, Inc., L’Oreal Group, VivaLNK, Inc., Cardiac Insight, Inc., AliveCor, Inc. and LifeSignals Group, Inc.
Recent strategies deployed in Wearable Patch Market
Partnerships, Collaborations, and Agreements:
Sep-2020: VivaLNK announced its partnership with Mazzetti, a provider of healthcare building systems engineering solutions. The partnership was aimed at deploying quicker response patient monitoring solutions for COVID-19 in the U.S. In China, VivaLNK’s reusable wearable medical sensors have been deployed in about 15 hospitals during this COVID-19 outbreak.
Feb-2020: DexCom and Abbott partnered with Insulet. This partnership feeds blood glucose monitor data into an automated insulin delivery system that boosts its next-generation Omnipod Horizon automated insulin delivery system.
Dec-2019: DexCom came into agreement with Eli Lilly and Company. Under this agreement, Lilly uses DexCom’s continuous glucose monitoring (CGM) devices in both the pen and pump-based platforms of the system that was designed to help in improving diabetes management.
Sep-2019: Abbott partnered with Sanofi. The partnership aimed to develop tools that integrated their respective blood sugar tracking and insulin delivery technologies through new smart insulin pens, smartphone apps for titration, and cloud-based software analytics.
Aug-2019: VivaLNK signed an agreement with Emory University. As per the agreement, it provides its medical wearable ECG sensors to Emory University for evaluating autonomic function in predicting coronary artery disease (CAD). The VivaLNK medical wearable ECG patch comprises an accelerometer and electrocardiography sensor that captures and produces multiple physiological data.
Product Launches and Product Expansions:
Sep-2020: Abbott launched the world’s first glucose sport biosensor, i Libre Sense Glucose Sport Biosensor. It measures the glucose of athletes continuously for a better understanding of the correlation between their glucose levels and their athletic performance.
Jun-2020: Royal Philips introduced an upgrade in its remote patient monitoring suite supporting at-risk populations during the COVID-19 emergency. The new wireless Avalon CL Fetal and Maternal Pod and Patch aimed to reduce unnecessary physical interaction between clinician and patient, during the COVID-19 pandemic.
Jan-2020: L’Oreal’s La Roche-Posay launched My Skin Track Ph. It is the first wearable sensor and companion app that measures personal skin Ph levels and produces customized product regimens that would be better for skincare.
Nov-2020: AliveCor got FDA clearance for its new suite of interpretive ECG algorithms. This new suite can capture sinus rhythm with premature ventricular contractions. The algorithm works efficiently on the devices of AliveCor including KardiaMobile and KardiaMobile 6L devices.
Jul-2020: LifeSignals’ ECG Remote Monitoring Patch Platform received FDA approval. The LifeSignals ECG Remote Monitoring Patch Platform is a wireless remote monitoring system used by healthcare professionals for the continuous Heart Rate monitoring in ambulatory and collection of Electrocardiography (ECG) in home, hospital, and healthcare settings.
May-2020: LifeSignals’ ECG Remote Monitoring Patch received the CE Mark. The patch is used with a remote monitoring platform and is designed to monitor continuous electrocardiography (ECG). The ECG Remote Monitoring Patch captures data for up to three days.
May-2020: Royal Philips received clearance from the U.S. Food and Drug Administration (FDA) for its wearable biosensor (Philips Biosensor BX100). This sensor helps in managing confirmed and suspected COVID-19 patients in the hospital.
Jan-2020: VivaLNK announced FDA clearance for its Continuous ECG Platform. The platform consists of reusable wearable ECG sensors and an associated software development kit (SDK). It enables developers and providers to have direct control over data.
Dec-2019: VivaLNK announced that it got a Class IIa medical device, CE Mark, for its software development kit and multi-vital medical wearable sensor. This technology is helpful for the researchers and clinicians to continuously monitor a patient’s ECG rhythm, heart rate, RR interval, respiratory rate, and three-axis acceleration.
Scope of the Study
Market Segments Covered in the Report:
• Connected Wearable
• Regular Wearable
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• DexCom, Inc.
• Abbott Laboratories
• Koninklijke Philips N.V.
• Smith & Nephew PLC (Leaf Healthcare, Inc.)
• Qualcomm, Inc.
• L’Oreal Group
• VivaLNK, Inc.
• Cardiac Insight, Inc.
• AliveCor, Inc.
• LifeSignals Group, Inc.
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