Global Wearable Patch Market to Surpass US$ 1,660.5 Million by 2027 - Coherent Market Insights

SEATTLE, Jan. 27, 2020 /PRNewswire/ -- According to Coherent Market Insights, the global wearable patch market is estimated to be valued at US$ 318.1 million in 2019, and is expected to exhibit a CAGR of 22.9% over the forecast period (2019-2027).

Key Trends and Analysis of the Global Wearable Patch Market:

Key trends in market include increasing incidences of chronic disease such as diabetes and cardiac disorder, increasing number of product launches, and increasing collaboration and acquisition activities by key market players.

According to the International Diabetes Federation's reports published in November 2019, around 463 million adults between the age group of 20 to 79 years were diagnosed with diabetes globally and it is expected that the total diabetes population will reach around 700 million by 2045.

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Furthermore, according to latest reports published in October 2019, by Johnson & Johnson Medical Devices Companies, prevalence of atrial fibrillation (AF) in Asia Pacific is increasing rapidly and affects nearly 16 million individuals in 2017, which is expected to reach 72 million by 2050

Increasing product launches is expected to drive growth of the global wearable patch market over the forecast period. For instance, in March 2019, Vivalnk, Inc. launched internet of things (IoT) -enabled medical wearable sensor platform with edge computing technology, and an internet of health things (IoHT) data cloud. The software platform is designed to capture human vitals and biometrics from patients and transfer data for analysis.

Furthermore, key players operating in the market are focused on adopting acquisition and collaboration strategies, in order to expand their product offerings in markets. For instance, in September 2019, Abbott Laboratories entered into collaboration with Sanofi for the development of tool that integrates its respective blood sugar tracking and insulin delivery technologies. The collaboration aimed at combining Abbott's FreeStyle Libre, a continuous glucose monitoring system with Sanofi's background in insulin dosing, into new compatible devices developed for regulatory approval in the near future.

Key Market Takeaways:

• The global wearable patch market is expected to exhibit a CAGR of 22.9% over the forecast period, owing to rising prevalence of chronic diseases and increasing technological advancements in wearable patch. For instance in September 2017, Medtronic Plc. and Garmin International Inc., a unit of Garmin Ltd., announced integration of Garmin wearable device data into Medtronic Care Management Services' (MCMS) remote patient monitoring platform. Garmin activity trackers have features such as continuous tracking and long battery life that makes at-home monitoring easier for patients.
• North America is expected to hold largest share in the global market, owing to presence of key players in the region such as Abbott, Hill-Rom Holdings, Inc., iRhythm Technologies, Inc., and AliveCor and rising incidence of chronic diseases. For instance, according to the Centers for Disease Control and Prevention (CDC) as of 2017, over 100 million U.S. population suffered from diabetes or pre-diabetes.

Key players operating in the global wearable patch market include --

Medtronic Plc, Hill-Rom Holdings, Inc. (Welch Allyn), iRhythm Technologies, Inc., AliveCor, Inc., Vivalnk, Inc., Cardiac Insight Inc., VitalConnect, LifeSignals, Inc., L'oreal Group, Dexcom, Inc., GENTAG, Inc., Abbott Laboratories, and  Koninklijke Philips N.V.

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Market Segmentations:

• Global Wearable Patch Market, By Technology:
• Connected
• Regular
• Global Wearable Patch Market, By Application:
• Monitoring
• Drug Delivery
• Diagnostics
• Global Wearable Patch Market, By End User:
• Healthcare
• Fitness & Sports
• Global Wearable Patch Market, By Region:
• North America
• U.S.
• Canada
• Latin America
• Brazil
• Mexico
• Argentina
• Rest of Latin America
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• ASEAN
• Rest of Asia Pacific
• Middle East
• GCC
• Israel
• Rest of Middle East
• Africa
• South Africa
• Central Africa
• North Africa

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SOURCE Coherent Market Insights