The global wearable patch market was valued at around $495 million in 2015 and is expected to reach around $5,262 million by 2020, says Technavio.
Technavio has announced its latest market research report on wearable patches for the forecast period, 2016-2020. This market analysis, under the consumer electronics vertical, discusses the major drivers and key emerging trends that will influence the growth of the global wearable patch market during the forecast period. Some of the top vendors listed in this industry analysis include Abbott Laboratories, Gentag, Insluet, Kenzen, Nemaura Medical, and Proteus Digital Health.
In terms of geographical analysis, the Americas is likely to continue is domination over the global market and is expected to reach around $3,070 million in revenue by 2020. The US will emerge as the key revenue-generator.
“Several cosmetic companies are venturing into the global market for wearable patches owing to its high growth potential. Feeligreen, for instance, is developing an anti-aging medical patch called dermoPatch. It differs from a regular anti-aging patch as it uses the infusion of technology to apply a micro-current across the skin barrier. The patch enhances the skin’s ability to improve the restoration of molecules,” says Ujjwal P Doshi, a lead analyst at Technavio for consumer electronics.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increase in awareness of healthy lifestyle
Wearable patches help people observe their health conditions to avoid serious health issues. People are becoming increasingly concerned about their health and fitness, fueled by a rise in the prevalence of diseases and sky-rocketing healthcare costs. The increasing popularity of diet programs and mobile health applications creating encouraging more users adopt these patches. The increased awareness of wearable patches and their advantages among consumers is expected to continue to drive the growth of the market during the forecast period.
High healthcare costs
A large number of consumers are investing in health and fitness tracking devices as the healthcare expenses are increasing. Many users are adopting wearable patches for purposes such as calculating calorie intake, monitoring blood pressure, and monitoring the heart rate. By tracking their fitness levels and health conditions at home, they are able to eliminate the frequent hospital visits and consultation with doctors. It helps consumers save money on consultation and doctors’ fees.
Easy connectivity with computing devices
One of the key advantages of wearable patches is their easy connectivity and compatibility. These patches are compatible with most of the mobile OS and can connect to any smartphone via Bluetooth, making them more preferred over other health-monitoring devices such as fitness bands and smartwatches. The compatibility of smartwatches is very limited. For instance, Apple iWatch is not compatible with Android OS. Therefore, consumers prefer wearable patches over smartwatches.
Some of the other prominent vendors identified in this report are CeQur, Chrono Therapeutics, Delta Electronics, Dexcom, Feeligreen, FitLinxx, G-tech Medical, Hivox, iRhythm Technologies, iThermonitor, Isansys Lifecare, L’Oréal, Leaf Healthcare, Mcio, Medtronic, MTG, Patchology, Qualcomm, Sensium Healthcare, STEMP, The Ionto Team, Upright, Vital Connect, Valendo, X2 biosystems, Ya-Man, and Zansors.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Wearable Patch Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Diagnostic Wearable Medical Devices Market 2016-2020
- Global Smart Wearable Healthcare Devices and Services Market 2016-2020
- Global Smart Wearable Lifestyle Devices and Services Market 2016-2020
- Global Smart Wearable Entertainment Devices and Services Market 2016-2020
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