July 25, 2024

Rising Adoption of Remote Patient Monitoring to Boost the Growth of Wearable Patch Market

The global Wearable Patch Market is estimated to be valued at US$ 718.8 Mn in 2023 and is expected to exhibit a CAGR of 23. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Wearable patch is a small, removable and lightweight patch that is worn on the skin to continuously or intermittently monitor vital signs such as blood pressure, heart rate, blood glucose levels and body temperature. Wearable patches offer better compliance to treatment regimens as compared to daily routine procedures as they reduce the frequency of hospital visits. The data collected from wearable patches helps doctors to remotely monitor patient’s condition between appointments and make timely adjustments to treatment if needed.

Market key trends:
One of the major trends in the wearable patch market is the growing adoption of remote patient monitoring. Remote patient monitoring enables continuous monitoring of patients outside of healthcare facilities using digital technologies. It helps in early detection of health issues and preventive care. This reduces healthcare costs and burden on medical resources. The COVID-19 pandemic has further accelerated the demand for remote patient monitoring as it prevents unnecessary hospital visits and exposure. Manufacturers are hence focusing on developing advanced patches integrated with mobile apps and cloud connectivity to facilitate remote monitoring of patients.
Porter’s Analysis

Threat of new entrants: Low capital requirement and intellectual property rights protection in wearable patch market pose low entry barriers for new companies.

Bargaining power of buyers: Buyers have high bargaining power due to availability of alternatives and undifferentiated products.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated components and technologies required for wearable patches.

Threat of new substitutes: Emergence of alternative health monitoring devices pose moderate threat of substitution.

Competitive rivalry: Intense competition due to presence of global and regional players.

Key Takeaways

The global Wearable Patch Market is expected to witness high growth, exhibiting CAGR of 23.% over the forecast period, due to increasing prevalence of chronic diseases and growing adoption of remote patient monitoring.

The North America region is expected to dominate the wearable patch market during the forecast period. This is attributed to growth in penetration of advanced healthcare technologies, rising health awareness among consumers, and presence of major players in the region.

Key players operating in the wearable patch market are Medtronic Plc, Hill-Rom Holdings, Inc. (Welch Allyn), iRythm Technologies, Inc., AliveCor, Inc., Vivalnk, Inc., Cardiac Insight Inc., VitalConnect, LifeSignals, Inc., Lâ€TMoreal Group, Dexcom, Inc., GENTAG, Inc., Abbott Laboratories, Koninklijke Philips N.V. and other prominent players. Medtronic Plc dominated the global wearable patch market in 2021.