Connected Wearable Patches Market by Type (Clinical Use and Non-Clinical Use), by Product (Cardiovascular, Respiratory, Diabetes, Temperature, Blood Glucose, Blood Pressure, Heart Rate, Electrocardiogram (ECG), Blood Oxygen and Others), by Application (Monitoring, Detection and Diagnosis, Managing and Treatment, Health, Wellness and Prevention and Clinical Trials and Others), by Wearable Type (Wristwear, Neckwear and Bodywear) and by End-Users (Hospitals, Medical Clinics, Pharmacy, Fitness & Sports, Retail Stores, Online and Others)- Global Opportunity Analysis and Industry Forecast 2022-2030

Connected Wearable Patches Market

Industry:  Life Sciences & Healthcare | Publish Date: Dec 2022 | No of Pages:  N/A | No. Tables:  N/A | No. Figures:  N/A

Market Definition:

The Connected Wearable Patches Market size was valued at USD 7.50 billion in 2021 and is predicted to reach USD 14.60 billion by 2030 with a CAGR of 9.5% from 2022-2030.

Connected wearable patches refer to small devices that can be worn and affixed to the skin for a limited period. These patches have wireless connectivity that can be monitored by the system that is portable in nature.

Connected wearable patches get along with several mobile operating systems to collect data at regular intervals and further transmit it to connected devices such as smartphones and laptops. These patches help to diagnose problems related to respiratory, cardiovascular and diabetes parameters to deliver medication accordingly.

Market Dynamics and Trends:

An increase in unhealthy eating habits among individuals such as junk food, consumption of alcohol and smoking lead to the prevalence of chronic diseases such as heart disease, hypertension, stroke, and diabetes is projected to boost the growth of the global market. For instance, according to the International Diabetes Federation (IDF) around 537 million adults between the age group of 20 to 79 years were diagnosed with diabetes in the year 2021 globally.

In addition, the advantage of portable features including easy-to-use and carry characteristic leads to better patient compliance coupled with increase in high adoption rate due to real-time information and longer battery standby are expected to propel the growth of the market. Moreover, availability of smart features such as continuous real-time monitoring of patients along with precise data and easier connectivity with smartphones and other devices are further expected to drive the growth of the connected wearable patches market.

However, high cost of connected wearable patches along with the threats regarding data privacy that can be further misused are factors that are expected to restrain the growth of the market during the forecast period. On the contrary, rising demand for integrated technologies such as Internet of Things (IoT) and technological advancement such as microprocessor controllers and myoelectric technology that detect electrical outputs of muscles are expected to create ample growth opportunities for the market in the coming years.

 

Market Segmentations and Scope of the Study:

The connected wearable patches market is segmented based on type, product, application, wearable type, end-users, and geography. On the basis of type, the market is divided into clinical use and non-clinical use. Based on product, the market is classified into cardiovascular, respiratory, diabetes, temperature, blood glucose, blood pressure, heart rate, electrocardiogram (ECG), blood oxygen and others. Based on application, the market is categorized into monitoring, detection, and diagnosis, managing and treatment, health, wellness and prevention and clinical trials and others. On the basis of wearable type, the market is segmented into wristwear, neckwear and bodywear. On the basis of end-users, the market is bifurcated into hospitals, medical clinics, pharmacy, fitness & sports, retail stores, online and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

 

Geographical Analysis:

North America holds the lion share of connected wearable patches market size during the forecast period. This is attributed to factors such as rapid adoption of technological advancement in wearable patches products boost the market growth in the region. For instance, in February 2020, Caretaker Medical announced the introduction of its food and drug association (FDA) approved VivaLNK ECG Patch for its wireless patient monitoring platform. This device measures the blood pressure, respiration rate and other hemodynamic parameters and provide in real-time data. 

Moreover, the presence of prominent players such as Abbott Laboratories, Johnson & Johnson Services Inc and Qualcomm Technologies Inc boosts the market growth in this region. For instance, in April 2020, LifeSignals launched biosensor patch for monitoring patients recovering. This device is based on a proven cardiovascular monitoring platform that will record temperature, respiration rate, ECG trace, heart rate in real-time.

On the other hand, Asia-Pacific is expected to show a steady rise in the connected wearable patches market due to rising awareness trends toward wearable medical technology and emergence of telemedicine. For instance, in 2020, according to the Internet and Mobile Association of India-Praxis Global Alliance, India’s health-tech sector was valued at 1.9 billion USD under 1% of the healthcare industry. The telemedicine accounted for 30% of all patient visits with 3 times rise in consumers transacting on digital health platforms. Moreover, increasing integration of electrocardiogram (ECG) wearable patches in the smartwatches by the companies are expected to drive the connected wearable patches market growth in this region.

For instance, in July 2022, Huawei launched its Huawei Watch GT 3 Pro ECG smartwatch in the Chinese market. This smartwatch is equipped with a heart rate monitor, SpO2 sensor, body temperature, sleep tracker and stress monitor. It further comes with ECG to check the user’s heart rhythm and electrical activity.

 

Competitive Landscape:

The connected wearable patches market comprising of various market players such as Abbott Laboratories, iRhythm Technologies Inc, Medtronic PLC, Garmin Ltd, Koninklijke Philips NV, Honeywell International Inc, NXP Semiconductors NV, Boston Scientific Corporation, Stanley Black & Decker Inc and Qualcomm Incorporation. These market players are adopting various strategies for innovation and planning expansion of business across various regions to maintain their dominance in connected wearable patches market.

For instance, in January 2022, Abbott Laboratories announced the launch of its lingo line of biometric wearables that are designed to track biometrics such as blood glucose levels, ketones, lactate and even alcohol. Moreover, in May 2021, iRhythm Technologies Inc announced innovation in cardiac monitoring for the advancements of new and improved designs for monitoring and upgrading the artificial intelligence (AI) capabilities. This innovation will enhance the AI capabilities to further improve rhythm and beat diagnostic accuracy.

KEY BENEFITS:

  • The connected wearable patches market report provides the quantitative analysis of the current market and estimations through 2021-2030 that assists in identifying the prevailing market opportunities to capitalize on.

  • The study comprises a deep dive analysis of the connected wearable patches market trend including the current and future trends for depicting the prevalent investment pockets in the market.

  • The information related to key drivers, restraints and opportunities and their impact on the connected wearable patches market is provided in the report.

  • The competitive analysis of the market players along with their market share in the connected wearable patches market

  • The SWOT analysis and Porters Five Forces model is elaborated in the study.

  • Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

KEY MARKET SEGMENTS:

By Type

  • Clinical Use

  • Non-Clinical Use

By Product

  • Cardiovascular

  • Respiratory

  • Diabetes

  • Temperature

  • Blood Glucose

  • Blood Pressure

  • Heart Rate

  • Electrocardiogram (ECG)

  • Blood Oxygen

  • Others

By Application

  • Monitoring

  • Detection and Diagnosis

  • Managing and Treatment

  • Health

  • Wellness and Prevention

  • Clinical Trials and Others

By Wearable Type

  • Wristwear

  • Neckwear

  • Bodywear

By End-Users

  • Hospitals

  • Medical Clinics

  • Pharmacy

  • Fitness & Sports

  • Retail Stores

  • Online

  • Others

By Geography

  • North America

    • U.S

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • RoW

    • UAE

    • Saudi Arabia

    • South Africa

    • Brazil

    • Remaining Countries

KEY BENEFITS:

  • The connected wearable patches market report provides the quantitative analysis of the current market and estimations through 2021-2030 that assists in identifying the prevailing market opportunities to capitalize on.

  • The study comprises a deep dive analysis of the connected wearable patches market trend including the current and future trends for depicting the prevalent investment pockets in the market.

  • The information related to key drivers, restraints and opportunities and their impact on the connected wearable patches market is provided in the report.

  • The competitive analysis of the market players along with their market share in the connected wearable patches market

  • The SWOT analysis and Porters Five Forces model is elaborated in the study.

  • Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

KEY MARKET SEGMENTS:

By Type

  • Clinical Use

  • Non-Clinical Use

By Product

  • Cardiovascular

  • Respiratory

  • Diabetes

  • Temperature

  • Blood Glucose

  • Blood Pressure

  • Heart Rate

  • Electrocardiogram (ECG)

  • Blood Oxygen

  • Others

By Application

  • Monitoring

  • Detection and Diagnosis

  • Managing and Treatment

  • Health

  • Wellness and Prevention

  • Clinical Trials and Others

By Wearable Type

  • Wristwear

  • Neckwear

  • Bodywear

By End-Users

  • Hospitals

  • Medical Clinics

  • Pharmacy

  • Fitness & Sports

  • Retail Stores

  • Online

  • Others

By Geography

  • North America

    • U.S

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • RoW

    • UAE

    • Saudi Arabia

    • South Africa

    • Brazil

    • Remaining Countries

KEY PLAYERS

  • Abbott Laboratories
  • iRhythm Technologies Inc
  • Medtronic PLC
  • Garmin Ltd
  • Koninklijke Philips NV
  • Honeywell International Inc
  • NXP Semiconductors NV
  • Boston Scientific Corporation
  • Stanley Black & Decker Inc
  • Qualcomm Incorporation

Frequently Asked Questions
What will be the worth of global Connected Wearable Patches market by the end of 2030?

According to the report published by Next Move Strategy Consulting, the Connected Wearable Patches market business is expected to hit at $14.60 billion (USD) by 2030.

Which region is expected to hold the highest market share in the Connected Wearable Patches Market?

North America is expected to hold the highest market share in the global market. The region is expected to witness remarkable growth as it houses the major key players in the market.

Which are the top companies in the Connected Wearable Patches industry?

Abbott Laboratories, iRhythm Technologies Inc, Medtronic PLC, Garmin Ltd, Koninklijke Philips NV, Honeywell International Inc, NXP Semiconductors NV, Boston Scientific Corporation, Stanley Black & Decker Inc and Qualcomm Incorporation.

What are the market segmentations and scope of the study?

The global Connected Wearable Patches market share analysis is based on type, product, application, wearable type, end-users, and geography.

How big is the Connected Wearable Patches market?

Currently (in 2021), the market value stands at USD 7.50 billion and it is anticipated to reach USD 14.60 billion by 2030.