Connected Wearable Patches Market Analysis, Share, Growth, Trends, Revenue, Overview and Forecast 2022-2030
Next Move Strategy Consulting
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The Global Connected Wearable Patches Market size is estimated to be USD 2.39 billion in 2019 and is predicted to reach USD 68.67 billion by 2030 with a CAGR of 35.7% from 2020-2030.
Connected wearable patches are small devices which are attached to the skin and can be worn for the limited period of time which can be few days and few weeks. These patches have wireless connectivity and can be monitored by the systems due to its connectivity. These devices are used for various purposes such as monitoring, drug delivery and others. These patches are discreet in nature and could be hidden under clothing without restricting the body movements which helps in the constant monitoring and recoding of more precise data.
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Top Companies: Medtronic PLC, Garmin Ltd., Koninklijke Philips NV, Honeywell International Inc., NXP Semiconductors NV, Boston Scientific Corporation, Abbott Laboratories, Stanley Black & Decker, Inc., and Qualcomm Incorporation and others.
Market Dynamics and Trends
The improving and modernizing healthcare infrastructure as well as huge burden of target diseases such as diabetes and others in developing nations has proliferated the connected wearable patches market growth. Furthermore, increased prevalence of chronic disorders coupled with increase in healthcare infrastructure will increase the market.
The factors including increase in geriatric population coupled with increased adoption of wearable patches, and increasing health concerns among people is expected to promote the growth of connected wearable patches. However, restricted functionality and low comfort level of these devices coupled with short battery life is expected to hamper the market growth. Moreover, increasing research and development activities coupled with innovation and technological advancement is expected to create ample opportunities for the market growth in future.
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Market Segmentations and Scope of the Study:
The global connected wearable patches market share is analyzed on the basis of product, application, and geography. On the basis of product, the market is segmented into Clinical Use and Non-Clinical Use. On the basis of application, the market is divided into Monitoring, Detection and Diagnosis, Managing and Treatment, Health, Wellness and Prevention, and Clinical Trials. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
North America denotes a higher adoption of the connected wearable patches and is anticipated hold the highest market share during the forecast period. This is attributable to the factors including presence of well-established healthcare amenities, increased prevalence of chronic disorders and technological advancements.
It is expected that the emerging economies, specifically in the Asia-Pacific region would witness increasing market size owing to increasing accessibility to healthcare facilities in the region, increase in geriatric population and wide applications coupled with increase in innovation and research and development activities are further expected to augment the market.
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