Connected Wearable Patch Market: Introduction
- Connected wearable patches are intended for clinical and non-clinical use. Moreover, these patches are used to monitor and diagnose cardiovascular, respiratory, and diabetes parameters.
Key Drivers and Opportunities of Global Connected Wearable Patch Market
- Sedentary lifestyle and unhealthy diet lead to increase in prevalence of chronic diseases. Hence, rise in prevalence of chronic diseases is projected to boost the growth of the global market. According to the American Heart Association, an estimated 116.4 million adults in the U.S. had hypertension in 2019. An article published in the Diabetes Research and Clinical Practice stated that prevalence of diabetes was estimated at 9.3% globally in 2019 and it is likely to rise to 10.2% by 2030 and 10.9% by 2045.
- Wearable patches are ease to use and carry, which leads to better patient compliance and increases adoption rate. Hence, rise in use of wearable patches is anticipated fuel the growth of the global market.
- Increase in demand for integrated technologies owing to rise in awareness about Internet of Things and technological advancement is expected accelerate the growth of the global connected wearable patch market
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- The shift from hospital care to home care is also likely to drive the global market. Industry players are engaged in the development of wearable products for home care for remote patient monitoring and health care application. For instance, VitalConnect offers the VitalPatch and VitalSolution for home care. This patch is used to monitor respiratory rate, heart rate variability, body temperature, and other parameters.
- The geriatric population is more prone to chronic diseases such as cardiovascular and diabetes. Hence, increase in geriatric population is a major factor propelling the global market.
- Emerging markets in regions such as Asia Pacific, Middle East & Arica, and Latin America offer significant opportunities in the global connected wearable patch market. Surge in geriatric population with various chronic diseases present lucrative opportunities in the global market. According to the National Heart Foundation of Australia, cardiovascular diseases (CVDs) is the major cause of death in Australia; in 2017, around 43,477 deaths were attributed to CVD in the country.
- Moreover, the current coronavirus pandemic has induced health care organizations to focus on monitoring temperatures of infected or exposed patients. Usage of traditional thermometers for multiple patients creates a risk of infection. Blue Spark Technologies offers the TempTraq, a disposable temperature monitor, single use patch ideal for temperature monitoring in patients without the need of direct contact. Hence, rise in adoption of single use products presents lucrative opportunity in the global connected wearable patch market.
North America to Capture Major Share of Global Connected Wearable Patch Market
- North America is projected to dominate the global connected wearable patch market during the forecast period. Introduction of new products, presence of key players, and high adoption rate of technologically advanced products are anticipated to boost the growth of the market in the region. In February 2020, Caretaker Medical introduced VivaLNK’s FDA-Cleared ECG Patch for its wireless patient monitoring platform.
- Asia Pacific is expected to account for significant share of the market from 2020 to 2030. The market in the region is likely to grow at a rapid pace during the forecast period due to rise in awareness and emergence of telemedicine, increase in usage of technologically advanced products, and trend toward wearable medical technology.
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Key Players Operating in Global Connected Wearable Patch Market
The global connected wearable patch treatment market is highly consolidated due to the presence of small number of key players. Demand for integrated technology products has increased in emerging as well as developed markets owing to rise in awareness about Internet of Things. The key players focus on research & development in order to develop technological advanced products. Growth strategies adopted by these players is anticipated to fuel the growth of the global market. For instance, in March 2020, Biobeat received CE mark approval for Biobeat patch for measurement of cardiac output, blood pressure, stroke volume, etc. in long-term care, hospitals, home care, and clinics.
Major players operating in the global connected wearable patch treatment market are:
- iRhythm Technologies, Inc.
- Caretaker, LLC
- Dexcom, Inc.
- Blue Spark Technologies
- Other Prominent Players
Global Connected Wearable Patch Market: Research Scope
Global Connected Wearable Patch Market, by Product
- Heart Rate
- Blood Pressure
- Oxygen Saturation
- Respiratory rate
Global Connected Wearable Patch Market, by Application
- Monitoring & Diagnosis
- Health & Fitness
Global Connected Wearable Patch Market, by End-user
- Hospitals & Specialty Clinics
- Home Care
- Ambulatory Surgical Centers
Global Connected Wearable Patch Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.