Wearable patch, also known as smart patch or electronic patch is used to monitor various diseases, offer diagnostics, and assist in drug delivery. Products in the global wearable patch market are used to assist the elderly patients in maintaining their health in cases for various chronic diseases, including diabetes. Rising efforts on research and development of new age smart patches along with increasing investments aimed at developing newer technologies in wearable patch products are expected to augment the sales in the global wearable patch market over the forecast period of 2021 to 2031. Some products in the global wearable patch market can be connected to a larger healthcare infrastructure, while others can work on their own. Furthermore, the products in the global wearable patch market are used in both clinical as well as non-clinical settings.
The research report thoroughly evaluates the changing landscape of the global wearable patch market to gather a precise understanding of the industry’s performance over the forecast period of 2021 to 2031. It highlights various major factors and events that may serve as powerful drivers and motivators for the global wearable patch market over the forecast period. It also records the shifting landscapes, both regional as well as competitive, that may influence the growth trajectory of the global wearable patch market during the forecast period.
Rising instances of chronic disorders including diabetes and atrial fibrillation are resulting in incidence of strokes at a high rate. This factor is anticipated to augment wearable patch sales in coming years. Furthermore, rising advancements in technologies pertaining to the products in the global wearable patch market are anticipated to bolster the growth of the industry over the forecast period. Moreover, other motivators for the global wearable patch market include rising geriatric population and rising usage of various connectivity technologies such as myoelectric technologies, microprocessor controller technologies, and Bluetooth technologies. Additionally, rising awareness in global population about the easy availability of these wearable patches and technologically advanced healthcare infrastructure in developed countries are also expected to fuel demand in the global wearable patch market over the forecast period of 2021 to 2031.
Regionally, North America is anticipated to dominate the global wearable patch market over the forecast period in terms of revenue. This growth potential can be attributed to fast paced rise in the development of wearable devices technologies to enhance the healthcare offerings in the region and high rate of promotion of newer forms of therapy. Furthermore, North America, being one of the foremost manufacturing hubs for complex, highly reliable, as well as high end medical devices is anticipated to witness considerable growth opportunities in the global wearable patch market in coming years. Rising research and development activities along with increasing investments and funding are also expected to bolster the development of the global wearable patch market in North America in coming years.
Some of the key manufacturers and vendors functioning within the global wearable patch market include AliveCor, Inc., Cardiac Insight Inc., LifeSignals, Inc., Dexcom, Inc., Abbott Laboratories, Sensium Healthcare Ltd., Qualcomm Technologies, Inc., VivaLNK, Inc., VitalConnect, L’Oréal Group, GENTAG, Inc., Koninklijke Philips N.V., and Leaf Healthcare, Inc. Several major participants in the global wearable patch market are engaged in strategic partnerships as well as mergers and acquisitions to fortify their position in the global industry over the forecast period.
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