Connected wearable patches are smart patches that are portable in nature. They include small devices affixed to the skin and worn for a limited time, i.e., from an hour to several weeks. They are used to monitor heart rate via Bluetooth (wireless connectivity). The patches are also compatible with various mobile operating systems and collect data at regular intervals and transmit it to connected devices like smartphones and laptops. They allow remote monitoring of patient's health and eliminate the need for physical consultation with doctors. Moreover, these patches help to diagnose cardiovascular, respiratory, & diabetes parameters and to deliver medication.
MARKET SCOPE
The "Global Connected Wearable Patches Market Analysis to 2028" is a specialized and in-depth study of the healthcare industry with a special focus on the global market trend analysis. The report aims to provide an overview of the connected wearable patches market with detailed market segmentation by product, type, application, and geography. The report provides key statistics on the market status of the leading connected wearable patches market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on product, the global connected wearable patches market is segmented into cardiovascular, respiratory, diabetes and others.
- Based on type, the market is segmented into clinical use and non-clinical use.
- On the basis of application, the market is bifurcated into monitoring and diagnosis, managing and treatment, health wellness and prevention and clinical trials.
MARKET DYNAMICS
Drivers:
- Rise in prevalence of chronic diseases.
- Technological advancement in wearable patches.
- Rise in health awareness among consumers globally.
- Advancement in healthcare sector.
Restraints:
- Growing concerns regarding data privacy and security.
- Limited functionality.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The connected wearable patches market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the connected wearable patches market in these regions.
IMPACT OF COVID-19 ON CONNECTED WEARABLE PATCHES MARKET
COVID-19 initially began in Wuhan (China) in December 2019, and till now, it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Italy, and Spain are some of the worst affected countries in terms of confirmed cases and reported deaths. As the government imposed several restrictive measures to reduce virus transmission, the worldwide manufacturing, supply chain, economies, and industries were disrupted. Moreover, due to lockdowns and business shutdowns, the market growth was affected. As the pandemic increased, healthcare organizations focus on monitoring infected or exposed patient's temperatures. But usage of traditional thermometers for multiple patients created a risk of infection. So, market players manufactured disposable temperature monitors and single-use patches that were used to monitor patient's temperature without the need for direct contact. Therefore, the demand for single-use products increased that surged the connected wearable patch market growth. Hence, the market is likely to witness growth in the future.
MARKET PLAYERS
The report covers key developments in the connected wearable patches market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from connected wearable patches market are anticipated to have lucrative growth opportunities in the future with the rising demand for connected wearable patches in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the connected wearable patches market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Chrono Therapeutics Inc.
- Gentag, Inc.
- G-Tech Inc
- Biobeat
- Vital Connect
- iRhythm Technologies, Inc.
- Blue Spark
- Proteus Digital Health, Inc.
- Preventice Solutions, Inc.
- Vancive Medical