NEW
YORK, June 24, 2024 /PRNewswire/ -- The
global wearable patch market size is estimated to
grow by USD 7.11 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of over 13.26% during the forecast
period.
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The wearable patch market is booming, driven by several
factors:
- Rising Chronic Diseases: More people have chronic
illnesses like heart disease, creating a demand for tools to manage
them. Wearable patches offer convenient monitoring and treatment
options.
- Cloud-Based Solutions: Cloud computing allows healthcare
providers to access patient data remotely, making wearable patches
more practical.
- Non-invasive Monitoring: People prefer non-invasive ways
to track their health. Wearable patches provide a user-friendly
solution.
- Growing Health Awareness: There's a general
increase in health consciousness, leading people to adopt wearable
patches for preventive care and wellness.
- IoT Integration: Wearable patches can connect with
other devices and systems, creating a network for comprehensive
health monitoring.
However, the market faces some hurdles:
- Data Privacy Concerns: Security risks associated
with wearable patches and the vast amount of health data they
collect are a major concern.
- Cost and Durability: Balancing affordability with
high-quality materials that can endure daily wear and tear is a
challenge.
- Technological Integration: Ensuring seamless
connection between patches and other devices requires ongoing
technological advancements.
- Regulations: Meeting safety and data privacy
standards set by regulatory bodies is crucial for market
success.
- Marketing and Distribution: Reaching and engaging
target audiences with effective marketing strategies is
essential.
Key Players:
The wearable patch market has a diverse range of participants,
including:
- Abbott Laboratories
- Apple
- Samsung Electronics
- Biofourmis
- DarioHealth
Market Segmentation:
The wearable patch market can be segmented based on:
- Application: Clinical (for medical purposes) or
non-clinical (for general health and wellness)
- Technology: Regular patches or connected patches
with data transmission capabilities
- Geography: North America, Europe, Asia,
and Rest of the World
Future Outlook:
The wearable patch market holds immense promise for the future
of healthcare. As technology advances and user acceptance grows,
connected wearable patches are expected to dominate the market.
Investment in research and development will lead to more innovative
and effective wearable patch solutions.
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio