The wearable patch market is expected to grow by USD 5.96 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Wearable Patch Market 2020-2024 (Graphic: Business Wire)
The growing prevalence of chronic diseases and incurable conditions, such as cancer, cardiovascular conditions, diabetes, and asthma, is driving the demand for wearable patches. The burden of these chronic diseases is rapidly increasing worldwide and they are associated with high mortality rates. Wearable patches are gaining popularity as they are convenient for physicians as well as patients. With the aim of making healthcare services accessible to people in remote areas, healthcare providers are increasingly using wearable patches to remotely monitor the health of patients. Thus, the growing prevalence of chronic diseases is expected to drive the growth of the market during the forecast period.
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As per Technavio, the increasing demand for cloud-based solutions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Wearable Patch Market: Increasing Demand for Cloud-based Solutions
Technological advances in IT have made processes more efficient and quicker. Hence, the healthcare industry is adopting such technologies. With growing focus in patient information privacy and safety, the pressure to manage data has increased the demand for economic solutions such as cloud computing. Adoption of cloud computing, healthcare organizations will be able to remotely access data through wearable patches. The storage of data from wearable patches on the cloud will eliminate the need for backups and the effects of system issues. Thus, the increasing demand for cloud-based solutions is expected to drive the growth of the market.
“Factors such as the growing interest in transdermal medicines, and the increasing use of emerging technologies will have a significant impact on the growth of the wearable patch market value during the forecast period,” says a senior analyst at Technavio.
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Wearable Patch Market: Segmentation Analysis
This market research report segments the wearable patch market by application (clinical and non-clinical) technology (regular and connected), and geographic landscape (North America, Europe, APAC, MEA, and South America).
The North American region led the wearable patch market in 2020, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the rising number of health-conscious individuals in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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