The Wearable Patch Market was valued at $5.8 Billion in 2020. Growing at a high CAGR of more than 12.2% between 2021 and 2031, it is estimated to reach $20.5 Billion by 2031. The current pandemic of COVID-19 might make a slight difference in the growth rate. The large share of this segment is attributed to the increasing prevalence of chronic diseases and the increasing demand for wearable patches in developing countries. Hence, it will be estimated to make a lot of growth for the market over the forecast period of 2021-2031.
Wearable Patch Market Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The Wearable Patch Market has been segmented based on type and application. The increasing technological advancement when it comes to wearable patches is also a major reason behind the growth of the market. Wearable patches are used for the diagnosis as well as monitoring of various chronic diseases such as atrial fibrillation. This is increasing the demand for wearable patches and some major players in the market are launching technologically advanced devices.
North America Is Holding The Market Share By Region
The Wearable Patch Market has been geographically segmented into Europe, Asia Pacific, Latin America, and the Middle East region. However, the largest share of the market is held in North America and Europe. The large share of this segment is attributed to the increasing prevalence of chronic diseases and the increasing demand for wearable patches in developing countries. Latin America and the Middle East are estimated to witness steady growth during the period owing to the rise of this market. Hence, these will fuel growth during 2021-2031.
Major Players In Wearable Patch Market
Key players profiled in the report include Abbott Laboratories, iRhythm Technologies Inc, DexCom Inc, Medtronic PLC, Texas Instruments Inc, Proteus Digital Health Inc, Proteus Digital Health Inc, Gentag Inc, Kenzen Inc, VitalConnect Inc, and Preventice Solutions Inc., and others
The Wearable Patch Market Have Been Segmented into:
Global Wearable Patch Market, By Product Type
Global Wearable Patch Market, By Wearable Type
Global Wearable Patch Market, By Application
Global Wearable Patch Market, By End User Industry
Wearable Patch Market: By Region