The global market size for Wearable Patch Market reached USD 7.38 billion in 2022 and is anticipated to achieve USD 14.75 billion by 2032, indicating a substantial revenue Compound Annual Growth Rate (CAGR) of 8% during the forecast period. A primary driver for the growth in market revenue is the escalating prevalence of chronic diseases, including diabetes, cardiovascular diseases, and respiratory problems. Wearable patches are gaining increased prominence due to their capacity for continuous monitoring of physiological indicators such as vital signs, facilitating the early detection of health conditions and swift intervention.
The rising adoption of Remote Patient Monitoring (RPM) services is expected to further boost the demand for wearable patches. RPM services enable medical professionals to remotely monitor patients’ health, providing real-time feedback and facilitating prompt action when necessary. This trend contributes to the expanding use of wearable patches in the healthcare landscape.
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Competitive landscape:
- Abbott Laboratories
- Dexcom, Inc.
- Medtronic plc
- Koninklijke Philips N.V.
- Sensium Healthcare Ltd.
- VivaLNK, Inc.
- Proteus Digital Health
- Kenzen, Inc.
- VitalConnect
- iRhythm Technologies, Inc.
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Key Strategic Initiatives:
- In 2021, Abbott Laboratories revealed a collaboration with Insulet Corporation, a leading medical device company specializing in insulin pumps. The partnership aimed to integrate Abbott’s glucose-sensing technology into Insulet’s Omnipod Horizon System, a wearable insulin pump system.
- Also in 2021, Dexcom, Inc. announced a collaboration with Eli Lilly and Company, a global healthcare leader, to incorporate continuous glucose monitoring (CGM) data from Dexcom’s G6 CGM system into Eli Lilly’s connected insulin pen system.
- In 2020, Medtronic plc announced the acquisition of Klue, a behavioral tracking and coaching platform utilizing wearable sensors and machine learning algorithms to monitor eating behaviors. The acquisition intended to integrate Klue’s technology into Medtronic’s portfolio of diabetes management solutions.
- Also in 2020, Koninklijke Philips N.V. disclosed a strategic collaboration with BioIntelliSense, a provider of wireless medical devices and services. The collaboration aimed to integrate BioIntelliSense’s medical-grade wearable sensors with Philips’ remote monitoring and telehealth solutions.
- In 2020, Sensium Healthcare Ltd. unveiled a partnership with The Royal Marsden NHS Foundation Trust to pilot SensiumVitals, a wireless wearable patch continuously monitoring vital signs of cancer patients.
- In 2021, Abbott Laboratories introduced the FreeStyle Libre 3, a wearable glucose monitoring system allowing users to track glucose levels without routine fingerstick tests. The device is small, discreet, and wearable for up to 14 days.
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