Wearable patches refers to small, sticker-like electronic devices that can be placed directly on the skin to monitor various health conditions. The patches facilitate real-time collection of biometric data such as heart rate, blood pressure, body temperature, blood oxygen levels etc. and transfer it wirelessly to apps or dashboards for tracking and analysis. Wearables patches offer seamless integration into daily life without much hassle and are gradually replacing more obtrusive medical devices like blood pressure cuffs. The Global Wearable Patch Market Size is estimated to be valued at US$ 6.43 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Expansion of healthcare sector presents lucrative opportunity for wearable patch market growth. Healthcare systems globally are increasingly focusing on remote patient monitoring to reduce costs and improve access to care. Wearable patches that can continuously monitor vital signs from home settings help enable decentralization of healthcare while also empowering individuals to take control of their wellness. The real-time data from these patches help providers optimize treatment plans according to patient needs as well as flag medical emergencies beforehand. As demand for remote healthcare services rises sharply driven by pandemic, the wearable patch market stands to gain tremendously from increasing uptake of these devices by providers, insurers as well as individuals.
Porter's Analysis
Threat of new entrants: Low capital requirements and brand recognition advantage mitigate the threat of new entrants.
Bargaining power of buyers: Fragmented buyer base with no single buyer accounting for substantial market share weakens their bargaining power.
Bargaining power of suppliers: Established supply chains and branding by major players weakens the bargaining power of suppliers in this market.
Threat of new substitutes: Limited substitute products exist for wearable patch applications in healthcare and fitness markets.
Competitive rivalry: Large number of players operating in the market have led to intense competition based on technology, features and pricing.
SWOT Analysis
Strength: Non-invasive continuous monitoring, remote data transmission, miniaturized form factors.
Weakness: Limited battery life, signal interference, regulatory compliance for medical devices.
Opportunity: Growth in remote patient monitoring, integration with apps and devices, new therapeutic areas.
Threats: Slow adoption in developing markets, pricing pressure from local players, data privacy and security concerns.
Key Takeaways
The global wearable patch market is expected to witness high growth supported by increasing user acceptance for remote health monitoring solutions.
The North America region currently dominates the market owing to rapid technological adoption and supportive regulatory environment for digital health solutions in the region.
Key players operating in the market are Diageo plc, Brown-Forman, Pernod Ricard, Bacardi Limited, Suntory Holdings Limited, Asahi Group Holdings, Ltd., Anheuser-Busch InBev, E. & J. Gallo Winery, Constellation Brands, Inc., Treasury Wine Estates, Barefoot Cellars, and Kona Brewing Co. Regional analysis Asia Pacific region is expected to offer lucrative growth opportunities during the forecast period supported by growing medical infrastructure, rising healthcare expenditures and increasing awareness regarding wearable devices in the region.
Get More Insights on This Topic: https://www.pressreleasebulletin.com/wearable-patch-market-demand-growth-and-regional-outlook-by-2030/
Explore More Information, Please Visit: https://masstamilan.tv/understanding-construction-aggregates/
