The market for connected wearable patches is still in the initial stages of development and commercial availability, but holds great promise, with the potential to improve the health of patients and contribute to lower healthcare costs. Connected patches may enable patients and providers to diagnose, manage, and treat patients in a simpler, more convenient, and rapid manner. There are more patches on the market and there has been a lot of movement in the regulatory and reimbursement areas for certain categories. The addition of wireless connectivity greatly enhances the value of this device type for both clinical and non-clinical uses. In the clinical setting, physicians and nurses have access to a real-time, continuous flow of data, allowing trends to be detected, which can prevent patient deterioration. Connectivity enhances non-clinical uses by offering a more personalized experience. Advances have been made in sensor accuracy, comfort, and the demonstration of use cases both in the clinical and nonclinical areas.
Medical monitoring, detection, and diagnosis applications lead the market in terms of shipments for both clinical and non-clinical use. Awareness is growing of the benefits that connected wearable patches will provide to medical professionals and patients. Medication management and treatment offers much promise, but the development and regulatory timeframes are much longer. Connected wearable patch technologies that can assist with the problem of medication adherence will be of the highest interest, particularly from pharmaceutical companies and payers. Health, wellness, and prevention applications are still in the very early stages; however, use cases are growing. Tractica forecasts that total shipments of connected wearable patches will reach 35.1 million units annually by 2022, and will account for $7.9 billion in revenue by the end of the forecast period.
This Tractica report examines the market trends, drivers and barriers, applications and use cases, technology issues, and key industry players for connected wearable patches within the clinical and non-clinical environments. It presents forecasts for unit shipments, revenue, average selling prices, application areas, and end use markets during the period from 2016 through 2022. The report focuses on three main use cases for connected wearable patches: medical monitoring, detection, and diagnosis; medication management and treatment; and health, wellness, and prevention. The report includes profiles of 25 key market participants.
Key Market Forecasts
-Connected Wearable Patches Unit Shipments by Category, Clinical and Non-Clinical, World Markets: 2016-2022
-Connected Wearable Patches Revenue by Category, Clinical and Non-Clinical, World Markets: 2016-2022
-Connected Wearable Patches, Unit Shipments and Revenue by Region, World Markets: 2016-2022
-Connected Wearable Patches, Unit Shipments by Application, World Markets: 2016-2022
-Connected Wearable Patches Unit Shipments by Connectivity Technology, World Markets: 2016-2022
Applications and Use Cases
-Medical monitoring, detection, and diagnosis
-Medication management and treatment
-Health, wellness, and prevention
End Use Markets
-Middle East and Africa