“Geographically, the Americas lead the market with almost 80% market share in 2016. The health-conscious individuals mainly use disposable biosensor patches to monitor electrocardiogram signals, respiratory patterns, and body temperature. APAC, with the largest customer base will showcase the highest growth rate in the forecast period”
The research study covers the present scenario and growth prospects of the global wearable patch market for 2016-2020. To calculate the market size, the report considers the unit shipment of wearable patches.
The wearable patch market has been segmented to clinical and non-clinical application segments. The clinical segment is set to grow at a CAGR of about 81%, while non-clinical segment by more than 110%. Doctors use wearable patches to monitor health of patients over an extended timeline by collecting data collected by the wearable patches. These patches can remotely transmit data if it has been synched with smart devices.
The non-clinical segment mainly comprises of health-conscious individuals who want to keep a track of their vitals throughout the day. These individuals use the patches to address concerns of getting lifestyle diseases. Their flexible and battery-free nature makes them suitable to be used during workouts. They are mainly used to monitor heart rate and respiratory rate. Another important product are nicotine patches which aid smoker who want to quit the habit. Other unique products offered are anti-aging patches and alcohol monitoring patches.
“Geographically, the Americas lead the market with almost 80% market share in 2016. The health-conscious individuals mainly use disposable biosensor patches to monitor electrocardiogram signals, respiratory patterns, and body temperature. APAC, with the largest customer base will showcase the highest growth rate in the forecast period,” says Ujjwal Doshi, one of the lead analysts at Technavio for consumer electronics research.
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Technavio analysts highlight the following four factors that are contributing to the growth of the global wearable patch market:
- Change in normal lifestyle
- Increase in awareness of healthy lifestyle
- High healthcare costs
- Easy connectivity with computing devices
Change in lifestyle patterns
Industries like the fast food industry is seeing high levels of growth, indicating a subtle shift in lifestyles of individuals all over the globe. The average age for contacting lifestyle diseases like hypertension, diabetes, and cardiovascular diseases is reducing, impacted by the change in lifestyles and eating habits. About 9% of the adult population are likely to have varying types of diabetes by 2025. These trends are alarming and people have begun to take note. They have included wearable patches to their daily lives to constantly keep a track of their daily activities and getting into healthier patterns based on these observations. This is a very important driver for the wearable patch market.
Increase in awareness of healthy lifestyle
Wearable patches help people monitor their health conditions to avoid serious health complication by enabling timely detection. The increase in aging population, rise in number of diseases, and high healthcare costs are major concerns for people.
Elaborating about the need for wearable patches, Ujjwal says, “People are starting to give serious consideration to their health and fitness. There is increasing demand for diet programs and mobile health applications which is helping the market grow as it is encouraging more users adopt wearable patches. The increased awareness of wearable patches among consumers is expected to continue to drive the growth of the market during the forecast period.”
High healthcare costs
With increasing healthcare costs, more number of individuals are investing in health and fitness tracking devices. They adopt wearable patches to measure calorie intake, blood pressure, and heart rate. These devices help them track their fitness levels and monitor health conditions at home. This greatly reduces, if not eliminate the need for them to visit a doctor for check-ups. This practice helps consumers save money on consultation and doctors' fees. With healthcare costs continuing to rise, the demand for wearable patches is expected to increase during the forecast period.
Easy connectivity with computing devices
Wearable patches are innovative products for the current generation, which means it come with a major benefit of connectivity and compatibility with smart devices. These patches are manufactured to be compatible with most of the mobile OS and can connect to any smartphone via Bluetooth.
This feature makes them more preferred over other health-monitoring devices such as fitness bands and smartwatches. The cross compatibility of smartwatches is very limited; for instance, Apple iWatch is not compatible with Android OS. In addition to this key advantage, wearable patches are also much more affordable than a smart-watch to the average consumer, making them more attractive.
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