A recent report shared the market's expansion is mainly driven by the growing prevalence of chronic diseases, which has increased the demand for remote health monitoring and efficient healthcare solutions.
The wearable patch market is on track to experience substantial growth, with a projected increase of about $5.6 million from 2022 to 2027, at a CAGR of 12.02%.
A recent report by Technavio titled "Global Wearable Patch Market 2023-2027" shared the market's expansion is mainly driven by the growing prevalence of chronic diseases, which has increased the demand for remote health monitoring and efficient healthcare solutions.
Another key factor contributing to the market growth is the presence of U.S. FDA-approved manufacturing facilities in emerging markets, especially in the Asian-Pacific part of the world.
Countries like China, India, Mexico, and Brazil have witnessed the approval of manufacturing facilities, attracting foreign pharmaceutical companies to outsource their drug manufacturing to Contract Manufacturing Organizations (CMOs) in these regions, the study said.
The movement has led to higher adoption of wearable patches, driving market growth during the forecast period.
Based off of information shared in a report by the National Institutes of Health, these wearable patches are devices capable of non-invasive sensing and measuring a person’s health status , as well as self-managing underlying conditions such as hypertension and diabetes.
The patches include sensors that can record a person’s blood pressure, glucose levels, and either lactate, alcohol, or caffeine.
Per the NIH report, a larger goal of these wearables is sensing indicators of disease onset, allowing for early intervention that may stave off a developing condition.
Beside the report, the Technavio study revealed there is an increasing demand for cloud-based solutions.
Advancements in information technology have led to enhanced efficiency and speed in various industries, including healthcare, the study said. Cloud computing has “revolutionized healthcare organizations' ability to access data remotely through wearable patches, streamlining data collection and analysis processes.”
The technological trend is expected to further fuel the growth of the wearable patch market during the forecast period, the study said.
While there are promising growth projections, there are also challenges that need to be addressed. One being challenge data privacy and security concerns.
The healthcare industry has experienced a surge in cyberattacks, raising concerns about data protection and privacy. The digitization of workflows and the adoption of electronic patient records have made the healthcare industry more susceptible to cybersecurity threats.
Authors of the study shared that addressing these concerns could be crucial for sustaining the wearable patch market's growth trajectory during the forecast period.
Wearable patches are monitoring and transmitting health data to devices such as smartphones and laptops. They are not only enabling remote health monitoring but reducing the need for physical appointments with healthcare professionals, which in return drives the increase of patient’s being potentially treated.