Connected wearable patches include patches, tattoos, or small devices that are affixed to the skin and worn for a limited period of time, ranging from an hour to several weeks. The patches also have an element of wireless connectivity, and have a medical, health, or wellness purpose that can range from monitoring physiological data to delivering medication. Driven by rising healthcare costs, a growth in the number of people with chronic diseases, and aging populations, connected wearable patches are becoming an attractive solution for governments, insurance companies, and care providers, all of whom are searching for more cost-effective ways to monitor, diagnose, and treat patients.
According to a new report from Tractica, worldwide unit shipments of clinical and non-clinical connected wearable patches will grow to 12.3 million annually by 2020, up from just 67,000 in 2014. During that period, the market intelligence firm forecasts that the market for such patches will increase to $3.3 billion annually.
“The nascent market for connected wearable patches holds great promise, with the potential to improve the health of patients and contribute to lower healthcare costs,” says principal analyst Charul Vyas. “It is, however, still very much in the early stages of development and commercial availability. Connected wearable patches face a variety of challenges that must be overcome in the next several years in order for the market to thrive.”
Tractica’s report, “Connected Wearable Patches”, 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, revenues, ASPs, and segments/use cases during the period from 2014 through 2020. An Executive Summary of the report is available for free download on the firm’s website.