Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Wearable patches are known as smart patches or electronic skin. These are thin, small, and flexible in nature, and are used for disease monitoring, drug delivery, and diagnosis. Wearable patches help to maintain health and wellbeing in elderly patients suffering from chronic conditions such as diabetes and others. Presently, the market of wearable technologies is growing, owing to increasing research and development activities for development of wearable patch carried out by key players operating in the market. Wearable patches can be worn or stuck to the skin, or patch’s such as scopolamine patches and transdermal patch are directly attached to the affected body part for disease monitoring. For instance, a nicotine path is a transdermal patch, which releases nicotine into the body, and is used in nicotine replacement therapy (NRT).
The major factor driving the market is the increasing incidence of chronic diseases such as atrial fibrillation and diabetes, which are causing stroke incidents at a higher rate, which is expected to drive the market over the projected period. For example, according to the International Diabetes Federation Report, around 463.0 million adults were suffering from diabetes globally. Besides, it is estimated that around 700.0 million people will suffer from diabetes by 2045 worldwide.
Likewise, the increasing prevalence of atrial fibrillation is a major factor driving the market. According to the American Heart Association Report, the leading cause of death in the U.S. was a stroke, and around 2.7 million people in the country were suffering from atrial fibrillation. It is also estimated that annually, 800,000 cases of stroke are recorded owing to blockage in blood vessels.
Increasing technological advancement in wearable patches is also a major reason for the growth of the market. Wearable patches are used for the diagnosis and monitoring of various chronic diseases such as atrial fibrillation. This, in turn, is increasing the demand for wearable patches and hence major players in the market are launching technologically advanced devices. For instance, in May 2020, Philips received approval for a disposable wearable sensor patch that can track the respiratory rate and heart rate once the patient is discharged from ICU. This device is known as Philips Biosensor BX100 and is approved by the U.S. FDA to be used in hospital settings.
The exclusive COVID 19 impact analysis report by Axiom MRC provides a 3600 analysis of micro and macro-economic factors on the pet grooming market. In addition, complete analysis of changes on the Pet grooming market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
The healthcare industry is predicted to exhibit some escalation in the market growth owing to the surge in the requirements of medical essentials like PPE kits, ventilators, digital x-ray machines, etc. There has been a significant surge in the research activities for developing appropriate drugs to cure this virus or to stop the transmission chain. Currently, over 75 vaccine candidates and over 120 therapeutic candidates are being considered and are being tested on various levels.
The Connected Wearable Patches market is segmented based on by product type, by application and geography.
The Connected Wearable Patches market on the basis of product type is segmented into Clinical Use Connected Wearable Patch and Non-Clinical Use Connected Wearable Patch. The clinical segment accounted for the largest revenue share. Owing to the rapidly increasing patient population and increasing investments in the R&D of the wearable patch, the segment is expected to show growth over the forecast period. Growing investment in the clinical research industry by various players in the market to boost their efficiency and productivity has driven the manufacturers to increase their focus on these activities. Increasing focus on the wearable patch and growing R&D spending are major factors responsible for the growth of this segment.
The Connected Wearable Patches market on the basis of application is segmented into Clinical Trials, Health, Wellness, and Prevention, Managing and Treatment, and Monitoring, Detection, and Diagnosis. Monitoring is the observation of a disease, condition, or one or several medical parameters over time. It can be performed by continuously measuring certain parameters by using a medical monitor, and/or by repeatedly performing medical tests, therefore driving the market.
Geographically the global Connected Wearable Patches market is studied for the following region North America, Europe, Asia Pacific, Middle East & Africa and Rest of the World. North America dominated the wearable patch market and accounted for the largest revenue share. The market is anticipated to grow at a substantial rate in the region over the forecast period. This growth can be attributed to a rapid increase in the development of wearable devices to meet the growing demand for efficient healthcare in the region, and strong R&D and promotion of new therapies. Additionally, North America being the top manufacturing hub for highly reliable, complex, and high-end wearable medical devices, is expected to drive the market in the region.
The major players in Connected Wearable Patches market are Abbott Laboratories, Chrono Therapeutics Inc., Dexcom, Inc., FEELIGREEN SA, GENTAG, Inc., G-Tech Inc, iRhythm Technologies, Inc., Preventice Solutions, Inc., Proteus Digital Health, Inc., and Sensium Healthcare Ltd. among others.
The report analyses the global Connected Wearable Patches market based on by product type, by application and geography. The Connected Wearable Patches market on the basis of product type is segmented into Clinical Use Connected Wearable Patch and Non-Clinical Use Connected Wearable Patch. The Connected Wearable Patches market on the basis of application is segmented into Clinical Trials, Health, Wellness, and Prevention, Managing and Treatment, and Monitoring, Detection, and Diagnosis. Geographically the global Connected Wearable Patches market is studied for the following region North America, Europe, Asia Pacific, Middle East & Africa and RoW.
The major players in Connected Wearable Patches market are Abbott Laboratories, Chrono Therapeutics Inc., Dexcom, Inc., FEELIGREEN SA, GENTAG, Inc., G-Tech Inc, iRhythm Technologies, Inc., Preventice Solutions, Inc., Proteus Digital Health, Inc., and Sensium Healthcare Ltd. among others.
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