PORTLAND, Ore., May 3, 2021 /PRNewswire/ — Allied Market Research published a report, titled, “Wearable Patch Market by Product (Temperature Patch, Blood Glucose Patch, Blood Pressure Patch, Heart Rate Patch & ECG Patch, Skin Care Patch, and Others) and End Use (Healthcare and Fitness and Sports): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global wearable patch industry generated $12.23 billion in 2019, and is expected to reach $27.82 billion by 2027, witnessing a CAGR of 9.6% from 2020 to 2027.
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Prime Determinants of Growth
Technological advancements, surge in consumer awareness, and increase in prevalence of chronic diseases drive the growth of the global wearable patch market. However, expensive nature of sensor patch and concerns regarding data privacy and security hinder the market growth. On the other hand, increase in adoption of telehealth and demand for the connected wearable patches present new opportunities in the coming years.
- Healthcare systems have been burdened due to outbreak of Covid-19 and adoption of telehealth has become essential. Wearable patches play a crucial part in monitoring health conditions of patients and people and sending their reports to medical professionals or doctors. This eliminates the need for hospital visits and reduces possibility of cross-contamination.