Connected wearable patches include patches, tattoos, or small devices that are affixed to the skin and worn for a limited time, 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. According to a new report from Tractica, the availability of such patches is increasing rapidly, as is the awareness of the benefits they can provide to medical professionals and patients.
Tractica forecasts that worldwide shipments of clinical and non-clinical connected wearable patches will grow from 966,000 units in 2017 to 35.1 million units annually by 2022, reaching $7.9 billion in revenue by the end of that period. The market intelligence firm forecasts that clinical applications will account for approximately 80% of the total market.
“The market for connected wearable patches is still in the initial stages of development and commercial availability, but holds great promise, with the potential to improve the health of patients and contribute to lower healthcare costs,” says research analyst Sherril Hanson.
Tractica’s report, “Connected Wearable Patches”, examines the market trends, technology issues, and key industry players for connected wearable patches. It presents forecasts for unit shipments, revenue, average selling prices, and application areas during the period from 2016 through 2022. The report focuses on three main use cases for connected wearable patches: medical monitoring, detection, and diagnosis; medication management and treatment; and health, wellness, and prevention. An Executive Summary of the report is available for free download on the firm’s website.