Infiniti Research expects rapid growth in global wearable patch market

Apr 29 2017

Healthcare and technological innovations are colliding as the use of wearable patches increases in the medical field. Wearable medical patches can improve the quality and efficiency of care and increase positive patient outcomes. Infiniti Research expects the global wearable patch market to grow at an extremely fast rate in the coming years.

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Market Developments

Wearables have become highly used for recreational and personal purposes, especially for tracking fitness data and logging workouts and calories. Now, wearable technologies are entering the healthcare industry and are offering innovations and improvements for patients, healthcare practitioners, and healthcare companies alike. From smart hearing aids to blood pressure monitors, wearable health-related technology is making care more effective and patient vitals easier to monitor. Out of all of the healthcare wearables currently available, wearable patches are proving to be the most versatile and easily adopted by patients of all ages and conditions.

Wearable patches adhere directly to the skin and can be worn under clothes. These patches can monitor a patient's condition and vitals, gather information about a patient and their health over the short- or long-term, and are suitable for both home monitoring and monitoring in a healthcare facility. They are also used to deliver drugs, which ensures that patients receive the medication and treatment that they need and helps to prevent issues associated with medication non-adherence.

Market Opportunities

Wearable patches are now increasingly being used in the healthcare market to treat and manage chronic conditions. For example, researchers in South Korea recently developed a wearable patch that will potentially be used for patients with diabetes in the very near future. According to a paper published in Science Advances (8 March 2017), the patch successfully delivered metformin under the skin of mice, and also reduced glucose levels. With further research, development, and human trials, this innovation could change the way diabetes is treated, moving from manual injections to the use of a painless, convenient patch.

Because this market is growing so rapidly and encompasses so many different medical purposes and treatments, market intelligence is essential for vendors to fully understand the potential that the wearable medical patch market holds and to remain one step ahead of their competitors. Infiniti Research was recently approached by a global leader in human diagnostic imaging and laboratory diagnostics to develop an effective health economics database with country-specific clinical, operational, and financial data sets. Infiniti's health economics data evaluation team helped the client create new ROI calculations and business cases for its products, and provided strategic insights into the dynamic demand-supply situation specific to the market.​