According to a new report Global Wearable Patch Market, published by KBV research, The Global Wearable Patch Market size is expected to reach $12.6 billion by 2026, rising at a market growth of 10.6% CAGR during the forecast period.
The Clinical market dominated the Global Wearable Patch Market by Application in 2019. Increasing investment in the clinical research industry by numerous players in the market to boost their efficacy and yield has driven the manufacturers to surge their emphasis on these activities. Growing focus on the wearable patch and increasing R&D spending are main factors that are responsible for the progress of this segment. The Non-Clinical market would showcase a CAGR of 10.7% during (2020 - 2026).
The Connected Wearable market dominated the Global Wearable Patch Market by Technology in 2019, growing at a CAGR of 10.4 % during the forecast period. The Regular Wearable market is estimated to grow at a CAGR of 11.2% during (2020 - 2026).
North America led the wearable patch market and have the largest revenue share of the market in 2019. The market is expected to grow at a significant rate in this region in coming years. This growth can be accredited to a rapid surge in the development of the wearable device in order to meet the increasing demand for effective healthcare in this region, as well as strong R&D and promotion of novel therapies. In addition to it, North America is the top manufacturing hub for extremely reliable, intricate, and high-end wearable medical devices, is anticipated to boost the market in the region.
Asia Pacific is expected to have a substantial growth owing to rising disposable income in the population and rising awareness about wearable skin patch in the Asia Pacific region. Furthermore, numerous medical device manufacturing firms are concentrating on the market owing to the growing healthcare industry in this region. Growing investments in the technological advancement of wearable medical devices and increasing R&D expenses are factors that are contributing to the progress of the market in this region.
Structural Insights: https://www.kbvresearch.com/wearable-patch-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of DexCom, Inc., Abbott Laboratories, Koninklijke Philips N.V., Smith & Nephew PLC (Leaf Healthcare, Inc.), Qualcomm, Inc., L'Oreal Group, VivaLNK, Inc., Cardiac Insight, Inc., AliveCor, Inc. and LifeSignals Group, Inc.
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