Wearable patch market to grow by USD 5,653.7M from 2022 to 2027

The wearable patch market is set to grow by USD 5,653.7 million from 2022 to 2027, progressing at a CAGR of 12.02% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by the growing prevalence of chronic diseases. The market growth can be attributed to the presence of US FDA-approved manufacturing facilities in emerging markets, particularly in the APAC region. Furthermore, the market also witnesses the approval of manufacturing facilities in other emerging countries such as China, India, Mexico, and Brazil. Also, foreign pharmaceutical companies outsource their drug manufacturing to CMOs in the country, leading to higher adoption of CMOs. Hence, such factors boost the growth of the wearable patch market during the forecast period.

The report on the wearable patch market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.

Wearable patch market 2023-2027 – Market dynamics
Increasing demand for cloud-based solutions is an emerging wearable patch market trend. Technological advancements result in the field of IT have resulted in increased efficiency and speed in various processes, resulting in the healthcare industry embracing these technologies. Furthermore, due to the implementation of cloud computing, healthcare organizations can access data remotely through wearable patches. Hence, such trends fuel the wearable patch market during the forecast period.

Concerns regarding data privacy and security challenge the growth of the wearable patch market. The healthcare industry has witnessed a surge in cyberattacks. This leads to heightened concerns about privacy and data protection. Furthermore, with the digitization of workflows and the adoption of electronic patient records, the healthcare industry has undergone a significant transformation. Hence, such challenges impede the market growth of the wearable patch market during the forecast period.

Companies mentioned

• 2M Engineering Ltd.
• Abbott Laboratories
• Apple Inc.
• Beneli AB
• Biofourmis Inc.
• DarioHealth Corp.
• Dassault Systemes SE
• DuPont de Nemours Inc.
• Eoflow Co. Ltd.
• GENTAG Inc.
• greenTEG AG
• Kenzen Inc.
• LifeSignals Group Inc.
• Nemaura Medical Inc.
• PKvitality S.A.S.
• Prevent Biometrics
• Qualcomm Inc.
• Samsung Electronics Co. Ltd.
• The Surgical Co.
• VitalConnect Inc.

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