Connected Wearable Patches Market by Product Type (Clinical Use, Non-Clinical Use); by Application (Monitoring, Detection & Diagnosis, Managing & Treatment, Health, Wellness & Prevention, Clinical Trials); by Region (U.S., Rest of North America, France, UK, Germany, Spain, Italy, Rest of Europe, China, Japan, India, Southeast Asia, Rest of Asia Pacific, GCC Countries, Southern Africa, Rest of MEA, Brazil, Rest of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2018-2026’
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Absolute Markets Insights offers its latest published report, ‘Connected Wearable Patches Market by Product Type (Clinical Use, Non-Clinical Use); by Application (Monitoring, Detection and Diagnosis, Managing and Treatment, Health, Wellness and Prevention, Clinical Trials); by Region (U.S., Rest of North America, France, UK, Germany, Spain, Italy, Rest of Europe, China, Japan, India, Southeast Asia, Rest of Asia Pacific, GCC Countries, Southern Africa, Rest of MEA, Brazil, Rest of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2018-2026’.The author of the report analyzed that the global connected wearable patches market accounted for US$ 166,820 million in 2017.
The increasing concern among people related to their health is driving the market for connected wearable patches. Blue Spark Technologies, an Ohio based manufacturing company came up with the unique innovation of temperature sensing wearable patches for babies known as ‘TempTraq’. It is a 24-hour intelligent thermometer, that continuously senses, records and sends alerts of a child’s temperature to compatible Apple and Android mobile device through a dedicated mobile app. The temperature patch eases the stress, worry and physical discomfort of a child’s temperature. There are many such devices that are penetrating in the connected wearable patches market and these are expected to be the main object over the forecast period for an easy lifestyle.
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The limited functionality of wearable patches and the low level of comfort from them is restraining the market from growing. The wearable patches have short battery life, limited connectivity, less interoperability. As it is connected to internet, the risk of data security also arises. Research and development efforts in the area of wearables are therefore necessary for unlocking innovation and bringing the ‘next generation wearables’ to consumers and professional users.
Companies are investing heavily in wearable technologies as they consider it to bring high cost of returns. Crowdfunding websites, such as Kickstarter and Indiegogo, have been instrumental in getting connected wearable projects off the ground. For instance, the Pebble Watch was able to raise more than US$10 million in pre-orders in 2012. Investors are currently very active all over the place. Venture capital funds are trying to provide more investments to start-ups that want to invest in wearables. This gives the market an excellent opportunity to expand and create a strong foothold.
The Application of Connected Wearable Patches in Clinical Use is Increasing and is Dominating the Market
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Connected Wearable Patches Market – By Product Type
- Clinical Use
- Non-Clinical Use
Connected Wearable Patches Market – By Application
- Monitoring, Detection and Diagnosis
- Managing and Treatment
- Health, Wellness and Prevention
- Clinical Trials
The Region of North America is Dominating Connected Wearable Patches Market Due to an Increase in Research and Development Activities
The region of North America is spending heavily on research activities related to connected wearable patches. Investment companies are providing enough funds to many small scale and medium scale companies to carry out research in the field. A California based startup Kenzen, is breaking records in the athletic smart patch realm. It was able to grab US$ 5 million through funding in 2017. The Kenzen patch monitors vital signs and it also analyzes sweat. Using algorithms and predictive analysis, it provides feedback to the quantity and quality of activities to athletes. The University of North Carolina recently received funds worth US$ 5.8 million in investment fundraising for development of smart patches.
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