Wearable Adhesive Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Wearable Adhesive Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The wearable adhesive market was valued at USD 294.21 million in 2020 and is expected to reach USD 617.43 million by 2026, at a CAGR of 13.15% over the forecast period 2021 - 2026. With the advent of wireless mobile technology in wearable sensors, healthcare professionals are able to remotely monitor a patient’s biometric data, such as blood pressure, heart rate, and blood glucose level.

Key Highlights

• In recent years, developers of adhesives, trying to attach wearable devices to the skin have faced many types of physical, and design challenges. In order to work properly, these devices have to be properly stuck to the body, necessitating the design and development of new adhesives.
• Wearable products are used as handheld monitoring tools and have applications in identification and monitoring of diseases. Owing to the growth in chronic diseases, more patients are opting for home healthcare as it is cost-effective and an efficient way of treatment, rather than hospital services, which is expected to drive the wearables demand.
• However, developing adhesives for wearable applications is not an easy task. Designers can create effective products only by analyzing the skin type and age of the target patient population and by understanding the physical properties of the wearable devices.

Key Market TrendsSports and Fitness Wearables Demand to Augment the Market Growth

• The growing use of fitness tracking apps, rising demand for wireless and continuous health monitoring devices, increase in disposable income, and raising awareness about obesity are some of the factors driving the demand for wearables in sports and fitness applications.
• Moreover, an increase in product launches and integration and cross-compatibility of personal health and personal assistance are some of the key trends observed in the market. Also, an increasing sense of health consciousness is driving the demand for these products. Further, the integration of wearables and mobile apps for data extraction has increased the demand for sports and fitness wearables among fitness enthusiasts.
• With the increasing sales and shipments of sports and fitness wearables in the past few years, the same trend is expected to be followed for the coming years which is expected to drive the market forward.

North America Occupies the Largest Market Share

• The demand for these types of products in the North American region is growing owing to the increase in the obese population. Also, there has been an increase in the demand to produce monitoring devices, owing to the growing geriatric population and associated diseases with this age group. For instance, diabetes.
• Moreover, the need to curb healthcare expenditure related to chronic diseases is expected to drive the demand for wearable in this region. In addition, awareness among the public regarding these products is rapidly increasing owing to the presence of a significant number of players in this region is also one of the major factor which is expected to act as a driver for market growth.
• With the growing healthcare expenditure coupled with the increasing patient base and the increasing use of smartphones are some of the factors boosting the growth of the wearable adhesive market in this region.

Competitive Landscape

The wearable adhesive market is highly competitive in nature. The market appears to be consolidated owing to the fact that few players in the market currently occupies the maximum share in the market. Major players in the market are adopting strategies like product innovation etc. Some of the major players in the market are Koninklijke Philips N.V., Proteus Digital Health, Kenzen, Inc, Lief Therapeutics among others.

• May 2018 - MC10 Inc., the company developing wearable systems for seamless healthcare data collection, announced today that their BioStamp nPoint system has received Food and Drug Administration (FDA) 510(k) clearance.
• May 2019 - MC10 Inc. and AbbVie, a research-based global biopharmaceutical company, announced that the companies are working together on clinical trials designed to explore a range of outcome measures in patients with multiple sclerosis (MS) using the BioStamp nPoint system.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Proteus Digital Health
Kenzen, Inc
Koninklijke Philips N.V.
Lief Therapeutics
MC10 Inc.
Medtronic plc
Vital Connect, Inc.

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