The
Smart Medical Devices Market report also consists the impact of the ongoing global crisis of COVID-19 pandemic and the effects of crisis on the development and future growth. The report also endures a special section regarding the opportunities and threats the industries faced during these situations. The report gives an insight regarding the upcoming opportunities and challenges prevailing in the market which will help the businesses to take decisions regarding investments. The report is also divided into segments and sub-segments of the markets which are further classifieds as products, types and applications.
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by Product (Temperature Patch, Blood Glucose Patch, Blood Pressure Patch, Heart Rate Patch & ECG Patch, Skin Care Patch, and Others) and End Use (Healthcare and Fitness and Sports): Global Opportunity Analysis and Industry Forecast, 2020–2027. According to the report, the global wearable patch industry generated $12.23 billion in 2019, and is expected to reach $27.82 billion by 2027, witnessing a CAGR of 9.6% from 2020 to 2027.
Prime Determinants of Growth
Technological advancements, surge in consumer awareness, and increase in prevalence of chronic diseases drive the growth of the global wearable patch market. However, expensive nature of sensor patch and concerns regarding data privacy and security hinder the market growth. On the other hand, increase in adoption of telehealth and demand for the connected wearable patches present new opportunities in the coming years.