Researchers say that the global wearable patch market size is expected to reach $12.6 billion by 2026, marking a massive rise over five years.
According to the research, put together by ResearchAndMarkets.com, the rise is expected to represent a compound annual growth rate of 10.6% during the forecast period.
Wearables covered by the research, including drug delivery devices such as insulin patches and other transdermal drug delivery systems, are currently performing well on the market as a result of an increase in research & development activities for designing new products.
Growth is being boosted by continuous monitoring options and connectivity capabilities, while lifestyle diseases like diabetes will also fuel the market growth. However, governmental supports and interruptions in new product launches are hampering the market growth, according to the research.
The research cited major market moves including Abbott (NYSE:ABT) and Dexcom (NSDQ:DXCM) partnering with Insulet (NSDQ:PODD) to feed data into an automated insulin delivery system, while Abbott also paired with Sanofi (NYSE:SNY) and Dexcom entered a collaboration with Eli Lilly (NYSE:LLY).