Huge Growth Expected for Smart Patches Market: Tractica

Huge Growth Expected for Smart Patches Market: TracticaThe market for smart, wearable patch technology will undergo substantial growth over the next several years, according to a new report from Tractica.

These are already familiar devices to many: The small patches that affix to the user’s skin and are able to transmit data. (The category also includes connected tattoos and other small devices that attach to the skin and are worn for a fixed duration of time.) In many cases they are used for healthcare purposes, allowing interested parties to monitor important biometric information.

Tractica predicts that, starting at just 67,000 shipments last year, the market for these devices will grow to see 12.3 million shipments by 2020, when it will be valued at about $3.3 billion. According to principle analyst Charul Vyas, it’s a market that “holds great promise” but is “still very much in the early stages of development and commercial availability.” Nevertheless, growth is expected as demand from care providers, governments, and insurers grows.

The findings reflect other analysis from Tractica on the wearables market more broadly, on which the firm is greatly focused. And as fitness-tracking devices and smart clothing become more popular in the mainstream marketplace, it’s easy to imagine a corollary effect in the area of smart patches as consumers get used to the idea of wearing connected devices.