|Status : Published||Published On : Aug, 2021||Report Code : VRHC1223||Industry : Healthcare||Available Format :||Page : 182|
The global smart patch market is growing at a CAGR of 21.4% during 2021-2027. The global smart patch market is growing at a significant rate, due to the escalating occurrence of chronic and lifestyle associated diseases, expanding inclination towards personal fitness, and expanding the geriatric population. Different applications such as clinical and non-clinical contributed to the smart patch market size. The market has witnessed a high demand for clinical application in the coming years due to escalating acceptance of smart patch to track and observe health.
Insight by Type
On the basis of type, the global smart patch market is subdivided into transdermal transmission, electronic stimulation, and monitoring. Of all types, the transdermal transmission segment accounted for the largest share in the market in 2020.
Insight by Technology
On the basis of technology, the global smart patch market is subdivided into connected and regular. Of all technologies, a regular segment is expected to grow at a substantial rate in the market during the forecast period, due to the mounting consumption of the patches for the clinical applications.
Mounting adoption of a healthy lifestyle and escalation adoption of cloud technology in healthcare are the trends in the smart patch market.
The mounting occurrence of chronic and lifestyle associated diseases, escalating healthcare expenditure, mounting healthcare spending, and expanding inclination towards personal fitness are the primary growth drivers for the smart patch market. For instance, according to the International Diabetes Federation (IDF) in 2017, globally approximately 352 million people were at risk of developing type II diabetes.
Mounting disposable income, rising number of smartphone users, escalating importance for point-of-care technologies, and rising geriatric population is also facilitating the growth for the smart patch market. For instance, according to the World Health Organization (WHO), globally in 2010 approximately 524 million people were aged 65 years and older and is expected to reach 1.5 billion in 2050.
Elevated cost, extensive course of governmental approvals and deferral in novel product launch, design complexity, a dearth of data security, and the dearth of alertness are the major challenges for the growth of the smart patch market.
Technologically advance smart patch, emerging economies such as China and India, and escalation alertness regarding the innovative health solutions are the opportunities for the global smart patch market. For instance, approximately 60% of the U.S. adults track their health indicators such as diet, weight, and exercise routine.
Geographically, North America is the largest smart patch market in 2020 as in the region the occurrence of chronic and lifestyle associated diseases is escalating. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2015 approximately 23.1 million people in the U.S. had diabetes.
In addition, expanding research and development activities, escalating the need for monitoring devices, and mounting the geriatric population is also up surging growth of the North American smart patch market. For instance, according to the U.S. Census Bureau, in 2012 approximately 43.1 million people were aged 65 years and older in the U.S. and is expected to reach 83.7 million in 2050.
Asia-Pacific is observed to witness the fastest growth in the market, due to the mounting occurrence of chronic and lifestyle associated diseases and escalating acceptance of smartphones. In addition, expanding the geriatric population, urbanization, and mounting healthcare spending are also creating a positive impact on the smart patch market growth in the region.
Key players in the smart patch market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In October 2019, Abbott Laboratories partnered with Omada Health, to integrate Abbott’s FreeStyle Libre system with Omada Health’s digital care program. In addition, in July 2019, BioTelemetry, Inc., acquired ADEA Medical AB, to increase its geographic exposure and product offerings to physicians and patients in Europe.
BioTelemetry, Inc., MC10, Inc., Insulet Corporation, Abbott Laboratories, Isansys Lifecare Ltd., iRhythm Technologies, DexCom, Inc., Kenzen, Medtronic plc, and Gentag are the key players offering smart patch.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research