| Status : Published | Published On : Jun, 2023 | Report Code : VRHC1223 | Industry : Healthcare | Available Format :
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Page : 182 |
Global Smart Patch Market – Analysis and Forecast (2023-2030)
Industry Insights by Type (Transdermal Transmission, Electronic Stimulation, Monitoring), by Technology (Connected, Regular), by Application (Clinical, Non-Clinical), and by Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)
Industry Overview
The global smart patch market is growing at a CAGR of 21.4% during 2023-2030. 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 applications in the coming years due to escalating acceptance of smart patches to track and observe health. It's important to note that the specific market size and growth projections for the global smart patch market may vary depending on different reports and sources. To get the most accurate and up-to-date information, I recommend referring to market research reports, industry analysis, and consulting firms that specialize in healthcare technology and wearable devices.
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Market Segmentation
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 2022.
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 clinical applications.
Industry Dynamics
Industry Trends
Mounting adoption of a healthy lifestyle and escalation adoption of cloud technology in healthcare are the trends in the smart patch market.
- Increasing prevalence of chronic diseases
- Growing inclination towards personal fitness
- Rising demand for non-invasive healthcare monitoring devices
- Technological advancements
- Increasing government initiatives
Global Smart Patch Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018–2022 |
|
Base Year Considered |
2022 |
|
Forecast Period |
2022 - 2030 |
|
Market Size in 2022 |
$xx.x Billion |
|
Revenue Forecast in 2030 |
$xx.x Billion |
|
Growth Rate |
CAGR 21.4% |
|
Segments Covered in the Report |
By Type, and By Technology |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Growth Drivers
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.
- High cost of smart patches
- Lack of awareness about smart patches
- Regulatory challenges
Overall, the global smart patch market is expected to grow at a significant rate during the forecast period. The market is being driven by the increasing prevalence of chronic diseases, growing inclination towards personal fitness, and rising demand for non-invasive healthcare monitoring devices.
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.
Challenges
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.
Opportunities
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.
Geographic Overview
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.
Competitive Insight
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.
Primary Research
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.
The Smart Patch Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2023–2030.
Global Smart Patch Market Coverage
- By Type
- Transdermal Transmission
- Electronic Stimulation
- Monitoring
- By Application
- Clinical
- Non-Clinical
- By Technology
- Connected
- Regular
Smart Patch Market by Region
- North America
- By Type
- By Application
- By Technology
- By Country – U.S., Canada, and Mexico
- Europe
- By Type
- By Application
- By Technology
- By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe
- Asia-Pacific (APAC)
- By Type
- By Application
- By Technology
- By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific
- Rest of the World (RoW)
- By Type
- By Application
- By Technology
- By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries
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Source: VynZ Research
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Source: VynZ Research
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Smart Patch Market