The global smart patch market is growing at a CAGR of 21.4% during 2021-2027. The increasing occurrence of chronic and lifestyle associated diseases, rising healthcare expenditure, increasing healthcare spending, and expanding inclination towards personal fitness are the major factors leading to the high demand of smart patch in the global market.
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.
The clinical segment is expected to grow at a faster rate in the global smart patch market during 2021–2027
On the basis of application, the global smart patch market is subdivided into clinical and non-clinical. Of all applications, the clinical segment is expected to grow at a faster rate in the market during the forecast period, due to escalating acceptance of smart patch to track and observe health. Heart rate is a commonly measured parameter using smart patch. It also provides time-based recordings of a history of information for improved performance analysis.
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.
Geographically, the smart patch market is divided into North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW).
Some of the key players operating in the global smart patch market are BioTelemetry, Inc., MC10, Inc., Insulet Corporation, Abbott Laboratories, Isansys Lifecare Ltd., iRhythm Technologies, DexCom, Inc., Kenzen, Medtronic plc, AliveCor, Inc., and Gentag.
Key Takeaway from the Report:
Among all the technology, a regular segment is expected to grow at a substantial rate in the market during the forecast period (2021–2027).
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The report provides the market value for the base year 2020 and a yearly forecast till 2027 in terms of revenue (USD Million). The report segments the global smart patch market on the basis of type, application, technology, and region.
Global Smart Patch Market Coverage
Type Insight and Forecast 2015-2027
Application Insight and Forecast 2015-2027
Technology Insight and Forecast 2015-2027
Smart Patch Market by Region
Rest of the World (RoW)