Smart patches are a kind of wearable sensor used in the medical industry. They are applied to a patient’s skin with an adhesive and feature a foam part and embedded electronics to monitor the patient’s physiological signs such as their pulse. The growth in current trends are moving in the direction of ever-greater patch functionality, paired with improved comfort and ongoing miniaturization. This also includes a more sustainable, long-lasting use of such wearable devices. Many smart patches helps to monitor vital parameters are rather uncomfortable to wear and not very small. The market creates a wearable patch that is more comfortable and flexible for patients, and that reduces waste. The smart watches a highly sophisticated medical device with functionality for easier monitoring and diagnoses. Wearable smart patches are utilized in medical technology for diagnosis and long-term monitoring of a patient's vital parameters such as pulse. These patches can be equipped with numerous sensors and adhere to the human skin using a skin adhesive. Wearable smart patches aid to maintain health and wellbeing in elderly patients suffering from chronic conditions such as diabetes and cardiovascular diseases.
The global smart patches market is expected to grow at a CAGR of around xx% over the period of next 5 years.
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The growth of this market is attributed towards major factors such as the surge in awareness among the population has led to an increased understanding of the functionality of wearable and portable devices. The technologies are easy to understand, which had facilitated their entry in homes, among the low-income groups. Majority of the companies have provided compatible software that helps in collection of data for a prolonged period and provide valuable information on patient health, along with suggestions to improve lifestyle. The growth in expenditure on healthcare and rising prevalence of chronic and other lifestyle associated dieses such as diabetes, cardiac disorders, obesity, cancer, blood pressure, etc. Moreover, technological advancement in medical field and rising awareness towards health and fitness is accelerating the demand for smart patches. The increasing geriatric population is also contributing to the rising demand for smart patches as it helps to track and monitor a patient’s health through connected smartphone devices.
Furthermore, the advent of COVID-19, which is a respiratory disorder, has led to a huge surge in the demand of smart patches. The increase in the incidences of COVID-19 will contribute to the market growth in the coming years.
The other factors affecting the growth of the smart patches industry include, the surge in technological advancements of the devices to make it miniaturized and convenient to use. The companies have been investing more over the technological advancements meeting the demand of the market.
In addition, the untapped market potential in the emerging economies with high patient population is further anticipated to propel the growth of the market. The market is driven by the steep rise in the geriatric population, as the progression of age causes the lowering of immune system and makes them highly susceptible to experience chronic disorders. According to the statistics given by World Health Organization in 2018, between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. By 2050, the world’s population aged 60 years and older is expected to total 2 billion, up from 900 million in 2015.
The surge in individuals suffering from chronic diseases such as asthma, COPD, Chronic Bronchitis, Pneumonia and other such chronic diseases who require smart patches for management of disease. According to the American Thoracic Society in 2019, Pneumonia is amongst the world’s leading cause of death, mainly among the children of less than 5 years of age. There are 120 million episodes of pneumonia per year in children below the age of 5, over 10% of which (14 million) progress to severe episodes. This will help smart patches market generate higher revenue coming years. Surge in incidence of chronic and lifestyle diseases such as blood pressure, obesity, cardiac disorders, and diabetes is expected to propel the growth of the smart patches market. According to the International Diabetes Federation (IDF), nearly 463 million adults (20 to 79 years) were living with diabetes in 2019, and the number is projected to reach 700 million by 2045.
SMART PATCHES MARKET SEGMENTATION:
- Transdermal Transmission
- Electronic Stimulation
By End User:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
The North American region held the largest share in the smart patches market in the past years and is expected to continue to remain at the top in the coming years. The growth in this region can be attributed to factors such as the increasing per capita income in combination with the surge in healthcare expenditure. Furthermore the increase in patient population getting diagnosed with respiratory diseases such as COPD, asthma, cardiovascular diseases and Pneumonia in the region will boost the market growth. Moreover the rise in geriatric population, susceptible to develop chronic diseases is anticipated to help the industry gain traction. In addition, favorable government policies and growing air pollution in the region also contribute to the region’s market growth. The U.S is found to be the major contributor to the region, due to the presence of patient population.
The Asia Pacific region is the fastest growing regional market for smart patches. This region is anticipated to maintain its growth rate in the coming years. The surge in presence of major players in the region and the increasing expenditure on the development of healthcare infrastructure in the region will propel the market growth. The growth can be accounted to factors such as the surge in incidences of respiratory diseases among the growing population of the region, the rapid development of the healthcare infrastructure in the region, and the rise in awareness regarding the use of smart patches in the region. Furthermore, the surging disposable incomes of people and the rapid industrialization in the major economies of the region also effectively contribute to the region’s market growth. The major contributors in the region include India and China, owing to the higher number of patient population.
FEW KEY PLAYERS IN SMART PATCHES MARKET:
- BioIntelliSence, Inc.
- iRhythm Technologies, Inc.
- BioTelemetry, Inc.
- G-Tech Inc.
- GENTAG, Inc.
- The IONTO Team
- Insulet Corporation
- Tracxn Technologies
- VivaLNK, Inc.
- In September 2017, Qualcomm Incorporated, announced that it had designed and developed breakthrough reference designs for cost-effective, connected and medical-grade biometric patches that will enable a multitude of intelligent care models, from perioperative care to assessing the impact of therapeutic interventions.
- In October 2018, VivaLNK announced partnership with Reckitt Benckiser (RB) to distribute a wearable continuous temperature monitor worldwide.
- In April 2021, BASF launched Sacred Patch, which is a new skin care active ingredient that helps boost emotional well-being. In addition, the product is based on the MicroPatch technology, the product provides a positive emotional effect immediately after application.