According to the report, the global smart patches market was valued at US$ 8.1 Bn in 2020 and is projected to expand at a CAGR of ~6% from 2021 to 2031.
Smart Patches Market: Introduction
According to the report, the global smart patches market was valued at US$ 8.1 Bn in 2020 and is projected to expand at a CAGR of ~6% from 2021 to 2031. Wearable smart patches are used 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 help to maintain health and wellbeing in elderly patients suffering from chronic conditions such as diabetes and cardiovascular diseases.
Rise in Awareness among Population to Drive Global Market
Rise 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 has facilitated their entry in homes, among the low-income groups as well. Most companies have provided compatible software that collect data over a long period and provide valuable information on patient health, along with suggestions to improve lifestyle. In August 2015, Dexcom, Inc. launched G5 Mobile, a new software that sends continuous glucose level updates to mobile phones. Hence, increase in awareness is anticipated to drive the global smart patches market.
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Unfavorable Reimbursement for Smart Patches to Hamper Global Market
Trackers and activity monitors are not reimbursed unlike other medical devices. This is expected to be a restraint of remote patient monitoring and telemedicine, as most of these devices tend to be priced higher than average. Conventionally, the mHealth segment has always faced issues with reimbursement and this is expected to continue over the next few years.
Monitoring Patch to Dominate Global Market
The global smart patches market has been segmented based on product, wearable, application, and end user. In terms of product, the global smart patches market has been classified into transdermal transmission patch, monitoring patch, and electric stimulation patch. The monitoring patch segment is likely to account for major share of the global market by 2031 due to increase in demand for tracking cardio activity among aging population.
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Health Monitoring to Offer Growth Opportunities
Based on application, the global smart patches market has been categorized into health monitoring, drug delivery, and diagnosis. The health monitoring segment is projected to expand at a high CAGR during the forecast period due to rise in acceptance and adoption of smart patches in cosmetics & personal care and fitness & sports.
Major Demand for Smart Patches from Home Care Settings
In terms of end user, the global smart patches market has been divided into home care settings, hospitals, and others The home care settings segment is likely to expand at a high CAGR during the forecast period due to increase in demand for remote health monitoring.
North America to Lead Global Market
The global smart patches market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global smart patches market in 2020, followed by Europe. North America accounted for a major share of the global smart patches market in 2020 due to high awareness and increase in demand for disease risk assessment services for chronic diseases treatment. The smart patches market in Asia Pacific is projected to expand at a high CAGR from 2021 to 2031. Product launches, acquisitions, distribution agreements, alliances, and geographical expansion by local players, especially in China and India, are anticipated to drive the smart patches market in the region.
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Competition Landscape
The report also presents profiles of leading players in the global smart patches market. These include BioIntelliSence, Inc., iRhythm Technologies, Inc., BioTelemetry, Inc., Feeligreen, G-Tech, Inc., GENTAG, Inc., The IONTO Team, Insulet Corporation, Tracxn Technologies, and VivaLNK, Inc. Leading companies in the global smart patches market focus on strengthening the distribution network and expanding product range to gain market share. For instance, in February 2020, BioIntelliSense received FDA 510(k) clearance for the BioSticker on-body sensor for scalable remote care. The BioSticker is an advanced on-body sensor that enables continuous monitoring of vital signs and actionable insights, delivering these insights to clinicians from patients in home care settings or any other place outside the hospital.
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