According to the report, the smart patches market size was valued at US$ 8.2 Bn in 2020 and is expected to reach US$ 15.4 billion by 2030, expanding growth at a CAGR of 6.1% from 2021 to 2030.
According to the report, the smart patches market size was valued at US$ 8.2 Bn in 2020 and is expected to reach US$ 15.4 billion by 2030, expanding growth at a CAGR of 6.1% from 2021 to 2030.
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.
FDA Approval for Trails Allows Companies to Innovate in Smart Insulin-delivery Patch
Smart insulin-delivery patch are emerging in the healthcare sector to revolutionize diabetes treatment. UCLA bioengineers and colleagues at UNC School of Medicine & MIT have collaborated to develop smart insulin patch which is adhesive and about the size of a small coin. These patches have the potential to transform diabetes treatment by monitoring and managing glucose levels in people with diabetes whilst delivering the necessary insulin dosage. Companies in the smart patches market are learning from such developments to increase research studies conducted on mice and pigs to validate how their researchers are applying FDA approval for clinical trials in humans.
Report Highlights
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.
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.
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.
In terms of region, the global smart patches market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions have been divided into major countries and sub-regions.
The U.S. held significant share of the smart patches market in North America in 2020. The country is expected to retain market share during the forecast period. Robust healthcare infrastructure and quick adoption of advanced devices can be attributed to the U.S.’s dominance of the smart patches market in the region.
Asia Pacific is likely to gain market share during the forecast period. Product launches, acquisitions, distribution agreements, alliances, and geographical expansion by players, especially in China and India, are projected to drive the smart patches market in the region.
Key Players
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.
Report Scope of the Smart Patches Market
| Report Coverage | Details |
| Market Size | US$ 15.4 billion by 2030 |
| Growth Rate | CAGR of 6.1% From 2021 to 2030 |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Companies Mentioned | BioIntelliSence, Inc., iRhythm Technologies, Inc., BioTelemetry, Inc., Feeligreen, G-Tech, Inc., GENTAG, Inc., The IONTO Team, Insulet Corporation, Tracxn Technologies, and VivaLNK, Inc. |
Market Segmentation
By Product
-
- Transdermal Transmission Patch
- Monitoring Patch
- Electric Stimulation Patch
By Wearable
-
- Wrist/Hand Wear
- Body Wear
By Application
-
- Health Monitoring
- Drug Delivery
- Diagnosis
By End User
-
- Home Care Settings
- Hospitals
- Clinics
By Region
-
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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