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.
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.
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.
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
|Market Size||US$ 15.4 billion by 2030|
|Growth Rate||CAGR of 6.1% From 2021 to 2030
|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.|
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Scope of Report
The report on the global smart patches market studies the past as well as the current growth trends and opportunities to gain valuable insights of the indicators of the market during the forecast period from 2021 to 2030. The report provides the revenue of the global smart patches market for the period 2019–2030, considering 2021 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR %) of the global smart patches market from 2021 to 2030.
The report has been prepared after extensive research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with key industry leaders and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global smart patches market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts employed a combination of top-down and bottom-up approaches to study various attributes of the global smart patches market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study. Moreover, the report sheds light on changing competitive dynamics in the global smart patches market. These serve as valuable tools for existing market players as well as entities interested in participating in the global smart patches market.
The report also delves into the competitive landscape of the global smart patches market. Key players operating in the global smart patches market have been identified and each one of these has been profiled in terms of various attributes. Company overview, financial standings, recent developments, and SWOT are attributes of players in the global smart patches market that have been profiled in this report.
Research Objectives and Research Approach
The comprehensive report on the global smart patches market begins with an overview, followed by the scope and objectives of the study. Following this, the report provides detailed explanation of the objectives behind this study and key vendors and distributors operating in the market and regulatory scenario for approval of products.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller ones. The report comprises an exhaustive collection of graphs and tables that have been appropriately interspersed. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of market shares of key segments in the past and at the end of the forecast period.
The report analyzes the global smart patches market in terms of product, wearable, application end user, and region. Key segments under each criteria have been studied at length, and the market share for each of these at the end of 2030 has been provided. Such valuable insights enable market stakeholders to make informed business decisions for investment in the global smart patches market.
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