Smart Patches: Introduction
- Smart patches are non-intrusive devices that can be stuck on the body and can be utilized to monitor the health of a person
- These can be utilized to measure temperature, heart rate, blood pressure, blood sugar, stress, and also monitor drug intake by the patient
- Smart patches work by continuously scanning the body and sending data to the smartphone application
Key Drivers and Restraint of Global Smart Patches Market
- Increase in occurrence of chronic and lifestyle diseases such as blood pressure, obesity, cardiac disorders, diabetes, etc., are likely boost the global 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.
- According to the World Health Organization (WHO), the world’s population aged 60 or more is expected to increase at very high pace from 900 million in 2015 to 2 billion in 2050. Increase in the geriatric population is likely to drive the demand for smart patches, which in turn is anticipated to augment the global market.
- Rise in technological advancements in skin patches is a key factor boosting the market. For instance, in 2019, VitalConnect’s Vista Solution 2.0 includes an additional weight scale, blood pressure and pulse oximetry, and core temperature to the existing eight vital sign measurements monitored by the VitalPatch biosensor (single-lead EKG, heart rate, heart rate variability, respiratory rate, skin temperature, body posture, fall detection, and activity [steps]).
- 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 setting or any other place outside the hospital.
- Rise in acceptance and adoption of smart patches in field of cosmetics & personal care, and fitness & sports is estimated to fuel the global smart patches market during the forecast period
North America to Lead Global Smart Patches Market
- In terms of region, the global smart patches market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America accounted for a notable share of the global smart patches market in 2019 due to the presence of a large number of pharmaceutical and biotechnology companies in the region and early adoption of technologically advanced products
- The market in Europe is likely to account for a significant share due to high disposable income in the region and research & development of smart patches by key players and other new startups in Europe
- The smart patches market in Asia Pacific is expected to expand at a rapid pace during the forecast period owing to a rise in the prevalence and awareness about diabetes and increase in the geriatric population. According to International Diabetes Federation (IDF), 88 million adults (20 to 79 years) were living with diabetes in Southeast Asia in 2019. This figure is anticipated to increase to 153 million by 2045.
- Latin America and Africa are likely to be potential markets for smart patches during the forecast period owing to lack of initiatives taken by governments and players in the area of research and development, which in turn hampers the smart patches market in these regions
Key Players Operating in Global Smart Patches Market
- BioIntelliSense, Inc.
- iRhythm Technologies, Inc.
- Dexcom, Inc.
- Medtronic plc
- GENTAG, Inc.
- Texas Instruments Incorporated.
- Preventice Solutions, Inc.
- Insulet Corporation
- BioTelemetry, Inc.
- Isansys Ltd.
- Cardiac Insight Inc.
- AliveCor, Inc.
- VivaLnk, Inc.
- HIVOX BIOTEK INC.
Global Smart Patches Market: Research Scope
Global Smart Patches Market, by Type
- Transdermal Transmission
- Electronic Stimulation
Global Smart Patches Market, by Application
Global Smart Patches Market, by End-user
- Sports & Fitness
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
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