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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

  • Abbott
  • BioIntelliSense, Inc.
  • iRhythm Technologies, Inc.
  • Dexcom, Inc.
  • Medtronic plc
  • GENTAG, Inc.
  • Texas Instruments Incorporated.
  • Preventice Solutions, Inc.
  • Insulet Corporation
  • MC10
  • 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
  • Monitoring
  • Electronic Stimulation

Global Smart Patches Market, by Application

  • Clinical
  • Non-Clinical

Global Smart Patches Market, by End-user

  • Healthcare
  • Sports & Fitness
  • Others

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
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

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
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

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?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Smart Patches Market

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