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Smart Patch Market Overview
Smart patch act as non-invasive health monitoring sensors that can stick to the skin surface and measure the humidity and temperature. The global smart patch market is expected to witness significant growth during the forecast period due to increasing prevalence of chronic diseases and growing number of smart phone users. The various has been classified as transdermal-transmission patches, monitoring patches, and electronic patches, on the basis of type.
These patches are utilized for clinical and non-clinical applications. The demand for smart patches for clinical applications is expected to register the faster growth during the forecast period, mainly due to increasing adoption of smart patches to track and monitor health through connected smartphone devices.
On the basis of technology, the smart patch market is bifurcated into regular and connected smart patches. The regular smart patch category is expected to project considerable growth during the forecast period, owing to increasing consumption of these patches for clinical applications.
Smart Patch Market Dynamics
Growth Drivers and Restraints
Increasing prevalence of chronic and lifestyle associated diseases, growing aging population, rising health consciousness, growing number of smart phone users, and increasing healthcare spending are some of the factors driving the growth of the smart patch market. However, high cost and lack of awareness about these products impede the growth of the market.
According to the United Nations Department of Economic and Social Affairs (UNDESA), report on the global aging, population of people aged 60 years or above is growing at a high rate. The number of people aged 60 years or over is projected to grow from 962 million in 2017 to 2.1 billion by 2050, globally. Elderly people are more susceptible to chronic diseases such as diabetes mellitus, multiple sclerosis, rheumatoid arthritis, thus leading to increase in demand for advanced medical products such as smart patches.
Emergence of technologically advanced smart patches such as smart patch with E Link display, that deliver and convey relevant information about patch performance is expected to create opportunities for market players in the global smart patch market. With the increasing disposable income, continuously improving healthcare infrastructure, rising awareness about the advanced healthcare solutions, and increasing prevalence of chronic diseases, emerging economies create abundant opportunities for the growth of the market.
Smart Patch Market Insights by Geography
The Asia-Pacific smart patch market is expected to witness fastest growth during the forecast period owing to rising demand for smart patches, increasing prevalence of chronic diseases and lifestyle disorders. North America held the largest share in smart patch market in 2017. The growth in the region is driven by increasing research and development activities, rising adoption of smart patches for health monitoring, and increasing healthcare spending.
Smart Patch Market Competitive Landscape
The key players in the smart patch market are collaborating with the companies offering smart patches to expand their business and product portfolio. In October 2017, E Ink Holdings Inc, a producer of electronic ink technology and Lohmann-Therapie Systeme AG, a manufacturer of transdermal therapeutic system, entered into new partnership for the development of smart patch prototype. The prototype deliver medication to patients in a controlled and effective manner with attached E ink display to cover all the relevant information.
Some of the other players in the smart patch industry include Medtronic Plc, Chrono Therapeutics Inc, HIVOX BIOTEK INC, THE IONTO TEAM, Dexcom Inc, Isansys Lifecare Ltd, Proteus Digital Health, Sensium Healthcare Ltd.
SMART PATCH MARKET SEGMENTATION