Report Ocean recently released a research report on the Smart Patch Market, which covers the market’s historical growth, cost structure, revenue, trends, and potential prospects for the period 2023-2031. The report provides an extensive coverage of the market across various categories and includes a detailed analysis at the national level, along with an evaluation of the key drivers, restraints, trends, and opportunities in the market.
The global smart patch market was valued at US$ 8.6 billion in 2021. The global smart patch market is forecast to grow to US$ 15.3 billion by 2030 by growing at a Compound Annual Growth rate (CAGR) of ~6% during the forecast period from 2022 to 2030.
Smart patches help monitor the patient’s health condition continuously. These sensor-enabled patches scan the body and share the data on the connected mobile phones.
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Factors Influencing
- The global smart patch market is forecast to gain traction, owing to the rising cases of chronic diseases worldwide.
- Due to growing healthcare expenditure and healthcare spending, the market players would witness favorable opportunities in the global smart patch market during the forecast period.
- The growing use of smartphones and trending automation in every industry is forecast to benefit the global smart patch market.
- The increasing geriatric population and health issues are forecast to offer ample opportunities to the market players in the global smart patch market. Elderly people need continuous care and health checkup. Considering the benefits of automation, the demand for the smart patch would ultimately increase.
- The high cost of smart patches may hamper the growth of the global smart patch market.
- Smart patches are adopted by healthcare bodies to perform diagnostics through the data collected by the sensors. The data is sent to the phone and can be obtained later to acknowledge the cause and suggest the treatment. Such benefits are forecast to accelerate the market growth during the study period.
Geographic Analysis
Due to growing awareness among the population, the global smart patch market is forecast to expand rapidly in North America. The increasing occurrence of chronic diseases, changes in lifestyle, and public inclination towards automated technologies are forecast to contribute to the growth of the region in the global smart patch market. Moreover, growing geriatric population leading to the increasing demand for monitoring devices would fuel the growth of the market.
The Asia-Pacific smart patch market would grow rapidly, owing to the growing cases of chronic, trending automation in the healthcare sector, increasing geriatric population, and growing adoption of smartphones. Apart from that, mounting healthcare spending in the Asia-Pacific region is forecast to benefit the global smart patch market during the study period.
COVID-19 Impact Analysis
The increasing cases of chronic diseases have fueled the demand for smart patches. Smart patches were adopted during the pandemic to obtain the data and continuously monitor the patient. Moreover, due to increasing awareness related to health, the COVID-19 pandemic is forecast to fuel the market growth during the study period. In addition, the COVID-19 epidemic raised the demand for automation in the healthcare sector. Various healthcare bodies adopted technologies to prevent excessive contact. Thus, the pandemic had a positive influence on the global smart patch market.
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Competitors in the Market
- BioTelemetry, Inc.
- MC10, Inc.
- Insulet Corporation
- Abbott Laboratories
- Isansys Lifecare Ltd.
- iRhythm Technologies
- DexCom, Inc.
- Kenzen
- Medtronic plc
- Gentag
- Other prominent players
Market Segmentation
Insight by Type
- Transdermal Transmission
- Electronic Stimulation
- Monitoring
Insight by Technology
- Connected
- Regular
Insight by Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
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- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Table of Content
Chapter 1: Global Smart Patch Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Smart Patch market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Smart Patch Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Smart Patch market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Smart Patch market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Smart Patch market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Smart Patch market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Smart Patch business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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