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Smart Patch Market Opportunities by Types, Demand, Top Manufactures and Application in Grooming Regions
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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.
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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.
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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.
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.
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