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Smart Patch Market Size Worth US$ 15.3 billion by 2030: CAGR: 6%

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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.

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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.

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.

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
  • Middle East & Africa (MEA)
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA
  • South America
    • Brazil
    • Argentina
    • Rest of South America

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Updated : 2022-05-22 06:43 GMT+08:00