A smart patch is a wearable sensor used in the healthcare sector. The patch is usually applied to the skin of a patient using an adhesive and is used to monitor their condition, collecting data on parameters such as blood pressure and heart rate. After collecting the data, the patches share that information to connected electronic devices, including mobiles.
Currently, the global market for these sensor-enabled patches is valued at about $8.5 billion. Forecasts show that the market will grow at a compound annual growth rate of 6% between 2022 and 2030 and will be valued at roughly $15.2 billion by 2030.
It is also expected that the following factors will influence the market’s growth, either positively or negatively.
- Predictions show that trending automation in virtually all industries and the growing use of smartphones, particularly in the Asia-Pacific, will benefit the smart patch global market.
- Players involved in the market are expected to see favorable opportunities in the international smart patch market because of increasing healthcare spending.
- The increasing number of cases of chronic ailments globally is expected to boost the growth of the smart patch market around the world.
- The growth of this particular market may be impeded by the high cost of the smart patches.
- Predictions show that the growing geriatric population will also provide numerous opportunities to players involved in the smart patch market across the globe, as elderly individuals typically require numerous health checkups and continuous care. It helps that the patches are automated because this will increase their demand.
- Data collected by these patches can be used to diagnose a condition and suggest treatment. This benefit is expected to speed up market growth.
Predictions also show that the global smart patch market will expand quickly in North America, mainly because of increasing awareness among the population. For example, during the coronavirus pandemic, patches have been used to collect data and monitor patients continuously. The continuous use of the patches in this way will fuel the smart patch market’s growth.
The pandemic has also increased the demand for automation in the medical industry, with some healthcare bodies adopting technologies that hinder excessive contact. This means that the pandemic has had a positive impact on the international smart patch market.
The major players in the market include RYAH Group Inc. (CSE: RYAH), Gentag, BioTelemetry Inc., Medtronic Plc, MC10 Inc., iRhythm Technologies, Isansys Lifecare Ltd, Abbott Laboratories, Insulet Corp. and Kenzen.
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