Smart
Patches: Introduction
·
Smart patches
are non-intrusive devices that can be stuck on the body and can be utilized to
monitor the health of a person
·
These can be utilized to measure
temperature, heart rate, blood pressure, blood sugar, stress, and also monitor
drug intake by the patient
·
Smart patches work by continuously scanning
the body and sending data to the smartphone application
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Key
Drivers and Restraint of Global Smart Patches Market
·
Increase in occurrence of chronic and
lifestyle diseases such as blood pressure, obesity, cardiac disorders,
diabetes, etc., are likely boost the global market. According to the
International Diabetes Federation (IDF), nearly 463 million adults (20 to 79
years) were living with diabetes in 2019, and the number is projected to reach
700 million by 2045.
·
According to the World Health Organization
(WHO), the world’s population aged 60 or more is expected to increase at very
high pace from 900 million in 2015 to 2 billion in 2050. Increase in the
geriatric population is likely to drive the demand for smart patches, which in
turn is anticipated to augment the global market.
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·
Rise in technological advancements in skin
patches is a key factor boosting the market. For instance, in 2019,
VitalConnect’s Vista Solution 2.0 includes an additional weight scale, blood
pressure and pulse oximetry, and core temperature to the existing eight vital
sign measurements monitored by the VitalPatch biosensor (single-lead EKG, heart
rate, heart rate variability, respiratory rate, skin temperature, body posture,
fall detection, and activity [steps]).
·
In February 2020, BioIntelliSense, received
FDA 510(k) clearance for the BioSticker on-body sensor for scalable remote
care. The BioSticker is an advanced on-body sensor that enables continuous
monitoring of vital signs and actionable insights, delivering these insights to
clinicians from patients in home setting or any other place outside the
hospital.
·
Rise in acceptance and adoption of smart
patches in field of cosmetics & personal care, and fitness & sports is
estimated to fuel the global smart patches market during the forecast period
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North
America to Lead Global Smart Patches Market
·
In terms of region, the global smart
patches market can be segmented into North America, Europe, Asia Pacific, Latin
America, and Middle East & Africa
·
North America accounted for a notable share
of the global smart patches market in 2019 due to the presence of a large
number of pharmaceutical and biotechnology companies in the region and early
adoption of technologically advanced products
·
The market in Europe is likely to account
for a significant share due to high disposable income in the region and
research & development of smart patches by key players and other new
startups in Europe
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·
The smart patches market in Asia Pacific is
expected to expand at a rapid pace during the forecast period owing to a rise
in the prevalence and awareness about diabetes and increase in the geriatric
population. According to International Diabetes Federation (IDF), 88 million
adults (20 to 79 years) were living with diabetes in Southeast Asia in 2019.
This figure is anticipated to increase to 153 million by 2045.
·
Latin America and Africa are likely to be
potential markets for smart patches during the forecast period owing to lack of
initiatives taken by governments and players in the area of research and
development, which in turn hampers the smart patches market in these regions
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