Smart Patch Market to See Strong Growth and Business Opportunities

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Smart patch act as non-invasive health monitoring sensors that can stick to the skin surface and measure the humidity and temperature. The global smart patch market is expected to witness significant growth during the forecast period due to increasing prevalence of chronic diseases and growing number of smart phone users. The various has been classified as transdermal-transmission patches, monitoring patches, and electronic patches, on the basis of type.
Increasing prevalence of chronic and lifestyle associated diseases, growing aging population, rising health consciousness, growing number of smart phone users, and increasing healthcare spending are some of the factors driving the growth of the smart patch market. However, high cost and lack of awareness about these products impede the growth of the market.
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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.

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.

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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