NEW YORK, April 22, 2020 (GLOBE NEWSWIRE) -- The global smart patch market is growing at a CAGR of 22.0% during 2020-2025.
The increasing occurrence of chronic and lifestyle associated diseases, rising healthcare expenditure, increasing healthcare spending, and expanding inclination towards personal fitness are the major factors leading to the high demand of smart patch in the global market.
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Key players in the smart patch market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In October 2019, Abbott Laboratories partnered with Omada Health, to integrate Abbott’s FreeStyle Libre system with Omada Health’s digital care program. In addition, in July 2019, BioTelemetry, Inc., acquired ADEA Medical AB, to increase its geographic exposure and product offerings to physicians and patients in Europe.
The clinical segment is expected to grow at a faster rate in the global smart patch market during 2020 – 2025
On the basis of application, the global smart patch market is subdivided into clinical and non-clinical. Of all applications, the clinical segment is expected to grow at a faster rate in the market during the forecast period, due to escalating acceptance of smart patch to track and observe health. Heart rate is a commonly measured parameter using smart patch. It also provides time-based recordings of a history of information for improved performance analysis.
Geography Insight
Geographically, North America is the largest smart patch market in 2019 as in the region the occurrence of chronic and lifestyle associated diseases is escalating. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2015 approximately 23.1 million people in the U.S. had diabetes.
Geographically, the smart patch market is divided into North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW).
Competitive Insight
Some of the key players operating in the global smart patch market are BioTelemetry, Inc., MC10, Inc., Insulet Corporation, Abbott Laboratories, Isansys Lifecare Ltd., iRhythm Technologies, DexCom, Inc., Kenzen, Medtronic plc, AliveCor, Inc., and Gentag.
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Key Takeaway from the Report:
- Among all the types, the transdermal transmission segment accounted for the largest share in the market in 2019.
- Of all application, the clinical segment is expected to grow at a faster rate in the market during the forecast period (2020 – 2025).
- Among all the technology, a regular segment is expected to grow at a substantial rate in the market during the forecast period (2020 – 2025).
The Report Offers:
- Historical market estimate for the years 2015–2019 and forecast for the years 2020–2025
- Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
- Market insights by in-depth segmentation with industry dynamics.
- Competitive analysis and benchmarking of the industry leaders and their product offerings
- Profiles of leading players and innovators, their financial overview and product portfolio
- Analysis of key industry trends and recent developments
- Value chain analysis and application analysis with opportunity assessment
- Market share analysis of major players
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The report provides the market value for the base year 2019 and a yearly forecast till 2025 in terms of revenue (USD Million). The report segments the global smart patch market on the basis of type, application, technology, and region.
Global Smart Patch Market Coverage
Type Insight and Forecast 2015-2025
- Transdermal Transmission
- Electronic Stimulation
- Monitoring
Application Insight and Forecast 2015-2025
- Clinical
- Non-Clinical
Technology Insight and Forecast 2015-2025
- Connected
- Regular
Geographical Segmentation
Smart Patch Market by Region
North America
- By Type
- By Application
- By Technology
- By Country – U.S., Canada, and Mexico
Europe
- By Type
- By Application
- By Technology
- By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe
Asia-Pacific (APAC)
- By Type
- By Application
- By Technology
- By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific
Rest of the World (RoW)
- By Type
- By Application
- By Technology
- By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries
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