Rockville, MD, Aug. 12, 2024 (GLOBE NEWSWIRE) -- A new study by Fact.MR reveals that the Global Smart Bandage Market is forecasted to increase from a value of US$ 803.3 million in 2024 to US$ 3.12 billion by the end of 2034. The market has been analyzed to expand at a CAGR of 14.5% from 2024 to 2034.
Advancements in sensors, materials, and connectivity have made bandages more effective and user-friendly in recent years. Rising worldwide prevalence of diabetes, obesity, and cardiovascular disease is a key factor is driving the demand for advanced wound care solutions, and smart bandages fit the bill perfectly.
As the elderly population grows, chronic wounds become more common, boosting the demand for smart bandages. Smart bandages have the potential to reduce overall healthcare costs by allowing for earlier intervention and reducing complications that can arise later on.
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Emphasis on outcome-based healthcare is consistent with the benefits provided by smart bandages. The COVID-19 pandemic has also accelerated the growth of telehealth services, supporting the adoption of remote monitoring technologies such as smart bandages.
Significant venture capital and corporate investment in digital health technologies are driving innovation in the smart bandage industry. Smart bandages are supporting the growing trend of personalized medicine and patient empowerment. The Food and Drug Administration (FDA) is showing openness to digital health technologies, which is speeding up the approval process for smart bandages.
Key Takeaways from Market Study:
- The global market for smart bandages is projected to expand at a CAGR of 14.5% from 2024 to 2034.
- The market for smart bandages is forecasted to climb to a value of US$ 3.12 billion by the end of 2034.
- The market in the United States is expected to reach a value of US$ 301.2 million in 2024.
- India is expected to occupy a market share of 53.4% in the South Asia & Pacific region in 2024.
- Revenue from long-term care facilities is forecasted to reach US$ 817.1 million by the end of 2034.
- The market in East Asia is analyzed to expand at a CAGR of 15.8% from 2024 to 2034.
“Larger trend of digital health integration is driving the adoption of upgraded wound care technologies. This trend is benefitting smart bandage manufacturers,” says a Fact.MR analyst.
Leading Players Driving Innovation in Smart Bandage Market:
3M Healthcare; Smith & Nephew; Johnson & Johnson; Mölnlycke Health Care; ConvaTec; Coloplast; Medtronic; BSN Medical; Hartmann Group; Lohmann & Rauscher; Urgo Medical; Medline Industries; Hollister Incorporated; Derma Sciences.
Rising Incidence of Diabetes and Associated Wounds Boosting Sales of Smart Bandages:
Diabetes increases the risk of developing diabetic foot ulcers, which are chronic wounds.
According to the NCBI, the annual incidence of diabetic foot ulcers worldwide ranges from 9.1 to 26.1 million. Thus, the rising prevalence of chronic diseases increases the risk of chronic wounds, propelling the smart bandage market growth.
According to the International Diabetes Federation, the number of people living with diabetes is projected to increase to 643 million by 2030 and 783 million by 2045.
Smart Bandage Industry News:
- In March 2023, a team of scientists in the United States created a stretchable wireless and bioelectronics patch to treat chronic wounds. The patch is made up of a multimodal biosensor array with multiplexed electrochemical sensing.
- Caltech published a research paper in March 2023 that described a smart bandage they developed called Black Scatter. Caltech presented evidence of their successful study of Black Scatters on animal models. These bandages were wireless, stretchy, wearable bio-electronic devices designed to monitor and treat chronic infectious wounds simultaneously.
- In February 2023, researchers developed an e-bandage that would speed up healing by 30%. It is a device designed specifically for patients with diabetes and ulcers.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the smart bandages market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges insights into the market based on product (electric, oxygen-sensing, pH-sensing, drug-infused, temperature-sensitive, LED-based), application (chronic wounds, post-surgical wounds, burns, traumatic wounds, infection control), mode of purchase (direct purchase, through distributors, online sales, pharmacies, government procurement), and end user (hospitals & clinics, home care settings, ambulatory care centers, military & emergency services, long-term care facilities), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
Stanford scientists developed smart bandages in January 2023 to accelerate wound healing. It is an engineering marvel that can collect data without using wires.
In June 2022, Brown University developed a new bandage material that can only release drugs when bacteria or microbes are present. When microbes attack the wounds, the hydrogel releases drugs.
Segmentation of Smart Bandage Market Research
- By Product :
- Electric
- Oxygen-Sensing
- pH Sensing
- Drug-Infused
- Temperature-Sensitive
- LED-Based
- By Application :
- Chronic Wounds
- Post-Surgical Wounds
- Burns
- Traumatic Wounds
- Infection Control
- By Mode of Purchase :
- Direct Purchase
- Through Distributors
- Online Sales
- Pharmacies
- Government Procurement
- By End User :
- Hospitals & Clinics
- Home Care Settings
- Ambulatory Care Centers
- Military & Emergency Services
- Long-Term Care Facilities
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