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Smart Patch: A Topic of discussion among Cosmetic & Sports Enterprises

Global Smart Wearable Devices Market

ICT | Oct, 2017

The Smart Patches can be defined as the non-invasive health-monitoring sensors which can stick to the skin surface and can be utilized to measure humidity, temperature, etc. more effectively than other wearable technologies such as smart watches and sports trackers. The smart patches functions as a constant body scanner and sends the data to a smartphone application. With the increasing threat from chronic and lifestyle diseases, such as diabetes, cardiac disorders, obesity, cancer, blood pressure, etc., the demand for wearable smart patches is catching pace among the health-conscious consumers. Nearly one-quarter of the world’s population would be above 60 years of age by 2050 and therefore, the increasing geriatric population coupled with rising discretionary income in OECD countries and high smartphone user base are other factors which are contributing to the growth of Global Smart Patch Market through 2022. 

Global Smart Wearable Devices Market Size, By Volume, 2012–2021F (Million Units)

 

   Applications of Smart Patch in Diverse End-User Industries:

The widespread monitoring and tracking applications of smart patches are extensively used in various end-user industries such as healthcare, fitness & sports and cosmetics. The smart patches are not only tailored to monitor patients for their blood glucose levels, sweat, temperature etc. but patches are widely gaining adoption as devices to track sports activities and delivery of medicinal drugs. The increasing consumer preference towards smart patches can also be attributed to the fact that these are smart, flexible, sticky and almost invisible, which in turn is driving the global smart patches industry. Moreover, the high compatibility of smart patches with most mobile operating systems and ability to connect easily to smartphone through Bluetooth, is promulgating their market share in the overall global wearable devices market, significantly. Furthermore, progressive developments in the field of diagnostic technologies is anticipated to fuel the global smart patch market, over the coming years. 

Key Trends and Drivers: 

Entry in Cosmetics and Personal Care Segment: The recent market developments and trends in the global smart patch industry includes the increasing acceptance and adoption of patches in the cosmetic industry. For instance,

  • In 2016, beauty giant, L’Oréal unveiled “My UV Patch”, as the first-ever stretchable skin sensor designed to monitor UV exposure and educate consumers about sun protection. The new technology is launched to prevent the nonmelanoma skin cancers caused by exposure to ultraviolet (UV) radiation from sun in addition to skin pigmentation and photoaging.
  • Smart Insulin Patch”: The increasing number of people suffering from diabetes is driving huge research & development activities, in search for more effective remedies. As a result, the painful insulin injections are soon going to be replaced with painless “smart insulin patch” which is designed to detect elevation in blood sugar levels and secrete doses of insulin into the bloodstream as and when required.
  • Sweat Analyzers: Sweat constitutes of essential biomarkers such as sodium, glucose and proteins which can be collectively measured and analyzed noninvasively using smart patches. The smart patches are making it possible to diagnose medical conditions such as cystic fibrosis, nutritional deficiencies, ion imbalances, etc. by sweat-monitoring patches. As a result, companies such as Kenzen are aggressively engaged in the marketing and sales of ECHO smart patch which analyzes sweat to predict dehydration or cramping. 

Increasing Popularity in Sports & Fitness Sector:  In addition to healthcare, the sports enterprises are witnessing high interest towards next generation bioelectronic devices for personalizing and precision medicine as several sports teams, like the San Francisco 49ers and the FC Dallas soccer team, have signed up to test the patch. The patch, which costs USD300, will be launched in sports stores and online at the end of 2017.

Key Focus Regions for Smart Patches:

During 2016, the North America garnered highest revenue market share in the global smart patch market owing to the rising number of health-conscious individuals who are using either FDA or CE certified smart patches. The countries such as US and Canada are majorly generating demand for smart patches in the region. With the region possessing strong R&D capabilities, North American manufacturers are continuously exploring the broad application areas of smart patches, which is expected to drive the global smart patch industry at a robust pace.  

Global Wearables Devices Market Share and Forecast, By Region (2020)

Number of Wearable Devices in 2020

% of Global

Asia-Pacific

1,94,669

32.40%

North America

1,80,963

30.10%

Western Europe

1,27,644

21.30%

Central & Eastern Europe

45,850

7.60%

Latin America

26,083

4.30%

Middle East & Africa

25,416

4.20%

  







Asia-Pacific region is poised to register fastest growth in the global smart patches market through 2022. Developing Asian economies such as Japan, China and India are emanating huge demands for smart patches due to rising healthcare expenditure, increasing consumer awareness of innovative technologies and gaining popularity of wearable healthcare devices. Moreover, rising lifestyle disorders in the region would propel the demand for smart patches in the future.

For instance, as per an international journal- Paediatric Obesity, India is projected to have over 17 million obese children by 2025 and would rank second among the 184 countries fighting childhood obesity.

Conclusion:

In conclusion, Global Nutrient Recovery Systems market is projected to exhibit rapid growth over the coming years owing to the strict government regulations on discharge of Nitrogen or Phosphorus into the water bodies. The nutrient recovery systems are increasingly adopted as a preferred option over conventional systems due to operational and economic benefits along with lower environmental impact.

With shifting global paradigm towards circular economy, the recovery of major macronutrients such as N, P and K from wastewater is acting as an additional revenue stream for municipalities around the globe, wherein they assist agribusiness with required nutrients for farming.

Consequently, different commercial end products (Struvite fertilizer, Calciumphosphate, Magnesiumphosphate, etc.) obtained along with treated water is emanating huge growth opportunities for nutrient recovery systems across the globe. 

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