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The Global Smart Bandages Market size is predicted to reach $3.5 billion by 2030, growing at a CAGR of 15% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Growing awareness about wound care, benefits of smart bandages over conventional bandages and increasing prevalence of chronic diseases are fueling the growth of the Smart Bandages Market during the forecast period, finds IndustryARC in its recent report, titled “Smart Bandages Market Size, Share & Trends Analysis Report- Smart Bandages Market – By Type (Sensor-based Smart Bandages, Electric Smart Bandages, Oxygen-Sensing Smart Bandages, pH-Sensing Smart Bandages, Drug-Infused Smart Bandages, Temperature-Sensitive Smart Bandages and Others), By Application (Chronic Wound Management, Post-Surgical Care, Sports Injuries and Rehabilitation and Others), By Distribution Channels (Hospitals & Clinics, Retail Pharmacies, Trauma Centers and others) By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030’’
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North America to occupy Largest Share:
North America is expected hold a market share of 40% in the global Smart Bandages market during 2023. According to CHI St. Vincent Wound Care Center, millions of people throughout the U.S. are suffering every day from chronic wounds, sores or ulcers that do not heal. If left untreated, chronic wounds can diminish the quality of life and potentially decrease life expectancy. An aging population and increasing rates of diseases and conditions such as diabetes, obesity and vascular disease contribute to the chronic wound epidemic. Smart bandages speed up healing of such wounds.
Smart Bandages Market 2024-2030: Scope of the Report
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Smart Bandages Market Report – Key Takeaways:
● Temperature-Sensitive Smart Bandage Segment to Grow the Fastest
As per the Smart Bandages Market forecast, the temperature sensitive smart bandage is estimated to grow at the fastest CAGR of 8.2% during the forecast period in terms of type. Temperature-sensitive smart bandages address the limitations of standard measurements occurring every four to eight hours outside intensive care units. The extended gaps in monitoring, especially for fever onset, pose challenges in early detection. However, continuous temperature monitoring through smart bandages closes these gaps, providing healthcare staff with real-time data accessible through a computer interface. In the realm of modern medical devices, these bandages remotely track vital signs, including body temperature, a crucial infection indicator.
● Post-Surgical Care Segment to Register Faster Growth
As per the Smart Bandages Market analysis, the post-surgical care segment is projected to exhibit the fastest growth during the forecast period in terms of application. According to the 2021 CDC healthcare-associated infection (HAI) prevalence survey, surgical site infections is the costliest HAI type with an estimated annual cost of $3.3 billion, and extends hospital length of stay by 9.7 days, with cost of hospitalization increased by more than $20,000 per admission. To mitigate the economic and health-related burdens associated with post-surgical infections, smart bandages can be used which will alert the healthcare staff on time and immediate treatment can be started to avoid infections.
● Rising Prevalence of Chronic Diseases to Boost the Market Size
According to the World Health Organization, chronic diseases diseases are currently the major cause of death among adults in almost all countries. Globally, approximately one in three of all adults suffer from multiple chronic conditions. According to the United Nations, by 2030, the proportion of total global deaths due to chronic diseases is expected to increase to 70% and the global burden of disease to 56%. Chronic diseases slow down wound healing and lead to chronic wounds. As these chronic diseases persist the necessity for advanced wound care management tools, such as smart bandages, increase.
● Regulatory Compliance and Safety Standards to Hamper Market Growth
Stringent regulatory compliance and safety standards present a significant challenge, potentially impeding the growth of Smart Bandages. Meeting evolving safety protocols, regulations, and stringent healthcare industry standards demands substantial investment and vigilant adherence. Striking a balance between financial feasibility, and compliance complexity is crucial. The associated costs pose a considerable challenge, potentially limiting the industry's growth trajectory.
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Key Opportunity Analysis:
AI-Enabled Smart Bandages
AI-enabled smart bandages present a remarkable opportunity in revolutionizing wound care and monitoring. In June 2023, a team of scientists at the Covestro and the Institute of Materials Research and Engineering, developed bandages that utilize AI to continuously monitor wound recovery. Traditionally, assessing wound healing necessitated frequent bandage removal, leading to increased infection risks and patient discomfort. The PETAL patch, equipped with flexible electronics and nano-sensors, streamlines this process, employing AI algorithms to assess healing status. The convergence of flexible electronics and AI algorithms in healthcare signifies a pivotal shift, enabling more precise, non-invasive monitoring of wounds and offering groundbreaking prospects for the healthcare and artificial intelligence industries.
Smart Bandages for Detecting Disease Antibodies
Smart bandages equipped with rapid disease antibody detection capabilities represent a groundbreaking opportunity in healthcare. These technologically advanced bandages, resembling conventional adhesive strips but embedded with nano-sized sensors, swiftly identify disease-specific antibodies within minutes. This innovative approach allows for early detection of various viral infections, including potentially asymptomatic cases, offering a proactive means of disease surveillance. By utilizing tiny sensors or nanoparticles within the bandage, this non-invasive technology opens new avenues for quick, on-the-spot diagnosis, revolutionizing disease control and management. For instance, a bandage developed by researchers at NYU Abu Dhabi, can detect the presence of disease antibodies within minutes, even before a person has symptoms.
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The Report also Covers the Following Areas:
● Smart Bandages Market Size and Forecast
● Smart Bandages Market Trends
● Smart Bandages Market Analysis by Type
Smart Bandages Market 2024-2030: Key Highlights
● CAGR of the market during the forecast period 2024-2030
● Value Chain analysis of key stake holders
● Detailed analysis of market drivers and opportunities during the forecast period
● Smart Bandages Market size estimation and forecast
● Analysis and predictions on end users’ behavior and upcoming trends
● Competitive landscape and Vendor market analysis including offerings, developments, and financials
● Comprehensive analysis of challenges and constraints in the Smart Bandages Market
Covid and Ukrainian Crisis Impact:
The COVID-19 pandemic emphasized the need for safe distancing to prevent the spread of the virus. Smart bandages can aid in monitoring and managing chronic wounds or recovery processes, allowing doctors to remotely track and adjust treatment plans. Thus, the pandemic had a favorable impact on the smart bandage market.
The ongoing conflict between Ukraine and Russia might indirectly influence the smart bandage market. Disruptions in global supply chains due to the conflict could pose challenges in sourcing essential components vital for these innovative technologies. Geopolitical tensions might potentially impact the manufacturing and distribution of smart bandages, leading to fluctuations in market availability, pricing, and international trade dynamics within the industry.
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List of Key Market Players in Smart Bandages Market:
The key companies profiled in the Smart Bandages Market Report are listed below:
● Medtronic
● Abbott Laboratories
● Grapheal
● Dexcom, Inc.
● SteadySense GmbH
● VIVALNK
● Mölnlycke Health Care AB
● Nemaura Medical
● Covestro
● Sky Medical Technology
Related Reports:
Pressure Bandages Market – The Pressure Bandages Market size is projected to grow at a CAGR of 4.8% during the forecast period 2021-2026, owing to the rise in the incidences of deep vein thrombosis and leg ulcers, increase in awareness about the benefits of polyester multi-layer compression systems and the growing investment by the key players to develop advanced pressure bandages
Bioactive Wound Care Market – The Bioactive Wound Care Market size is projected to grow at a CAGR of 5.6% during the forecast period, owing to their antibiotic features and the increasing prevalence of acute and chronic wounds
Advanced Wound Management Market – The Advanced Wound Management Market size is growing at a CAGR of 9.3% during the forecast period 2021-2026, owing to the increasing prevalence of chronic and surgical wounds as well as technological advancements.
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