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Smart Bandage Market Report: Size, Share, Trend, Segmentation And Forecast To 2033
Smart Bandage Market Report
As per the report, the smart bandage market size has grown rapidly in recent years. It will grow from $0.80 billion in 2023 to $0.94 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The smart bandage market size is expected to see rapid growth in the next few years. It will grow to $1.75 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%.
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Rising Chronic Disease Cases Fuel Growth In The Smart Bandage Market
The increasing prevalences of chronic diseases are expected to propel the growth of the smart bandage market going forward. Chronic diseases are health disorders that last three months or longer, require continuing medical care, or restrict everyday activities. Chronic diseases are on the rise due to genetic predisposition, aging populations, and unhealthy lifestyle choices. Smart bandages play a crucial role in managing chronic diseases by providing early detection of complications, enabling remote monitoring and management, facilitating personalized treatment, and preventing complications. These benefits improve patient outcomes and quality of life for individuals with chronic diseases. For instance, in September 2023, according to the World Health Organization (WHO), a Switzerland-based intergovernmental organization, each year around 41 million deaths worldwide, accounting for 74% of all fatalities attributed to chronic diseases. This includes 17.9 million deaths from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2.0 million from diabetes. Therefore, the increasing prevalence of chronic diseases is driving the growth of the smart bandage market.
Wirelessly Powered Bandages For Enhanced Wound Healing And Infection Prevention
Major companies operating in the smart bandage market are involved in research and development activities to develop innovative products such as wirelessly powered bandages to help patients with non-healing wounds and avoid infection. A wirelessly powered bandage is a type of smart bandage that uses wireless technology to receive power and transfer data without using connected connections. These bandages are designed by researchers from the U.K. and France that are flexible, conformable, and easy-to-wear, allowing for ongoing wound monitoring and therapy. For instance, in May 2023, researchers from the University of Glasgow, a UK-based public research university, and the University of Southampton, a UK-based public research university, introduced wirelessly powered smart bandages. This is equipped with light-emitting diodes (LEDs) that bathe wounds in sterilizing UV light, preventing bacterial development without antibiotics. It powers the UV LEDs wirelessly using a small, flexible inductive coil embedded into the bandage cloth. The coil receives power over the air, sent from a second coil linked to the electrical mains, allowing the LEDs to be powered continuously. The wireless power delivery technology is twice as efficient as prior wearable wireless power receivers, making it ideal for medical use.
The smart bandage market covered in this report is segmented -
1) By Material: Graphene, Synthetic Fiber
2) By Product: Electroactive, Sensor-Based, Oxygen Sensing, pH Sensing, Other Products
3) By Distribution Channel: Retail Pharmacies, Hospital Pharmacies, Trauma Centers, Other Distribution Channels
4) By Application: Chronic Wound Management, Burns, Sports Injuries, Post-Surgical Care, Other Applications
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Major companies operating in the smart bandage market are Johnson & Johnson Services Inc. , The 3M Company, Medtronic plc, Baxter International Inc., Medline Industries Inc., Smith & Nephew plc, Paul Hartmann AG, Convatec Group PLC, Mölnlycke Health Care AB, Lohmann & Rauscher International GmbH & Co. KG, University of Connecticut, Tufts University, Tyndall National Institute, BSN medical GmbH, Fleming Medical Ltd., Xerafy Ltd., OSNovative Systems, Epicore Biosystems, Grapheal , WINDGO Inc., Band-Aid Technologies, Gentag Inc.
Contents of the report:
1. Executive Summary
2. Smart Bandage Market Report Structure
3. Smart Bandage Market Trends And Strategies
4. Smart Bandage Market - Macro Economic Scenario
5. Smart Bandage Market Size And Growth
…..
27. Smart Bandage Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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