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Smart Bandage Market Size, Share, Industry Growth And Forecast 2024-2033
Smart Bandage Market Size
According to The Business Research Company's, 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 growth in the historic period can be attributed to increasing demand for minimally invasive and personalized healthcare solutions, improving healthcare infrastructure, rise in incidence of diabetic foot ulcers, growth in acceptance of telemedicine and telehealth solutions, rise number of diabetes patients.
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%. The growth in the forecast period can be attributed increasing cases of chronic diseases, increasing geriatric population, rising healthcare expenditure, growing awareness about wound care management, increasing demand for personalized wound car. Major trends in the forecast period include technological advancement, increasing research and development programs, adoption of artificial intelligence (AI), adoption of wireless technology, focusing on research and development in smart bandages.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Smart Bandage Market 2024 Key Insights:
• 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%.
• Rising Chronic Disease Cases Fuel Growth In The Smart Bandage Market
• Wirelessly Powered Bandages For Enhanced Wound Healing And Infection Prevention
• North America was the largest region in the smart bandage market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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