Global smart bandage market expected to grow to $3.12 billion by 2034 with a 14.5% CAGR
From GlobeNewswire: 2024-08-12 06:30:00
A new study by Fact.MR forecasts the Global Smart Bandage Market to grow from US$ 803.3 million in 2024 to US$ 3.12 billion by 2034, with a CAGR of 14.5%. Advanced sensors, materials, and connectivity are making bandages more effective, driven by rising chronic diseases like diabetes. Smart bandages reduce healthcare costs and support personalized medicine trends.
The COVID-19 pandemic has accelerated the growth of telehealth services, aiding the adoption of remote monitoring technologies such as smart bandages. Venture capital and corporate investments in digital health technologies are promoting innovation in the smart bandage industry. The FDA’s openness to digital health technologies is speeding up the approval process for smart bandages.
The global market for smart bandages is projected to expand at a CAGR of 14.5% from 2024 to 2034, reaching US$ 3.12 billion by 2034. Key regions include the United States and India, with significant revenue expected from long-term care facilities. Rising diabetes cases and associated wounds are boosting smart bandage sales, with a global increase in diabetes prevalence projected.
Researchers have developed innovative smart bandages to treat chronic wounds, including stretchable wireless bioelectronics patches and wireless, stretchy Black Scatter bandages. A specific e-bandage for diabetic patients can speed up healing by 30%. Recent studies are focusing on accelerating wound healing through wirelessly collecting data and releasing drugs only when bacteria are present.
Fact.MR’s market research on smart bandages delves into product types, applications, modes of purchase, end-users, and key regions, offering comprehensive insights for 2019 to 2023, with forecasts up to 2034. The smart bandage market is expected to benefit from the growing trend of digital health integration, supporting upgraded wound care technologies and patient empowerment. Standford and Brown universities have also made significant developments in smart bandage technology.
Fact.MR is a respected market research company providing businesses with in-depth market reports and strategic insights. With a focus on accuracy and reliability, they empower companies with essential data for informed decision-making. Their global presence and expert analysts help clients capitalize on emerging opportunities and overcome market challenges. (Word count: 350)
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