Global Smart Bandage Market Report 2024

The smart bandage market size has grown rapidly in recent years. It will grow from $0.8 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.

The anticipated rise in chronic diseases is set to drive the future expansion of the smart bandage market. Chronic illnesses, lasting three months or more and requiring ongoing medical attention or limiting daily activities, are increasing due to genetic factors, aging populations, and unhealthy lifestyles. Smart bandages are pivotal in managing these conditions by offering early complication detection, remote monitoring, personalized treatment, and complication prevention, thereby enhancing patient outcomes and quality of life. For example, in September 2023, the World Health Organization reported that chronic diseases account for approximately 74% of global deaths, with cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes being major contributors. Consequently, the growing prevalence of chronic diseases fuels the smart bandage market's growth.

Leading companies in this market are actively engaged in R&D efforts to create innovative products such as wirelessly powered bandages, aiding patients with non-healing wounds and infection prevention. Wirelessly powered bandages, utilizing wireless technology for power and data transfer sans physical connections, are being developed by researchers in the UK and France. These bandages are flexible, adaptable, and user-friendly, facilitating continuous wound monitoring and therapy. For instance, in May 2023, researchers from the University of Glasgow and the University of Southampton introduced wirelessly powered smart bandages equipped with UV light-emitting diodes (LEDs) for bacterial control without antibiotics. The LEDs receive power wirelessly via a small, flexible inductive coil embedded in the bandage cloth, which receives power from a second coil linked to the electrical mains, ensuring continuous LED operation. This wireless power delivery technology boasts twice the efficiency of previous wearable power receivers, making it ideal for medical applications.

In June 2021, Safeguard Medical, a US-based provider of emergency medical technologies, acquired PerSys Medical, strengthening its global market position and expanding its product range. This strategic move includes acquiring a prominent Research & Development center in Israel renowned for its innovative projects and extending Safeguard's distribution network to over 60 countries. PerSys Medical, known for developing and marketing innovative medical solutions including smart bandages, adds further depth to Safeguard's portfolio.

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.

North America was the largest region in the smart bandage market in 2023. The regions covered in the smart bandage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the smart bandage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A smart bandage is an advanced medical dressing or wound care device equipped with integrated sensors, actuators, and connectivity capabilities designed to monitor and manage the healing process of wounds. These bandages enable healthcare providers to remotely monitor wounds, detect early signs of infection or complications, and deliver targeted treatments, improving patient outcomes and more efficient wound management.

The main materials of smart bandages are graphene and synthetic fiber. Graphene smart bandages are innovative medical dressings infused with graphene, a versatile nanomaterial known for its exceptional properties. The various products involved are electroactive, sensor-based, oxygen sensing, pH sensing, and others, distributed through retail pharmacies, hospital pharmacies, trauma centers, and other distribution channels for chronic wound management, burns, sports injuries, post-surgical care, and other applications.

The smart bandage market research report is one of a series of new reports that provides smart bandage market statistics, including smart bandage industry global market size, regional shares, competitors with smart bandage market share, detailed smart bandage market segments, market trends, and opportunities, and any further data you may need to thrive in the smart bandage industry. This smart bandage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The smart bandage market includes revenues earned by entities by providing services such as wound monitoring, drug delivery, moisture control, and biological detection. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart bandage market consists of sales of sensors, microfluidic channels, microprocessors, and flexible and biocompatible materials. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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