Smart Bandages Market Size to Hit USD 1,834.45 Million by 2032
The global smart bandages market size is estimated to hit around USD 1,834.45 million by 2032, increasing from USD 687.76.10 million in 2023.
Ottawa, Dec. 15, 2023 (GLOBE NEWSWIRE) — The global smart bandages market size was valued at USD 648.10 million in 2022 and the sector is expanding at a healthy CAGR of 11.5% between 2023 and 2032, a study published by Towards Healthcare a sister firm of Precedence Research.
Smart Bandages Market Experiences Massive Growth Due to Rapid Wound Healing Capabilities
As per the National Institute of Health estimates, the global prevalence of diabetes will reach 10.2% (578 million) by 2030, and people with diabetes have a 25% chance of having DFUs during their lifetime.
Smart bandages, often known as “modern dressings”, are used to treat patients more comfortably and conveniently while shortening the length of their hospital stays. This medical tool generates the ideal environment for complex and dynamic wounds to heal more swiftly and securely. Technology advancements have led to the creation of numerous wound dressings that target various components of the healing process and are used to treat various types of wounds.
The emphasis in the treatment of wounds is changing away from the necessary drastic surgical debridement towards a non-surgical approach due to the introduction of technologically new and more advanced methods of non-surgical debridement of the wound, which have considerable clinical advantages.
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When individuals experience a burn, scrape, cut, or other wound, their bodies often care for themselves and heal quickly. This, however, is not always the reality. Diabetes can impede the wound’s healing process, causing wounds that won’t heal and risk becoming infectious and decaying. These types of chronic wounds are not only devastating for the individuals who have them. Instead, they place a financial burden of $25 billion annually on healthcare systems in the United States alone.
Massive R&D and Innovative Product Developments Foster the Smart Bandages Market Growth
Market players are extensively focusing on research and development in smart bandages, as this advanced technology offers several benefits over traditional wound healing treatments. Market players are also bringing novel products to the market with the adoption of advanced technology.
- In May 2023, the University of Glasgow released a research publication based on a wirelessly powered anti-infective and drug-free smart bandage intended for chronic wounds. This bandage was a UVC radiation-based, battery-free disinfecting bandage for treating and sterilizing chronic wounds.
- In March 2023, U.S. scientists developed a smart bandage with a disposable patch that consists of drug-related hydrogels, electrodes, and biosensors.
- In March 2023, Caltech introduced a smart bandage developed by them called Black Scatter in a research paper. Caltech showcased proof of their effective study of Black Scatters on animal models. These bandages were wireless, stretchy, wearable bioelectronic devices for coupled monitoring and combined treatment of chronic infectious wounds.
- In December 2022, the National Institute of Health revealed a study on mice covered with the bandage recovered more quickly than those treated with conventional wound dressings. Doctors claim that because the smart bandage combines sensing and stimulation in one device, it accelerates healing while simultaneously monitoring how the wound is healing.
- In November 2022, Nature Biotechnology revealed a closed-loop, wireless smart bandage. This smart bandage was integrated with stimulators and sensors for accelerated healing and advanced wound care. Along with wound healing, this smart bange can also help doctors track how the wound is doing with the help of wireless sensors implanted in the bandage. Geoffrey Gurtner, MD, FACS, chair of the Department of Surgery at the University of Arizona College of Medicine, invented this smart bandage in his laboratories.
- In November 2021, the World Economic Forum published a research article on smart bandages. In this article, they stated that smart bandages could help patients suffering from chronic wounds, as these bandages have sensors that can detect the moisture content level in the wound and transmit the data to a smartphone.
- In September 2020, VA Researchers (U.S. Department of Veterans Affairs) developed a smart bandage technology, Exciflex. Veterans, particularly those with spinal cord injuries, are among the most at risk for developing chronic wounds.
Thus, rising product innovations, growing R&D, and improving availability of products in the market augments the smart bandages market growth.
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Smart Bandages and Potential Healthcare Applications
It is common to overlook the significance of end-user acceptance and the clearance procedure of regulatory authorities when attempting to foresee the future uses of wearables in the healthcare system and when considering their adaptability. All these problems could be solved by using bandages as the foundation for wearables and bringing in seasoned and competent industry partners and multidisciplinary university researchers.
A review of potential smart bandage applications for better patient health assessment and enhanced assistance of medical staff needs in the future.
The Role of Government Regulations and Policies in the Smart Bandages Market
The market for smart bandages is subject to government rules and laws. As they are used for therapeutic uses, smart bandages are regarded as medical devices. As such, they are subject to strict regulatory criteria and procedures that guarantee their safety, efficacy, and quality. Countries and regions may have different laws and policies.
In the US, the Food and Drug Administration (FDA) is responsible for regulating smart bandages. Depending on the device’s risk category, they must undergo a premarket approval method or 510(k) clearance procedures. Based on the level of risk they pose to patients, the FDA divides medical devices into three categories (Class I, II, and III). In addition, before being marketed and sold in the European Union, smart bandages must adhere to the Medical Device Regulation (MDR) and receive a CE mark. The CE marking certifies that the item complies with all the health, environmental, and safety standards set forth by the European Union.
Furthermore, several International Organization for Standardization (ISO) standards, including ISO 13485, which outlines the specifications for a quality management system for medical devices, may also apply to smart bandages.
Clinical trials and research may be necessary to prove the safety and efficacy of smart bandages. It could be necessary to submit the findings of these trials for assessment by regulatory authorities.
To negotiate the regulatory environment and guarantee compliance with all relevant laws and standards, makers of smart bandages must cooperate closely with regulatory authorities and legal professionals.
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The Role of Chronic Wound Burden in the Smart Bandages Market Growth
The significantly rising incidence of chronic wounds such as venous ulcers, pressure ulcers, diabetic foot ulcers, and others ultimately augments the smart bandage market growth. In the U.S., with 5.7 million individuals affected and a cost of $20 billion annually, chronic wounds are a huge burden on patients, medical staff, and the US healthcare system, reported as of June 2021. According to the National Library of Medicine, this chronic wound population increased to 8.2 million Medicare beneficiaries, i.e., 2% of the total U.S. population, until August 2023, costing $28 billion annually. One must comprehend the typical healing process and create a healthy physical and biochemical environment to manage these issues efficiently. This is where smart bandages can work and heal effectively.
The following facts also account for the smart bandages market growth:
- A diabetic foot ulcer will occur in 1 in 4 patients with diabetes.
- Due to a nonhealing wound, 25% of persons with severe PAD might need to have an amputation within a year.
- Those suffering from heart disease circulation problems in the damaged limb account for 82% of leg amputations.
Diabetic ulcers cause the majority of foot and leg amputations in the US. These ulcers occur in 2% of diabetic patients annually, reported as of June 2021, and according to research by Rice et al., diabetic foot ulcers increase the cost of diabetes by $9–13 billion for Medicare and commercial insurance. In addition, around 537 million adults. (aged 20-79 years) suffered from diabetes in 2021, and number of individuals with diabetes are predicted to reach around 784 million in 2045. In 2021, diabetes was estimated to cause $966 billion in worldwide health expenditures. The rising number of diabetes patients also increases the number of patients who might suffer from a diabetic foot ulcer, which in turn massively adds to the growth of the smart bandages market.
The rising incidences of chronic injuries across the globe are significantly bolstering the smart bandages market growth. Smart bandages are considered a really smarter way of wound healing as they offer rapid wound healing through drug delivery and real-time monitoring. The rise in the incidence of chronic wounds, such as diabetic and venous ulcers, is undoubtedly a major element fueling the market for smart bandages. Due to their intricacy, lengthy healing durations, and related problems, chronic wounds considerably strain healthcare systems globally. The prevalence of chronic wounds is anticipated to climb further as the world’s population ages and the prevalence of diabetes and other chronic illnesses rises.
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High Costs of Smart Bandages are Impacting Market Growth
Smart bandage adoption may be significantly hampered by their expensive cost, particularly in underdeveloped nations and healthcare settings with limited resources. Technology-advanced smart bandages include sensors, microprocessors, communication modules, and, occasionally, medicine delivery devices. Creating, producing, and integrating these parts may increase the cost of smart bandages relative to conventional bandages.
Healthcare institutions in underdeveloped nations and places with limited resources often need help to set aside enough money to purchase and upkeep smart bandages. The price of educating medical staff members on how to utilize the technology efficiently and the potential requirement for supporting infrastructure, including dependable internet connectivity and data storage options, might also raise the overall costs.
The production costs of smart bandages can be decreased through improvements in manufacturing methods and materials in order to address this problem. Additionally, collaborations between the public and corporate sectors and international finance and aid can lower the price of smart bandages and increase their availability in areas with limited resources.
Ultimately, even though some areas may find it difficult to adopt smart bandages due to their high price, continued initiatives to lower costs and make them more accessible can assist in improving their adoption and optimize their potential benefits for wound care and management.
Partnerships and Collaborations Among Medical Device & Technology Players Can Bring Intriguing Growth Opportunities
The market for smart bandages has much to gain from partnerships and collaborations between healthcare providers, technology firms, and producers of medical devices. These partnerships combine varied skills, resources, and knowledge, promoting creativity and accelerating the creation of more sophisticated and advanced smart bandages. In contrast to technology businesses, which bring modern technologies like sensors, microelectronics, and communication systems, medical device manufacturers are competent in designing and producing medical goods. On the other hand, healthcare professionals can provide helpful information on the demands and difficulties of managing wounds. By cooperating and generating synergies, these parties can develop smart bandages with increased features, better use, and better integration into healthcare systems. For instance, partnerships can result in the development of smart bandages with more precise sensors, efficient drug delivery systems, and user-friendly user interfaces that are tailored to the particular needs of various patient populations and types of wounds.
Partnerships can also speed up clinical trials and investigations, guaranteeing that the smart bandages are thoroughly tested for efficacy and safety. This may hasten regulatory approvals and commercial availability, assisting in the quicker delivery of innovative therapies to patients. Because of this, partnerships and collaborations offer a huge chance to promote innovation, expand product offerings, and eventually improve the management of chronic wounds and other forms of injuries through the usage of smart bandages.
Major Market Players
- The Wound Pros, Inc.
- Tufts University
- BioIntelliSense, Inc.
- Synthetic Fiber
- Diabetic Foot Ulcers
- Chronic Wounds
- Skin Burns
By Distribution Channel
- Retail Pharmacies
- Hospital Pharmacies
- Trauma Centers
- North America
- Latin America
- Middle East and Africa
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Towards Healthcare is a leading global provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations. We are a global strategy consulting firm that assists business leaders in gaining a competitive edge and accelerating growth. We are a provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations.
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