Smart Diaper Market - Growth, Trends, Forecasts (2020 - 2025)
The global smart diapers market (henceforth, referred to as the market studied) was valued at USD 434. 56 million in 2019, and it is projected to be worth USD 1109. 51 million by 2025, registering a CAGR of 17.
New York, Dec. 21, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Diaper Market - Growth, Trends, Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05999339/?utm_source=GNW
03% during the period 2020-2025. The growth of the market can be attributed to the growing geriatric population in the developed countries and the increasing population in emerging countries coupled with rise in disposable incomes.
- There has been a lot of talk in the market about the nursery of the future, and the major part of it revolves around the concept of smart home tech. Alexa can sing lullabies in the night to keep the baby calm. The smart lighting provides soft illumination. Smart cameras has enabled users to peek in without waking the baby. All of this technology has been emerging in the market studied, and so has the smart diapers technology.
- Vendors in the market studied have been launching new products, in order to cater to the need of end-users. For instance, in July 2019, Pampers launched Lumi, which is a smart diaper that primarily sends a push notification when the baby has a wet diaper. The system basically works with a moisture strip that is built into the diaper and a reusable activity sensor. Parents just have to attach the sensor to the exterior of the diaper. When the baby is using the diaper, the sensor alerts the Lumi mobile app so that the parents get an alert and change it.
- This smart diaper is part of a larger package that includes multiple products, comprising of a Logitech camera that is stuffed full of sensors. In addition to a two-way audio and a wide-angle lens, the camera also tracks the humidity and temperature inside the baby’s room. The information from the camera, coupled with the data from the moisture sensors, gives parents a broad view of their baby’s behavior. It also provide a peace of mind to nervous, first-time parents that want to keep a close eye on their new-born babies, but cannot always be in the room.
- Moreover, urinary incontinence is one of the most common and serious issues that is currently faced by senior citizens, infants, as well as the physically and mentally challenged people. The smart diapers can provide an incontinence monitoring system with the usage of wireless sensors, that is based on the non-contact sensor module which could be incorporated in the diaper. The data is transmitted by means of a wireless transmission and communication technology. The users are also provided with a mobile application that notifies the status of the moisture content from the diaper.
- Covid-19 pandemic outbreak is expected to affect the market positively. The effect of the outbreak has led to breaking down of childcare business that was outsourced to many agencies and professional child care givers. Though various platforms are trying to provide properly screened caregivers, the threat of the pandemic is expected to force parents to get involved in baby care directly. This is expected to impact the market positively.
*Key Market Trends*
The Rising Geriatric Population will Act as a Major Driver of the Market
- The rising geriatric population is expected to significantly contribute to the market demand. Old age homes, healthcare institutions, and clinics having elderly people are expected to drive the market over the forecast period.
- According to data released by WHO, by 2025, in Europe alone there will be some 119 million people aged more than 65. This would be about 16 percent of the total European population. This would generate need for Smart Diapers not only because of the high geriatric population but also to reduce pressure on the health care and old age care systems.
- Moreover, Abena Group introduced its Abena Nova solution in 2018. According to the company, the introduction of the solution resulted in a 30% reduction in work pressure. Moreover, a 20% cost saving was measured on incontinence care, as well as a time saving of 28%.
- Various issues related to population aging, social security and pension reform, health care financing and provision, and long-term care have always been the subject of public debate in the industrialized countries of Europe and North America.
- The UN anticipates that by 2020 there will be a global elderly population of 698 million, more than double the current size of the entire North American population. The world’s elderly population will have grown by a factor of 2.5 between 1960 and 2020. This growth is faster than that of the total population, so that the proportion of elderly in the world’s population will increase from 5.3 percent to 9.3 percent.
- In addition, the expanding geriatric population in Europe is also presumed to positively influence market growth over the forecast period. For instance, according to Eurostat, in 2019, more than one fifth (20.3 %) of the EU-27 population was aged 65 and over. In the same year, Italy was the European country with the largest share of elderly population, more specifically, 22.8% of the total population was aged 65 years and older.
Asia-Pacific is Expected to be the Fastest Growing Market
- In 2019, more than half of the global population belongs to Asia, and it is expected to hold the highest urban population by 2050. Asia that is home to the two most populous countries of the world India and China, is expected to generate huge opportunities for the market studied by adding the maximum number of babies during the forecast period.
- As stated by the Hindawi Publishing Corporation, eco-diapers for infants 24 months old and younger are commonly used in India and China followed by the Philippines and Japan. The combination of conductive yarns and sensors can detect the moisture content in eco-diapers, and an alarm is sent when moisture is significant.
- Moreover, according to WHO data, by 2025, 18% of the population of Asia will be more than 65 years old. This is an increase of 11% from the 2010 levels. This is expected to generate huge opportunity for the market studied as families become increasingly nuclear in the region.
- The economic growth has ensured higher disposable incomes thereby enabling people to meet their healthcare needs by investing in better technologies. Accoring to ILO data ASEAN countries like Vietnam are expected to experience a 10.1% annual growth in income from 2016 to 2021.
*Competitive Landscape*
The market studied is extremely dynamic and moderately fragmented. The market has been experiencing a number of product launches and innovations to evolving consumer demands. Some of the recent developments of the market are as follows:-
- August 2020 - Verily Life Sciences launched a new subsidiary called Coefficient Insurance Company, which is backed by the commercial insurance unit of Swiss Re Group. Coefficient plans to offer stop-loss insurance. Insurance could be a more reliable source of income for Verily, as the company’s history in technology and healthcare could make the new Coefficient subsidiary an intriguing partner for insurers.
- April 2020 - Simavita Limited announced that owing to the recent outbreak of the COVID-19, it delayed the rollout of the company’s clinical trial program in Europe. However, the company has continued with the extensive in-house product testing, both internally and with the partner organizations.
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