Smart Connected Diapers Market Segmentation By Product Type (Disposable and Non-Disposable); By End User (Adults and Babies) and By Distribution Channel (Online and Offline) – Global Demand Analysis & Opportunity Outlook 2028
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
January 2020: Procter & Gamble (P&G) announced that it has showcased the product Lumi by PampersÔ at the Consumer Electronics Show 2020. The product set is an all-in-one care system for babies and helps parents to see and know the activities of their babies.
Smart diapers are referred to the type of innerwear that can sense and collect data while the diaper is wet. Moreover, the collected data are sent as a message to the assisting parent or the caretaker as a reminder to change the diaper. The presence of sensors in the diapers help to detect the leakage in the diaper by raising an alarm. The utilization of smart diapers helps in improving the skin health as it can inform the caretaker to change the diaper in correct time intervals.
The global smart connected diapers market is thriving on the back of rising adoption of technology with an aim to support the nuclear and working families to care for their babies, coupled with the rising geriatric population around the globe. According to the statistics by the Organisation for Economic Co-Operation and Development (OECD), the total elderly population around the world increased from 7.641 (% of total population) in the year 2010 to 8.921 (% of total population) in the year 2018. CLICK TO DOWNLOAD SAMPLE REPORT
The market is anticipated to record a robust CAGR throughout the forecast period, i.e. 2021-2028. The global smart connected diapers market is segmented by end user into adults and babies. The babies segment is anticipated to hold the largest market share on the back of increasing concern amongst the parents for their babies as the health of the baby is the most essential aspect of a parent that needs to be taken care of. As smart connected diapers inform the parents about the leakage of the diaper, it helps the parents to monitor their baby, which in turn helps to maintain the skin health of the baby.
According to the World Bank, population around the world increased from 6.92 billion in the year 2010 to 7.59 billion in the year 2018.
Backed by the increasing birth rate across several developed and developing nations around the world, the global population is increasing at a massive rate. As such, the number of babies born each year is also more, thereby raising the need amongst the parents to increasingly use smart connected diapers, which in turn is anticipated to drive the growth of the global smart connected diapers market.
Developments in the IT infrastructure over they years has massively helped in the increasing adoption of the internet amongst the individuals around the globe. Unlike any other IoT connected devices, smart connected diapers too can be connected with applications provided by the manufacturers of smart connected diapers, which allow easy monitoring of the diaper and helps to prevent from its leakage. Moreover, rising trends of IoT devices and the increasing need for smart connected devices amongst the individuals are also anticipated to drive the growth of the global smart connected diapers market.
Lack of product awareness amongst the individuals and the high price of smart connected diapers in comparison to conventional diapers are anticipated to impact negatively towards the growth of the global smart connected diapers market.
Our in-depth analysis of the global smart diapers market includes the following segments:
On the basis of regional analysis, the global smart connected diapers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The smart connected diapers market in Asia Pacific is anticipated to hold the largest market share on the back of growing geriatric population in several nations in the region, coupled with the presence of nations with high birth rates. Additionally, increasing number of working families in the region, who lack the support of a joint family as well as lack of proper baby care services in the region are some of the factors anticipated to drive the growth of the smart connected diapers market in Asia Pacific.
The global smart connected diapers market is further classified on the basis of region as follows:
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