March 21, 2022 08:59 ET | Source: Kenneth Research Kenneth Research
New York, New York, UNITED STATES
New York, March 21, 2022 (GLOBE NEWSWIRE) -- With increasing urbanization and rising educational standards of individuals globally, the preferences for both spouses being employed have increased significantly over the years. For instance, according to the statistics by the U.S. Bureau of Labor Statistics, in the United States, the total number of married-couple families with both spouses employed in the year 2019 was 30333 thousands, while that with only one spouse employed registered 15349 thousands. On the other hand, in Australia, close to 60% of single parents were employed, while out of the two-parent families with dependents, about 70% of these families had two working parents. In Canada, in the year 2018, about 63% of all dual-income couple families had at least one child. Moreover, in the European Union, in the year 2019, about 40 Million adults lived in households that had one or more children under 6 years old.
Kenneth Research has recently released a report on “Global Smart Connected Diapers Market” which is studied for the forecast period, i.e., 2021-2030. The market research report includes a brief analysis of the key market players operating in the market along with the analysis of their products offered. The report also provides a detailed synopsis of the growth factors, challenges, recent market trends, and the opportunities associated with the market growth. Besides this, the industry risk analysis, pricing analysis of the product, and value chain analysis are also included in the report.
One of the major concerns among the millennials, which according to the World Economic Forum, are now the largest adult cohort globally, representing a population count of 1.8 Billion (23% of the global population), is to find out time for their children as most of the married couples are either two working parents or are too occupied with their day-to-day lifestyles. This has resulted in the need for products that can help in smart parenting, especially amongst the working population. Moreover, with the growing Gen Z population, which is projected to occupy a majority of the population share in the coming years, the challenges with parenting are also expected to multiply manifold. Smart connected diaper is one such product, which is aimed at helping the millennials as well the Gen Z population, in progressing with their smart parenthood period.
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The global smart connected diapers market generated a revenue of USD 780.8 Million in the year 2020 and is further projected to garner a revenue of USD 2848.0 Million by the end of 2030, by growing with a CAGR of 14.0% during the forecast period. The market growth can also be attributed to the growing awareness for personal hygiene, along with the surge in the number of aged populations, who are highly prone to different types of diseases. According to the statistics by the World Health Organization (WHO), the proportion of the population worldwide aged over 60 years between the years 2015 and 2050 is expected to double from 12% to 22%. Additionally, the statistics also stated that this aged population would outnumber the children population who are younger than 5 years by 2020. The aged population, who are undergoing severe health problems, are often bedridden, and hence, require greater monitoring in terms of personal hygiene and skin health. By using these diapers, the caretaker knows when to change the diaper, thereby allowing them to immediately remove the wet diaper.
The growth of the global smart connected diapers can also be attributed to the increasing household disposable income, and the growing adoption of the internet globally. According to the statistics by the Organisation for Economic Co-operation and Development (OECD), the household disposable income in Germany, Australia, and Canada increased from USD 30696.0 per capita, USD 32606.0 per capita, and USD 28472.0 per capita respectively in the year 2010 to USD 41022.0 per capita, USD 40019.0 per capita, and USD 37203.0 per capita respectively in the year 2019. Besides this, the surge in birth rates globally is also projected to create numerous opportunities for market growth in the coming years. According to the statistics by the United Nations (UN), the number of births globally increased from 132.21 Million in the year 2000 to 139.98 Million in the year 2020. This is further projected to touch 140.37 Million by the end of 2050.
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The global smart connected diapers market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst the market in these countries, the market in the Asia Pacific garnered a revenue of USD 190.5 Million in the year 2020 and is further projected to grow with the highest CAGR of 16.8% during the forecast period and touch the largest revenue of USD 885.7 Million by the end of 2030. Increasing urban population as well as millennial and Gen Z population in the region, especially across countries, such as China, and India is one of the major factors anticipated to drive the growth of the market in the region. It is expected that by 2030, millennials and Gen Z would make up about three-quarter shares of the total number of consumers in the Association of Southeast Asian Nations (ASEAN). Additionally, the presence of the world’s two largest populous countries, namely India and China, and the surge in birth rates in these two countries, are also projected to boost the market growth in the region. In the other statistics by the UN, the number of births in India in the year 2020 registered 24.07 Million, up from 16.70 Million in the year 1950. The market in the region is further segmented by country into Australia, Japan, Singapore, South Korea, India, China, and the Rest of Asia Pacific. Amongst the market in these countries, the market in China generated the largest revenue of USD 50.1 Million in the year 2020 and is further expected to touch USD 213.5 Million by the end of 2030. Moreover, the market in India is anticipated to grow with the highest CAGR of 20.3% during the forecast period.
On the other hand, the market in North America generated the largest revenue of USD 253.8 Million in the year 2020 and is further projected to garner the second-largest revenue of USD 828.8 Million by the end of 2030. The market in the region is further segmented by country into the United States and Canada. Out of these, the market in the United States is projected to garner the largest revenue of USD 224.9 Million in the year 2022, while the market in Canada is anticipated to grow with the highest CAGR of 13.8% during the forecast period. The surge in disposable income and increasing awareness about these products are some of the major factors anticipated to drive the market growth in the United States. In the other statistics by the OECD, the household disposable income in the U.S. increased from USD 40621.0 per capita in the year 2010 to USD 54854.0 per capita in the year 2019.
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The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global smart connected diapers market is segmented by component into hardware and software. Amongst these segments, the hardware segment is projected to garner the largest revenue of USD 753.1 Million by the end of 2022 and further attain the highest market share by the end of 2030. The hardware segment in smart connected diapers usually comprises sensors, monitors, and cameras among others. RFID sensors are the most common sensor that is used in diapers as these can sense and alert the caretaker when the diaper is wet. The monitors are connected to the sensors and transmit the signals received from the sensors to the caretaker’s device. In the Asia Pacific, the segment is projected to garner the largest revenue by the end of 2030 and also grow with the highest CAGR of 17.1% during the forecast period. On the other hand, in North America, the segment is projected to grow with a CAGR of 13.0% during the forecast period.
The global smart connected diapers market is further segmented by size into small, medium, large, and extra large. Amongst these segments, the small segment generated the largest revenue of USD 265.1 Million in the year 2020 and is further expected to touch a revenue of USD 1035.3 Million by the end of 2030. The growth of the segment can majorly be attributed to the increasing demand for these size diapers for use in newly born infants or those babies whose weight is below 3 or 4 kgs. It has been observed that on average, a baby usually needs this diaper size for about three months before moving on to a bigger size. In the Asia Pacific, the segment generated the largest revenue of USD 67.8 Million in the year 2020 and is further expected to touch the largest revenue of USD 343.4 Million by the end of 2030. The segment in the region is further anticipated to grow with the highest CAGR of 17.8% during the forecast period. Moreover, in Europe, the segment generated a revenue of USD 76.1 Million in the year 2020 and is further expected to reach the largest revenue of USD 272.9 Million by the end of 2030.
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The global smart connected diapers market is also segmented on the basis of product, usability, and supply chain.
Global Smart Connected Diapers Market, Segmentation by Product
Global Smart Connected Diapers Market, Segmentation by Usability
Global Smart Connected Diapers Market, Segmentation by Supply Chain
Some of the prominent industry leaders in the global smart connected diapers market that are included in our report are Procter & Gamble, Verily Life Sciences LLC (Alphabet Inc.), Anavah Health, Smardii Inc., ABENA A/S, CviCloud Corporation, SINOPULSAR, MONIT Corp., KIMBERLY-CLARK CORPORATION, Ontex BV, Simavita Limited, and others.
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