Electronic Skin Patches Market to Grow with a CAGR of 9.58% through 2028
Rising demand for connected monitoring devices and
increasing research regarding the use of artificial skin is expected to drive
the Global Electronic Skin Patches Market growth in the forecast period,
2024-2028.
According to
TechSci Research report, “Electronic Skin Patches Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the Global Electronic Skin Patches Market stood at USD 4.92 billion in 2022
and is anticipated to grow with a CAGR of 9.58% in the forecast period,
2024-2028. The growth of electronic skin patches can be primarily attributed to
key drivers which include the increasing demand for electronic skin patches due
to the growing geriatric population, the rising burden of chronic and
lifestyle-associated diseases requiring continuous monitoring and treatment,
the growing focus on personal health and fitness.
The increasing
healthcare expenditure, the growing importance of point-of-care technologies,
and the widespread adoption of mobile platforms, tablets, and smartphones. The
market is expected to witness significant growth, driven by opportunities such
as expansion in emerging countries and technological advancements in electronic
skin patches.
Browse over XX
market data Figures spread through XX Pages and an in-depth TOC on
"Global Electronic Skin Patches Market”
The global
market for electronic skin patches is poised for remarkable growth due to
government initiatives to enhance patient monitoring, increasing venture
capital investments, and mounting pressure to reduce healthcare spending while
improving patient outcomes. Other key factors include escalating healthcare
costs and the rise in chronic diseases such as diabetes, cancer, and heart
diseases.
Significant
factors driving the growth of the electronic skin patches market encompass the
need for continuous monitoring of physiological parameters, the growing
adoption of wearable devices and mobile platforms for healthcare monitoring,
the development of innovative skin patches, the high demand for remote patient
monitoring, the emergence of digital tattoos as a trend, supportive initiatives
and reimbursement policies, and the proliferation of start-ups specializing in
electronic skin patches.
Electronic skin
patches are devices affixed to a user's skin to fulfill specific functions.
Equipped with sensors, actuators, processors, and communication technology,
these patches enable connectivity to the internet, transforming them into smart
devices. Their profound impact on health and quality of life is evident in
various application areas, particularly cardiovascular monitoring and diabetes
management, which generate significant annual revenues.
To stay ahead of
the technology curve in the electronic skin patches market, numerous start-ups
and universities are striving to introduce advanced sensor patches. For
instance, XSENSIO SA has developed next-generation wearable devices that track
biochemical information on the wearer's skin surface. Scientists at the Georgia
Institute of Technology have created wireless wearable devices for measuring
heart rate, electrocardiogram, respiratory rate, and motion activity. Other
scientists have developed flexible, wearable patches that detect blood-alcohol
levels from sweat.Initiatives by regulatory bodies like the FDA, including the
Digital Health Innovation Action Plan, aimed at ensuring timely access to
high-quality and safe digital health products, are also expected to drive
market growth. However, factors such as interoperability challenges, limited
awareness about electronic skin patch technology, and insufficient investments
in developing countries like India may impede the growth of the global electronic
skin patches market.
Electronic skin
patches represent the latest wave in health monitoring, offering non-intrusive
design that ensures comfort and discretion. These patches encompass various
types of sensors, including sweat, axillary temperature, motion, and
biopotential (TENS, EMS) patches, catering to different sectors and product
categories. In cardiovascular monitoring, they range from traditional ECG
options and monitoring devices for inpatients and outpatients to specialized
products like Holter monitors, mobile cardiac telemetry devices, and other
event monitors. Nevertheless, the growth of the market is anticipated to be
impeded during the forecast period due to factors such as the scarcity of
proficient medical professionals.
The Global Electronic
Skin Patches Market is segmented into component, application, end user, regional
distribution, and company.
Based on component,
the stretchable circuits segment is poised to dominate the market in the coming
years. With the highest compound annual growth rate during the forecast period,
the stretchable circuits market is expected to experience significant
expansion. These circuits play a crucial role in monitoring the health of
patients and serve as a platform for the advancement of regenerative medicines.
By seamlessly integrating with the human skin, these stretchable circuits
efficiently monitor bio signals without disrupting the patient's day-to-day
activities. This innovative technology offers a non-invasive solution that
ensures accurate and convenient health monitoring for improved patient care.
The ability of stretchable circuits to conform to the contours of the body
allows for enhanced comfort and prolonged wearability, making them ideal for
long-term monitoring applications.
Moreover, the
flexibility of stretchable circuits enables them to be used in a wide range of
medical devices, including wearable sensors, smart bandages, and electronic
skins. These circuits can be customized to meet specific patient needs,
providing personalized healthcare solutions. With their potential to
revolutionize healthcare practices, the demand for stretchable circuits is
anticipated to surge in the future. Furthermore, the integration of stretchable
circuits with wireless communication technology allows for real-time data
transmission and remote monitoring, enabling healthcare professionals to
remotely monitor patients' health conditions and provide timely interventions.
This capability is particularly beneficial for patients in remote areas or those
with limited access to healthcare facilities.
Based on region,
North America segment is expected to grow during the forecast period. North
America dominates the global electronic skin patches market, primarily driven
by factors such as the increasing prevalence of cardiac disorders and diabetes,
advanced healthcare infrastructure, growing adoption of wearable devices for
healthcare monitoring, rise in IoT-based applications, sensor miniaturization
in medical devices, and the growing focus on personal health and fitness.
Additionally, the U.S. holds the largest share in North America's electronic
skin patches market, fueled by the rising demand for remote monitoring devices
to manage chronic conditions like cardiovascular diseases and diabetes. In
Europe, the sophisticated healthcare infrastructure and awareness of the
advantages of electronic skin patches contribute to its significant market
share. APAC is emerging as a promising region due to the population's emphasis
on physical health and continuous physiological monitoring. Conversely, Latin
America, the Middle East, and Africa have minimal shares in the global
electronic skin patches market.
Major companies
operating in Global Electronic Skin Patches Market are:
- Vitalconnect
Inc.
- Leaf Healthcare
Inc.
- Quad industries
SA
- Loreal SA
- Sensium
Healthcare Ltd
- iRhythm
Technologies Inc.
- VivaLNK, Inc.
- GE Healthcare
- DexCom Inc.
- MC10, Inc.
Download Free Sample Report
Customers can
also request for 10% free customization on this report.
“Electronic skin
patches are experiencing a significant surge in demand, driven by the rising
prevalence of chronic diseases like cardiovascular diseases, diabetes, and
cancer. These diseases have become more common due to changing lifestyles,
unhealthy eating habits, and a lack of physical activity. Moreover, the growing
adoption of wearable health monitoring devices, rapid advancements in robotics,
an increasing geriatric population, and government initiatives are anticipated
to further propel the global market growth of electronic skin patches in the
forecast period. The need for convenient and non-invasive monitoring solutions
has amplified the importance of these patches, offering a promising future in
healthcare and disease management.,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“Electronic Skin Patches Market Segmented By Component
(Stretchable Circuits, Photovoltaic Systems, Stretchable Conductors,
Electroactive Polymers), By Application (Health Monitoring Systems, Drug
Delivery Systems, Cosmetics, Others), By End User (Hospitals & Clinics,
Ambulatory Surgical Centres, Cosmetic Companies, Others), By Region and Competition, Forecast
& Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Electronic Skin Patches Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Electronic Skin Patches Market.
Contact
Techsci Research
LLC
420 Lexington
Avenue, Suite 300,
New York, United
States- 10170
M: +13322586602
Email: [email protected]
Website: https://www.techsciresearch.com