Electronic Skin Patches Market Trend- Rapid Adoption of Wearable Technology
Increasing prevalence of chronic diseases, rising demand for remote patient monitoring, and increasing investments in research and development activities are some key factors expected to drive global Electronic Skin Patches market growth.
According to Emergen Research, the global electronic skin patches market size was USD 8.23 billion in 2019 and is expected to reach USD 18.10 billion in 2027 and register a steady revenue CAGR of 10.3% during the forecast period, 2020-2027.
Electronic skin patches are thin and flexible wearable products that are usually attached to the individual’s skin with biocompatible adhesives. These skin patches are lighter, comfortable, and less intrusive. Electronic skin patches are widely used for motion and position sensing, smart wound care, temperature sensing, and drug and cosmetic delivery. These patches are rapidly gaining traction owing to increasing prevalence of chronic diseases such as diabetes, cancer, cardiovascular diseases, changing lifestyle preferences, high consumption of alcohol, lack of physical activities, and unhealthy eating habits. Factors such as high usage of wearable health monitoring devices, rising geriatric population, and favorable government initiatives are expected to drive global market revenue growth during the forecast period.
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However, high cost of advanced skin patches, low awareness about benefits of skin patches in many developing countries, and inaccessibility to advanced technology due to insufficient funds are some key factors that can hamper overall market during the forecast period.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Health Monitoring Systems Segment to Account for Largest Revenue Share:
The health monitoring systems segment is expected to account for largest revenue share over the forecast period owing to increasing prevalence of various chronic diseases across the globe, rapid adoption of wearable technology, and growing demand for real-time remote monitoring.
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Electroactive Polymers Segment To Register Steady Revenue CAGR:
The electroactive polymers segment is expected to register steady revenue CAGR between 2020 and 2027 owing to rising demand for wearable devices, high preference for electroactive polymers due to distinctive properties such as low density, structural simplicity, and low costs, and increasing investments in R&D activities.
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market growth during the forecast period. This can be attributed to factors such as rising prevalence of chronic diseases, presence of well-developed healthcare infrastructure, and increasing availability of advanced monitoring devices. Other factors such as presence of skilled healthcare experts, rising elderly population, and increasing investments in research and development activities are expected to drive North America market growth during the forecast period.
Major Companies in the Market Include:
- iRhytm Technologies
- VivaLnk Inc.
- Holst Center
- Plastic Electronic GmbH
- Quad Industries
- Sensium Healthcare Ltd.
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For the purpose of this report, Emergen Research has segmented the global electronic skin patches market on the basis of component, application, end-users, and region:
Component Outlook (Revenue, USD Billion; 2017-2027)
- Stretchable Circuits
- Photovoltaic Systems
- Stretchable Conductors
- Electroactive Polymers
Application Outlook (Revenue, USD Billion; 2017-2027)
- Health Monitoring Systems
- Drug Delivery Systems
End-Users Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals & Clinics
- Research Institutes
- Cosmetic Firms
Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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