Electronic Skin Patch Market

According to Stratistics MRC, the Global Electronic Skin Patch Market is accounted for $8.27 billion in 2022 and is expected to reach $27.95 billion by 2028 growing at a CAGR of 22.5% during the forecast period. Skin patches are objects that can be used and are affixed to the skin. The electronic component entails integrating electronic features, including sensors, actuators, processors, and communication, which enable the devices to interact with one another and become "smart." Skin patches serve as the ideal wearable electronic gadgets in many aspects, enhancing the wearer with the least amount of weight and the highest level of comfort.

According to a report published by WHO, in 2016, there were 422 million adults suffering from diabetes and this number is expected to grow, thus providing opportunities for the electronic skin patch market.



Market Dynamics:

Driver:

Rising adoption due to its benefits

Electronic skin is becoming more widely used as a result of its benefits, including self-healing and flexibility. Synthetic skin can be used in a wide range of health monitoring technologies as it closely resembles human sensory capacities. Human skin is unique among wearable technologies because of its sensitivity and flexibility, which are two of its most significant properties. Additionally, accelerating market growth are the rising number of product launches and rapid FDA approvals. For instance, the FDA approved the BioStamp nPoint system from MC10, Inc. in May 2018.

Restraint:

Limitation of traditional skin patches

Photovoltaic systems are being utilized in skin patches and sensors more frequently due to the drawbacks of conventional patches. Traditional skin patches have a number of limitations, such as the need to charge the device, which has made it difficult for several individuals to monitor their health. Additionally, environmental factors like moisture and others degrade electronic skins patches, restricting their adaptability and constraining market expansion.

Opportunity:

Rising trend toward fitness

During the forecast period, the market is anticipated to benefit from the population's growing trend toward fitness. Electronic skin patches are expected to be advantageous for the healthcare sector because they do not require invasive treatments and only require an adhesive to monitor physiological processes. However, the market will expand as a result of rising consumer demand for electronic skin solutions in the wearable electronics sector as well as technological advancement.

Threat:

Various challenges faced by electronic skin patch

There are significant obstacles that are limiting market expansion. The adoption of electronic skin patches is being hampered by issues like the high initial cost, challenging design, lack of data security, and lack of compatibility.

Covid-19 Impact:

The COVID-19 epidemic sparked a problem that spread around the globe. Due to the complete shutdown of the world, many firms struggled to maintain revenue, which resulted in job losses and an economic crisis. The surge in patients and inadequate care caused the healthcare industry to suffer severely. The panic scenario among individuals grew worse as the death toll increased. Trades were slowed down or stopped altogether, and it was difficult to obtain the simplest necessities. Due to lockdowns and business closures, the COVID-19 pandemic had a negative effect on the global electronic skin patch industry. The supply and distribution networks were restricted, which resulted in losses for the company.

The cardiovascular monitoring segment is expected to be the largest during the forecast period

Cardiovascular monitoring is expected to hold the largest market share over the extrapolated period, because running marathons over many kilometers involves pushing beyond the capabilities of the human body, cardiovascular monitoring crucial for athletes. It has become crucial for athletes to monitor their heart function in order to better organize their runs. Four interconnected factors, including heart rate, preload, contractility, and afterload, result in cardiac function.

The stretchable circuits segment is expected to have the highest CAGR during the forecast period

Due to wearable electronic devices attached in direct contact with human skin incorporating various deformations such as elongation and twisting resulting from human body movement, the demand for stretchable circuits is anticipated to have lucrative growth in the market throughout the forecast period. Stretchable circuits have the potential to enable a wide range of functional possibilities for electronic skin patches, including customized healthcare monitoring and human motion detection. Additionally, the stretchable circuits make it possible to measure a variety of biosignals without disrupting daily activities.

Region with largest share:

Because traditional methods of diabetes monitoring involve the use of glucose strips and finger-prick tests to monitor blood glucose levels, Europe is anticipated to have the largest share over the forecasted period. Thus, in April 2018, scientists from the University of Bath in the United Kingdom created an adhesive electronic skin patch that can measure blood glucose levels every 10–15 minutes in order to prevent the use of such invasive procedures.

Region with highest CAGR:

Due to technological improvements that enabled the creation of improved electronic skin patches and a high acceptance rate for the devices in the area, the Asia-Pacific region was predicted to have the highest growth rate for the global market for electronic skin patches over the projected period. Furthermore, because of the expanding healthcare infrastructure, it is predicted to experience the highest growth. However, the rise in financing for R&D operations is accountable for the market expansion in this region.



Key players in the market

Some of the key players in Electronic Skin Patch market include 3M, Abbott Laboratories, BioTelemetry, Inc., DexCom, Inc., Dialog Semiconductor, GE Healthcare, General Electric Company, Insulet Corporation, Intelesens Ltd., iRhythm Technologies Inc., Koninklijke Philips N.V., Leaf Healthcare Inc., Loreal SA, MC10, Medtronic, Plc., Nemaura Medical Inc., Omron Corporation, Physical Optics Corporation, Plastic Electronics GmbH, Quad industries SA, Senseonics Holding, Inc., Sensium Healthcare Ltd , Vitalconnect Inc. and VivaLNK.

Key Developments:

In April 2023, Abbott announced it has completed the acquisition of Cardiovascular Systems, Inc. (CSI), a medical device company with an innovative atherectomy system used in treating peripheral and coronary artery disease. The transaction provides Abbott with a complementary solution for treating vascular disease. CSI's leading atherectomy system prepares vessels for angioplasty or stenting to restore blood flow.

In February 2020, VitalConnect made an announcement about the inclusion of arrhythmia detection functionality to its remote monitoring platform that deploys wearable biosensor, VitalPatch, to monitor the measurement of eleven vital signs.

In January 2019, Holst Centre announced the launch of a disposable health patch for taking measurements of vital signs associated with human health. An essential technology enhancement in this groundbreaking health patch is incorporating an extensive range of sensors into MUSEIC V3 SoC solution by imec.

Products Covered:
• Electronic Patches
• Electronic Skin Suits
• Other Products

Components Covered:
• Electro Active Polymers
• Photovoltaics
• Stretchable Circuits
• Stretchable Conductors
• Other Components

Sensors Covered:
• Chemical Sensors
• Tactile Sensors
• Electrophysiological Sensors
• Other Sensors

Types Covered:
• Monitoring and Diagnostic Electronic Skin Patches
• Prosthetics
• Robotic Device
• Therapeutic Electronic Skin Patches
• Other Types

Sales Channels Covered:
• Aftermarket
• Manufacturer/Distributor/Service Provider

Distribution Channels Covered:
• Online Channel
• Pharmacies

Applications Covered:
• Wearable Technology
• Physician offices & Specialty Clinics
• Home Care Settings
• Hospitals
• Pain Management
• Temperature
• Cosmetics
• Drug Delivery Systems
• Health Monitoring Systems
• Cardiovascular Monitoring
• Diabetes Management
• Patient Monitoring
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances