CHICAGO, May 9, 2024
/PRNewswire/ -- The Electronic Skin Patch market is projected to
grow from USD 15.0 billion in 2024
and is estimated to reach USD 27.0
billion by 2029; it is expected to grow at a Compound Annual
Growth Rate (CAGR) of 12.5% from 2024 to 2029 according to a new
report by MarketsandMarkets™. The growth of the electronic
skin patch market is driven by the rising cases of chronic
diseases, growing emphasis on improving accuracy of health
monitoring patches, Growing awareness about early disease
detection.
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Browse in-depth TOC on "Electronic Skin Patch
Market
177 – Tables
70 – Figures
290 – Pages
Electronic Skin Patch Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 15.0 billion
|
Estimated Value by
2029
|
$ 27.0 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 12.5%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Type, Wireless
Connectivity, Application, End User and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Data overload and
limited processing power
|
Key Market
Opportunities
|
Rising emphasis on
improving accuracy of health monitoring patches
|
Key Market
Drivers
|
Surging demand for
remote health monitoring solutions
|
By Type, the monitoring & diagnostic are projected to
grow at a high CAGR of Electronic Skin Patch market during the
forecast period.
In recent years, there has been a significant shift toward
developing and using electronic skin patches for monitoring and
diagnosis in healthcare. These patches come with various features,
including sensors for physiological measurements, biomarker
detection, and data transmission via wireless connectivity. The
market for electronic skin patches for diagnosis and monitoring is
experiencing robust growth, driven by the increasing demand for
personalized healthcare solutions, advancements in sensor
technology, and rising awareness for preventive healthcare.
Connected electronic skin patches in Wireless Connectivity
segment is expected to account for the largest share during the
forecast period.
Connected patches are expected to dominate due to their advanced
functionalities and integration with remote healthcare solutions,
non-connected patches will continue to gain popularity due to their
affordability and data privacy advantages. Technologies integrated
in connected electronic skin patches include Ethernet, cellular,
Wi-Fi, near-field communication (NFC), and Bluetooth. The Bluetooth
Low Energy (BLE) technology strikes a balance between power
consumption and data transmission range, making it suitable for
applications where real-time data is not crucial, such as
monitoring glucose levels for people with diabetes or tracking
sleep patterns.
Diabetes Management segment in Electronic Skin Patch Market
will account for largest share during the forecast period.
Electronic skin patches are revolutionizing the management of
diabetes, a chronic condition that affects a significant and
growing population worldwide. According to the Institute for Health
Metrics and Evaluation (IHME), the number of global diabetes cases
is projected to increase from 529 million in 2023 to 1.3 billion by
2050. This makes it essential to have non-invasive and continuous
monitoring approaches to manage blood sugar levels effectively in
real time, improving patient outcomes. Dexcom ONE+ is a
customizable continuous glucose monitoring (CGM) solution launched
in February 2024, designed to enhance
diabetes management. It comprises a water-resistant sensor for
blood glucose measurement, a transmitter for CGM data transmission,
and a smartphone-compatible app for real-time monitoring. This
system facilitates shared monitoring, which means up to ten
additional individuals can access the data. This launch highlights
the increasing importance of electronic skin patch technology in
improving healthcare outcomes for individuals with diabetes.
Healthcare segment in Electronic Skin Patch Market will
account for largest share during the forecast period.
Based on end user, the electronic skin patch market has been
categorized into healthcare, fitness & sports, and other end
users. The healthcare segment is expected to account for the
largest market share in 2024. The healthcare industry witnesses a
well-established demand for electronic skin patches for various
applications. These patches have become a vital tool for chronic
disease management, wound care, post-surgical monitoring, and other
applications. With a growing number of individuals with chronic
conditions and an aging population requiring closer monitoring, the
demand for electronic patches in healthcare settings is expected to
remain high. New functionalities, such as multi-sensor integration,
biocompatible materials, and remote monitoring capabilities, are
constantly emerging, offering healthcare providers more
comprehensive and effective monitoring solutions. This continuous
innovation fuels market growth within the healthcare segment.
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Asia Pacific will account
for the highest CAGR during the forecast period.
Asia Pacific is expected to
experience the highest growth rate in the electronic skin patch
industry during the forecast period. Asia
Pacific is experiencing a surge in its elderly population,
leading to increased demand for electronic skin patches for home
care treatments. Given the heightened susceptibility of the elderly
to chronic ailments, this demographic shift is expected to elevate
patient volumes, boosting the adoption of electronic skin patches.
According to World Economic Forum, more than 1 in 10 people in
Japan are aged 80 or older. Almost
a third of its population is over 65–an estimated 36.23 million.
Additionally, growing healthcare expenditure in Asia Pacific nations further contributes to
the market expansion.
Key Players
Key companies operating in the Electronic Skin Patch companies
are Abbott (US), Dexcom, Inc. (US), Medtronic (Ireland), Insulet Corporation (US), Boston
Scientific Corporation (US), Koninklijke Philips N.V. (Netherlands), Biolinq Incorporated (US), Zio
By iRhythm Technologies, Inc. (US), GENTAG, Inc. (US), VitalConnect
(US), The Surgical Company (Netherlands), Senseonics Ltd. (US), Active
Environmental Solutions (Australia), among others.
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