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The electronic skin patches market has witnessed substantial growth in recent years, driven by advancements in wearable technology and healthcare applications. These patches, also known as smart patches or e-skin patches, offer a non-invasive and convenient means of monitoring various physiological parameters.
One major market growth factor which is observed in the current trend of the market includes growing patient monitoring solutions demand. The electronic skin patches allow in continual monitoring of human vital signs like heart rate, levels of blood pressure and temperature. This has become important, most particularly in the international health’s set up where remote solutions of healthcare have elevated.
Research and development invent a lot of funding influencing the dynamics of market. Industry leaders are investing in creating new functionalities and growing the areas of application, among others. IT companies and healthcare providers begin to combine their efforts, creating more advanced and sophisticated solutions with effective integration.
In addition to these positive trends, the market is also significantly challenged by issues that are policy compliance. The slackening of the new product introductions in the healthcare industry is with stricter regulation and a complex approval process on every introduced product. The matter of approval for the innovation companies are trying to work hand in hand with regulatory body.
Chronic disease incidences have increased over the recent past promoting a growing trend of long-term health monitoring. In this regard, e-skin patches are continually being used for monitoring vital signs in patients with chronic diseases so that the healthcare providers, for example, physicians and nurses can have useful data to enable them to identify high risk cases of relapse and institute appropriate treatment measures.
The market of electronic skin patches does not operate only in certain regions. This is a global growth of the market accelerated by growing acceptance in both developed and less developed areas. This development is propelled by the increasing attention to well being, and the need for practical monitoring with a distance perspective. Electronic skin patches empower consumers by providing them with real-time health insights. As individuals become more health-conscious, the demand for wearable devices that facilitate self-monitoring and wellness management is on the rise. Electronic skin patches contribute to a proactive approach to healthcare.
Electronic Skin Patches Market Highlights:
Global Electronic Skin Patches Market Overview
Electronic Skin Patches Market Size was valued at USD 5.1 Billion in 2022. The electronic skin patches market industry is projected to grow from USD 5.63 Billion in 2023 to USD 12.42 Billion by 2032, demonstrating a compound annual growth rate (CAGR) of 10.40% between 2023 and 2032.
The rising geriatric population and the increased prevalence of chronic disorders are the key market drivers fostering the growth of the market. Another important aspect driving the market is the rising consumer awareness of the product, prompting them to pay more attention to fitness and personal hygiene.
Source: Primary Research, MRFR Database, Secondary Research, and Analyst Review
Electronic Skin Patches Market Trends
- Rising number of startups in the wearable technology field is driving the market growth
Market CAGR for electronic skin patches is driven by the rising number of startups focusing on wearable technologies. Numerous start-ups are emerging in response to the rising need for technical advancements in the healthcare sector to maintain a technological lead in the market for electronic skin patches. A few intriguing start-ups and academic institutions are seeking to commercialize cutting-edge electronic skin sensor patches. For example, XSENSIO SA has created cutting-edge wearable technology to monitor biochemical data on the wearer's skin surface. Georgia Institute of Technology researchers developed wireless wearable devices that measure motion activity, respiration rate, ECG, and heart rate. Certain scientists have also developed a flexible, wearable patch that can detect blood-alcohol levels from the user's sweat.
Figure 1: predicted spending of end-user on wearable technology from 2019 to 2022
Source: Primary Research, MRFR Database, Secondary Research, and Analyst Review
Continuous monitoring of both inpatients and outpatients is now more important than ever due to the rising burden of acute or chronic illnesses. Heart disease, cancer, diabetes, chronic lower respiratory syndrome, stroke, cerebrovascular illnesses, viral infections, and others are the leading causes of death worldwide. Around 17.9 million people die from cardiovascular disorders each year, making them one of the major causes of death worldwide. Due to this, more patients needed to have their heart rates, pulse rates, electrocardiograms, and other heart-related measures continually monitored. The market for electronic skin patches has developed to track such physiological indicators for heart problems and other illnesses.
The industry will increase due to its potential advantages due to the rising demand for and adoption of electronic skin. Electronic skin and skin patches are being used for various purposes, including detecting brain abnormalities, cardiovascular problems, diabetes, and pregnancy. Additionally, it is anticipated that the market for electronic skin patches will increase due to the growing demand for electronic skin components in wearable electronics. Additionally, a boost in funding from different businesses for creating technologically advanced electronic skin products has expanded the market. Thus, driving the electronic skin patches market revenue.
Electronic Skin Patches Market Segment Insights
Electronic Skin Patches Component Insights
The electronic skin patches market segmentation, based on components, includes stretchable circuits, stretchable conductors, electro-active polymers, photovoltaics, and others. Stretchable circuits led the market in 2022. Stretchable circuits offer a cutting-edge interface with soft tissue for robotic control and feedback, continuous health monitoring, and regenerative medicine.
June 2021: Researchers at Samsung's R&D center dedicated to cutting-edge future technologies, the Samsung Advanced Institute of Technology (SAIT), published a study. The SAIT research team combined a stretchable organic LED (OLED) display with a photoplethysmography (PPG) sensor in a single device to detect and show the user's heart rate in real time, giving rise to the stretchable electronic skin form factor.
Due to their biocompatibility, electroactive polymers (EAP) also hold a sizeable market share. EAP are polymers that vary in dimension in response to an electrical field that is being applied. These electroactive polymers are electronically conductive and have a large reversible ion storage capacity.
Electronic Skin Patches Application Insights
The electronic skin patches market segmentation, based on application, includes diabetes management, cardiovascular, patient monitoring, and others. The cardiovascular segment controlled the market, accounting for 42.8% of market revenue (2.2 Billion). Athletes who run marathons over a distance of several kilometers must pay close attention to their cardiovascular health because such events push the limits of the human body. A significant sales share went to the patient monitoring segment in 2022. This is due to its widespread use in medical fields like diabetes, cardiology, and neurology. Additionally, because this technology is so user-friendly, the patient can apply the patches independently to examine the heart, the muscles, and the brain.
Figure 2: Electronic Skin Patches Market, by Application, 2022 & 2032 (USD Billion)
Source: Primary Research, MRFR Database, Secondary Research, and Analyst Review
Electronic Skin Patches End-User Insights
The electronic skin patches market segmentation, based on end-user, includes pharmacies, online channels, and others. In 2022, the online channel dominated the market. This is attributed to the growing usage of e-prescriptions in hospitals and other healthcare facilities, the expansion of online services and the growing number of internet users. The pharmacy sector also saw considerable growth since they are linked to well-equipped operating and surgical rooms, higher purchasing power, the presence of highly skilled healthcare professionals, and improved health coverage for healthcare services from various plans for private and group insurance, among others.
Electronic Skin Patches Regional Insights
By region, the report gives market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American electronic skin patches market area will dominate this market. The market in North America is growing due to an expanding elderly population and product introductions. Affordable reimbursement policies and ongoing technology development are also fostering the expansion of the market in the area.
Further, the major countries studied in the market report are US, Canada, UK, German, Italy, France, Spain, India, China, Australia, Japan, South Korea, and Brazil.
Figure 3: ELECTRONIC SKIN PATCHES MARKET SHARE BY REGION 2022 (USD Billion)
Source: Primary Research, MRFR Database, Secondary Research, and Analyst Review
Europe electronic skin patches market accounts for the second-largest market share due to its expanding healthcare infrastructure. The rise in financing for R&D operations is responsible for the market expansion in this area. Further, the German electronic skin patches market held the major market share, and the UK electronic skin patches market was the fastest-growing market in the European region.
The Asia-Pacific Electronic Skin Patches Market is expected to grow at a rapid rate during 2023 to 2032. The two main market expansion drivers are the growing elderly population and the rise in diabetes cases. The demand for the electronic skin market is also rising sharply because of the aging population. Moreover, China’s electronic skin patches market held the largest market share, and the Indian electronic skin patches market was the fastest-growing market in the Asia-Pacific region.
Electronic Skin Patches Key Market Players & Competitive Insights
Leading market players are largely investing in research and development to expand their product lines, which will help the electronic skin patches market, grow even more. To increase their worldwide footprint, market participants are also engaging in various strategic actions. Important market developments include introducing new products, contractual agreements, mergers and acquisitions, collaboration with other organizations, and increased investments. If the electronic skin patches industry is to expand and flourish in a demanding and increasingly competitive setting, it must offer reasonably priced solutions.
Local production to cut operating costs is one of the most crucial business methods producers employ in the electronic skin patches industry to help clients and broaden the market sector. In recent years, the electronic skin patches industry has provided some of the greatest significant benefits to medicine. Major players in the electronic skin patches market, including SMARTLIFEINC LIMITED (US), Koninklijke Philips N.V. (the Netherlands), Plastic Electronics GmbH (Austria), Physical Optics Corporation (US), and others, are investing in research and development to increase market demand.
VitalConnect is a pioneer in developing wearable biosensor technology for wireless patient monitoring in hospitals and remote patient populations. VitalConnect uses significant understanding in data analytics, semiconductor design, biomedical engineering, cloud and mobile software, and other fields to develop technology that supports decision-making paradigms that improve health and economic outcomes. In February 2020, VitalConnect announced the addition of arrhythmia detection to its remote monitoring portfolio. VitalConnect, in collaboration with CorVitals, Inc., now allows clinicians to monitor, diagnose, and treat patients suffering from various cardiac ailments and diseases. This proprietary program can detect 22 distinct arrhythmias, ranging from atrial fibrillation (AFib) to left bundle branch block (LBBB).
VivaLNK is a linked healthcare solutions provider for patient care and telemedicine. The company's portfolio offers wearable medical-grade gadgets and data analytics software continuously monitoring people's health and well-being. The company aims to improve healthcare quality and accessibility globally by combining technology, data, and analytics into a unified solution. In January 2020, VivaLNK announced that the Shanghai Public Health Clinical Centre (SPHCC) is employing VivaLNK's continuous temperature sensor to prevent the spread of Coronavirus in China. SPHCC, modeled after the earlier SARS pandemic, has dedicated wards to limit cross-infection and deliver more efficient treatments.
Key Companies in the electronic skin patches market include
- MC10 (US)
- Physical Optics Corporation (US)
- Dialog Semiconductor (UK)
- Intelesens Ltd. (UK)
- 3M (US)
- Koninklijke Philips N.V. (the Netherlands)
- Plastic Electronics GmbH (Austria)
- ROTEX (US)
- SMARTLIFEINC LIMITED (US)
- VivaLNK (US)
- Xenoma (US)
- Xsensio (Switzerland)
- GE Healthcare (US)
- Others
Electronic Skin Patches Industry Developments
September 2022: Vaxxas was awarded AU$ 8.2 million second-round funding within the framework of the Australian Federal Government's Modern production Initiative (MMI) to encourage the production scale-up of their invention, which allows vaccines to be delivered to the skin via a tiny patch. Vaxxas got AU$ 4.4 million in first-round MMI funding in 2021 to finance the infrastructure required to manufacture its high-density microarray patch (HD-MAP) technology at its biomedical facility in Northshore, Brisbane.
April 2020: iRhythm Technologies, Inc., a dominating digital healthcare solutions organization focused on the advancement of cardiac care, announced the launch of its virtual platform to assist patients and clinicians in the aftermath of COVID-19 by providing home enrollment for the company's Zio XT and Zio AT heart monitoring devices. iRhythm is offering Zio AT mobile cardiac telemetry devices to monitor the heart health of extremely ill COVID-19 patients in near real-time, providing a multi-campus solution for Montefiore Health System and improving cardiac monitoring for these patients.
Electronic Skin Patches Market Segmentation
Electronic Skin Patches Component Outlook
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Stretchable Circuits
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Stretchable Conductors
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Electro-active Polymers
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Photovoltaics
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Others
Electronic Skin Patches Application Outlook
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Cardiovascular
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Patient Monitoring
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Others
Electronic Skin Patches End-User Outlook
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Pharmacies
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Online Channel
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Others
Electronic Skin Patches Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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