Electronic Skin Market Analysis

Electronic Skin Market Analysis

Electronic patches held a significant market revenue of USD 4,278.66 million in 2019. This is mainly due to increasing applications of electronic skin patches such as cardiovascular monitoring and diabetes management via CGM (continuous glucose monitoring). Electronic skin patches are also being utilized for fitness tracking, fever monitoring and fertility monitoring which is expected to garner a healthy growth rate during the analysis period for the market.

Photovoltaics systems accounted for 13.04% share of the global market in 2019 and is expected to witness a similar trend during the forecast period.

The adoption of photovoltaics systems in skin patches and sensors are increasing due to limitations of traditional patches. One major limitation of traditional skin patches is the need for charging the device, which negatively impacted health monitoring for various individuals. Thus, the introduction of miniature low-cost photovoltaics systems will help in creating lucrative opportunities in the electronic skin market.

Electrophysiological sensors emerged as the largest segment in terms of sensor type in the industry and was valued at USD 2,129.67 million in 2019. The major market share is due to increased adoption of electrophysiological sensors in monitoring diseases such as chronic diseases as well as restoration therapy of patients who might have underwent trauma. Therefore, owing to the benefits of sensors the industry is expected to garner a higher CAGR in the forecast period.

Health monitoring segment dominated the global market in 2019 and is expected to grow at a CAGR of 14.6% through 2026.

Health monitoring via electronic skin suit and electronic skin patches are being conducted for various ailments such as diabetes, cardiovascular diseases, pregnancy related concerns, smoking cessation and fever among other ailments. Therefore, owing to wide array of ailments health monitoring covers, the market is anticipated to witness a substantial growth.

B2B segment witnessed a significant growth over the historic period, wherein the revenue of 2016 was USD 3,595.4 million. B2B segment offers various advantages over B2C segment such as new customers with more online habits, instant order fulfilment as well as big order values which correspond to more revenues. Thus, due to aforementioned factors, the market size is expected to grow with a healthy CAGR during the study period.
 

North America industry is expected to grow at a higher growth rate throughout the forecast period and is projected to exceed USD 6 billion by 2026. The U.S. dominated the global market in 2019 as the country is in forefront of technological innovations. This is due to the presence of strong institutional pillars, financing mechanisms, business dynamism and vibrant innovation ecosystem in the country.
 

Also, the presence of various electronic skin patches manufacturers in the U.S. will create lucrative opportunities for key market players. Few players operating the U.S. market include VivaLnK, Inc, MC10, Xsensio, Rotex Inc., Chrono Therapeutics and iRhythm Technologies among other manufacturers.