PUBLISHER: The Business Research Company | PRODUCT CODE: 1531948
PUBLISHER: The Business Research Company | PRODUCT CODE: 1531948
An electronic skin patch is a flexible, wearable device designed to adhere to the skin and monitor real-time physiological parameters. Embedded with sensors, these patches track vital signs such as heart rate, temperature, and hydration levels, ensuring continuous health monitoring. They are crafted from biocompatible materials to ensure comfort and safety during extended wear.
The primary types of electronic skin patches include monitoring and diagnostic, as well as therapeutic. Monitoring and diagnostic patches utilize wearable technology to track physiological parameters for health assessment and diagnosis. Components such as sensors, actuators, communication devices, and power supplies support various applications including diabetes management, cardiovascular monitoring, general patient monitoring, temperature sensing, electrical stimulation, iontophoresis, sweat sensing, wound monitoring and treatment, motion sensing, and more. These patches find applications across diverse sectors including healthcare, fitness, sports, and other fields.
The electronic skin patch research report is one of a series of new reports from The Business Research Company that provides electronic skin patch market statistics, including the electronic skin patch industry's global market size, regional shares, competitors with an electronic skin patch market share, detailed electronic skin patch market segments, market trends and opportunities, and any further data you may need to thrive in the electronic skin patch industry. This electronic skin patch market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The electronic skin patch market size has grown rapidly in recent years. It will grow from $10.70 billion in 2023 to $12.48 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. Historical growth can be linked to factors such as a significant chronic disease burden, cost-effective monitoring solutions offered by electronic skin patches, rising consumer interest in wearable health technologies, the global aging population, and supportive regulatory frameworks.
The electronic skin patch market size is expected to see rapid growth in the next few years. It will grow to $23.18 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%. Anticipated growth in the upcoming period is expected due to consumer demand for convenience, regulatory backing and standards, applications in fitness and sports, a shift towards personalized medicine, and increasing awareness of health and wellness. Key trends projected for this period include the integration of advanced sensors, biocompatibility and skin interaction, remote monitoring and telemedicine, incorporation of AI and machine learning, advancements in smart textiles, and the development of flexible electronics to integrate electronic components.
The increasing focus on fitness within the population is expected to drive growth in the electronic skin patch market. Fitness denotes achieving physical health through regular exercise, nutrition, and lifestyle choices. This trend is supported by heightened awareness of health benefits, advancements in fitness tracking technology, and a cultural shift towards prioritizing physical well-being. Electronic skin patches play a crucial role in this trend by monitoring vital signs and physical activity in real-time, offering personalized health data. These patches improve workout efficiency and health management by providing continuous and accurate feedback. For example, a report by the Sports and Fitness Industry Association (SFIA) in April 2024 highlighted a 4.2% growth in the sporting goods industry, reaching $121.66 billion in 2023, underscoring the impact of the fitness trend on the electronic skin patch market.
Leading companies in the electronic skin patch market are focused on innovating wearable technology, such as microfluidic patches, to enhance functionality and expand applications. A microfluidic patch adheres to the skin to collect and analyze sweat or other bodily fluids. Epicore Biosystems, for instance, launched the Discovery Patch Sweat Collection System in October 2021. This wearable microfluidic patch captures eccrine sweat during exercise or exposure to different environments, utilizing microchannels to transport and store sweat for biochemical analysis. This technology facilitates rapid collection and preparation of sweat samples for detailed analysis.
In December 2021, Boyd Corporation strengthened its capabilities in medical material science by acquiring MBK Tape Solutions. This acquisition bolsters Boyd's expertise in advanced wound care, transdermal patches, and biosensor applications, positioning it as a key player in the evolving electronic skin patch market. MBK Tape Solutions is a US-based provider of high-quality adhesive tapes and related products.
Major companies operating in the electronic skin patch market are L'Oreal SA, Medtronic PLC, Texas Instruments Inc., Koninklijke Philips N.V., Boston Scientific Corporation, BioTelemetry Inc., iRhythm Technologies Inc., VTT Corp, Resonetics LLC, Proteus Digital Health, Quad Industries, Tapecon Inc., Vital Connect Inc., LifeSignals Inc., Blue Spark Technologies Inc., In2Tec Ltd., VivaLNK Inc., Wellysis Corp., Epicore Biosystems Inc., MC10 Inc.
North America was the largest region in the electronic skin patch market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electronic skin patch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the electronic skin patch market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The electronic skin patch market consists of sales of diagnostic patches, sweat analysis patches, flexible electronics patches, and glucose monitoring patches. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Electronic Skin Patch Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on electronic skin patch market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for electronic skin patch ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The electronic skin patch market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.