Published Date : 24 Feb 2023
The global electronic skin market size is projected to attain around USD 26.8 billion by 2030 with a noteworthy CAGR of 19.73% from 2022 to 2030.
On the basis of the product the electronic skin patches segment will grow well as it is beneficial in communication and processing. These are sensors that note real time data. It helps in communication between the doctor and the patient and provides regular data pertaining to the condition of the patient. It is extremely beneficial in diabetes as it helps in self-monitoring. It also has the capability of sensing the temperature.
The stretchable circuits will have a larger market share in terms of revenue. Stretchable circuits are used in robotics and monitoring of the health. It helps in measuring the bio signals through the human skin. There's a growing demand for wearable devices which make use of these sensors. There's a growing demand for electroactive polymers as they are biocompatible in nature. When they are subjected to the electrical field their dimensions change.
The electrophysiological sensors segment is expected to grow well in the coming years. There's an increased application of these sensors in chronic diseases, monitoring the Physiology and restorative therapies. These sensors are used more in the geriatric population. It helps in noting down the medical condition of the elderly and it is extremely useful in monitoring their health from home.
On the basis of application, the health monitoring segment will grow well. In order to monitor various conditions related to the heart there shall be an increased demand for electronic skin. The use of electronic skin for monitoring the health of the patient is easy to use and the technology can be used by the patient to monitor his own condition.
Electronic Skin Market Report Scope
|Market Size in 2023||USD 7.6 Billion|
|Projected Forecast Value in 2030||USD 26.8 Billion|
|Growth Rate||19.73% from 2022 to 2030|
|Largest Market||North America|
|Forecast Period||2022 To 2030|
|Segments Covered||By Product, By Type, By Component, By Sensors, By Application|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
The North American region is expected to dominate the market in the coming years. It accounted for a share of about 40% in 2021 and is expected to grow at a higher compound annual growth rate during the forecast period. Due to the growth in the geriatric population, the demand for this product is expected to grow in the region. There is a growing demand for new products which will drive the market growth period constant research and development activities in the North American region has led to the launching of new products and innovative products.
The presence of favorable policies for reimbursement or various treatments will also drive the market growth in the coming years period the availability of good infrastructure for health care is expected to contribute in the growth of the market in the coming years. There are a large number of companies or manufacturers that are based in the North American region which are instrumental in the growth of the market.
The Asia Pacific region is also expected to grow well during the forecast period. The Asia Pacific market has seen a group in the geriatric population. There has been an increase in the number of chronic disorders in the population of this region. Chronic ailments have created greater demand for the market. There is also been a significant increase in the number of patients suffering with diabetes in the Asia Pacific region. All of these happen to be the factors that are leading to the growth of the market. It is estimated that about 60% of the population in this region is suffering from diabetes.
as the developed as well as the developing nations are seeing a growth of the geriatric population the market is expected to grow in the coming years period this happens to be one of the main reasons why the market is growing. There has also been an increase in chronic disorders that create greater demand for the market. The geriatric population is affected to a great extent Jude the chronic diseases and there is a growing demand for electronic skin. There are different types of products offered in the market which help in monitoring the health of the patients.
It helps in keeping track of real-time data which is extremely beneficial to track the health of individuals. Growing awareness regarding a healthy lifestyle and the availability of various devices will drive market growth in the coming years. Electronic skin has many applications in the healthcare sector.
Increased use of electronic skin in robotics is expected to drive market growth in the coming years. Due to the prevalence of lifestyle-associated disorders, the demand for electronic skin is expected to grow especially in patients suffering from cardiovascular diseases.
A large amount of capital needs to be invested and this happens to be a major restaurant in the growth of the market. The design of the product is of a complex nature and this will also restrain the growth of the market in the coming years. As the product happens to be expensive the demand for this product in developing nations will have slow growth. Rapid urbanization and industrialization in developed nations have created greater demand for the product.
Constant research and development activities have provided a good amount of opportunities due to the introduction of new products and innovative products in the market. As this system is seen as a health monitoring platform for patients suffering with various diseases it shall provide a great opportunity for growth in the coming years. Increased use of this technology in robotics will also drive the market growth period
One of the major challenges in the growth of the market is the selection of the material. The performance of these devices is not that efficient and it shall be another challenge for the growth of the market. As there is a need for a compact integration in this system the market is expected to grow slowly. there are also many health risks associated with the use of this technology. These wearable devices may lead to defamation due to constant usage.
Major Key Players
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