Electronic Skin Patches Market Size, Share, Growth, and Industry Analysis, By Type (Stretchable Circuits, Stretchable Conductors, Electro-active Polymers and Electronic Skin Patches) By Application (Hospital Pharmacies, Retail Pharmacies and Online Pharmacies), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Electronic Skin Patches Market Report Overview

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global electronic skin patches market size was USD 4898.8 million in the year 2022 and market is projected to touch 10208.3 Million by 2031, exhibiting a CAGR of  8.5% during the forecast period.

Electronic skin patches are wearable medical devices that can monitor physiological data such as heart rate, body temperature, and blood glucose levels. These patches are intended to cling to the skin and wirelessly transfer data to a linked device, such as a smartphone or a medical monitoring system. The patches are often composed of soft, flexible materials that allow for comfortable, non-invasive monitoring. They offer a wide range of possible applications in healthcare, from recording vital signs in hospital patients to monitoring chronic illnesses at home. The electronic skin patch market is quickly expanding, driven by rising demand for non-invasive, continuous monitoring solutions.

COVID-19 Impact: Pandemic has had Mixed Impact on the Market Demand

The pandemic of COVID-19 has had a profound impact on the market for electronic skin patches. Electronic skin patches have grown even more important in the healthcare industry as the demand for remote monitoring solutions has expanded. The pandemic has hastened the use of these patches since they enable remote monitoring of patients' vital signs, eliminating the necessity for in-person visits and lowering the danger of infection. Furthermore, the pandemic has raised demand for telemedicine services, which has increased demand for electronic skin patches. The pandemic, on the other hand, has impacted the worldwide supply chain, causing production delays and supply chain disruptions. Despite these obstacles, the electronic skin patches market is likely to expand as demand for remote monitoring grows.

Latest Trends

"Use of high end technologies enabling improved outcomes and market expansion"

Several developments are influencing the electronic skin patches market, including the incorporation of artificial intelligence (AI) and machine learning (ML) technology into patch systems. This connection enables more precise and personalized monitoring of physiological indicators, which improves the accuracy of diagnoses and treatment programmes. Another trend is the increased use of wireless connectivity and cloud-based data management, which allows for real-time patient data monitoring and analysis. Furthermore, the usage of flexible and elastic materials in patch designs is increasing, allowing for more comfortable and long-term wear for patients. Finally, the emergence of remote patient monitoring (RPM) technologies is propelling market expansion as healthcare providers attempt to minimize costs while improving patient outcomes by remotely monitoring patient health status.

Electronic Skin Patches Market Segmentation

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• By Type Analysis

According to type, the electronic skin patches can be segmented into stretchable circuits, stretchable conductors, electro-active polymers and electronic skin patches.

• By Application Analysis

Based on application, the market can be divided into hospital pharmacies, retail pharmacies and online pharmacies.

Driving Factors

"Rising prevalence of chronic diseases raising the relevance of the market"

The increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, and respiratory disorders is a key driving factor for the electronic skin patches market. These conditions require continuous monitoring and management, and electronic skin patches provide a convenient and non-invasive way to monitor vital signs such as heart rate, blood pressure, and glucose levels.

"Growing demand for non-invasive and painless monitoring solutions stimulating market growth"

Another important driver for the electronic skin patches market is the growing demand for non-invasive and painless monitoring solutions. Electronic skin patches offer a better patient experience compared to traditional monitoring methods, such as blood tests and invasive procedures, and reduce the risk of infections. Moreover, electronic skin patches can be worn continuously for an extended period, allowing healthcare providers to monitor patients' conditions in real-time.

Restraining Factors

"High cost limiting their adoption in healthcare settings and market growth"

Despite the electronic skin patches market's potential for electronic skin patches market growth, various factors are impeding its expansion. The expensive cost of these devices is one key obstacle that can limit their use in healthcare settings, particularly in poor nations with limited healthcare resources. Another obstacle is the lack of standardization in the design and functioning of electronic skin patches, which might cause compatibility problems with various monitoring systems. Furthermore, because these devices transmit critical medical data wirelessly, patients may be concerned about data privacy and security. Finally, the limited battery life of electronic skin patches can be a constraint, as frequent patch change can be bothersome for patients and raise overall monitoring costs.

Electronic Skin Patches Market Regional Insights

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"Presence of major market players and increasing healthcare expenditure assist North America to lead the market"

The electronic skin patches market is divided into four regions: North America, Europe, Asia-Pacific, and the Rest of the World. Because of the existence of major market competitors and rising healthcare expenditure, North America is the main market, with the United States being the largest contributor. Because of the rising frequency of chronic diseases and an aging population, Europe is the second-largest market. Due to the increasing acceptance of wearable technology and the growing need for remote monitoring solutions, the Asia-Pacific region is likely to experience the greatest growth rate during the forecast period. The Rest of the World section includes Latin America, the Middle East, and Africa, with increasing demand for modern healthcare driving market expansion.

Key Industry Players

"Adoption Innovative Strategies by Key Players Influencing Market Development"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. The top key players in the market are 3M, Koninklijke Philips, GE Healthcare, MC10, Intelesens Ltd, VivaLNK and Dialog Semiconductor and ROTEX Global. 

Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over electronic skin patches market share by the key players stimulates the market growth.

List of Market Players Profiled

• 3M: St. Paul, Minnesota, United States
• Koninklijke Philips: Amsterdam, Netherlands
• GE Healthcare: Chicago, Illinois, United States
• MC10: Lexington, Massachusetts, United States
• Intelesens Ltd: Belfast, Northern Ireland
• VivaLNK: Campbell, California, United States
• Dialog Semiconductor: London, United Kingdom
• ROTEX Global: Cologne, Germany

Report Coverage

This report examines an understanding of the global electronic skin patches marker size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macroeconomic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.