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Electronic Skin Patch Market 2024: Market Size and Share Insights
Electronic Skin Patch Global Market Report 2024
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According to The Business Research Company's, 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%. The growth in the historic period can be attributed to the high chronic disease burden, electronic skin patches offering cost-effective monitoring solutions, growing consumer interest in wearable health technologies, the aging global 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%. The growth in the forecast period can be attributed to consumer demand for convenience, regulatory support and standards, fitness and sports applications, a shift towards personalized medicine, and increasing awareness about health and wellness. Major trends in the forecast period include the integration of advanced sensors, biocompatibility, and skin interaction, remote monitoring and telemedicine, AI and machine learning integration, innovations in smart textiles, and flexible electronics for integrating electronic components.
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Market Drivers and Trends:
The growing trend for fitness among the population is expected to propel the growth of the electronic skin patch market going forward. Fitness refers to the state of physical health and well-being achieved through regular exercise, nutrition, and lifestyle habits. The growing trend for fitness among the population is fueled by increasing awareness of health benefits, technological advancements in fitness tracking devices, and a cultural shift towards prioritizing physical well-being. Electronic skin patches are increasingly used in the fitness trend to monitor vital signs and physical activity in real-time, providing personalized health data. These patches enhance workout efficiency and health management by offering continuous, accurate feedback. For instance, in April 2024, according to a report published by the Sports and Fitness Industry Association (SFIA), a US-based trade association, the sporting goods industry experienced 4.2% growth compared to 2022, reaching $121.66 billion in 2023. Therefore, the growing trend for fitness among the population is driving the growth of the electronic skin patch market.
Major companies operating in the electronic skin patch market are focused on developing new wearable technology, such as wearable microfluidic patches, to enhance functionality and expand application capabilities. A wearable microfluidic patch is a small, flexible device that adheres to the skin to collect and analyze sweat or other bodily fluids. For instance, in October 2021, Epicore Biosystems, a US-based biotechnology company, launched the Discovery Patch Sweat Collection System. This system consists of a wearable microfluidic patch that captures eccrine sweat directly from the skin during exercise, environmental exposure, and pharmacologic modes of sweat induction. The patch contains a network of microchannels through which sweat travels and is contained within the patch. Sweat is then transferred from the microfluidic patch to clean lab storage containers using a sweat extraction apparatus designed to rapidly collect and prepare sweat samples for biochemical analysis.
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Major Key Players of the Market:
L'Oréal 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.
Electronic Skin Patch Market 2024 Key Insights:
• 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%.
• Fitness Trends Propel Growth In The Electronic Skin Patch Market
• Technological Advancement Enhanced Electronic Skin Patch Market Growth
• North America was the largest region in the electronic skin patch market in 2023
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