Market Size of Electronic Skin Patch Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 15.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Electronic Skin Patch Market Analysis
The electronic skin patch market is expected to register a CAGR of 15% and surpass USD 10 billion by the end of the forecast period (2021-2026). The electronic skin patches have started gaining traction among the electronics industry players. The miniaturization of sensors due to technological developments, such as a decrease in chip size from 9nm to 5nm, has been the reason for the development of such products.
- The growing trend for fitness among the population is expected to drive the market positively, during the forecast period. The healthcare industry is expected to benefit from electronic skin patches, as they need an adhesive and do not involve any invasive procedures for monitoring the body vitals.
- The growing initiatives by regulatory bodies, such as FDA's Digital Health Innovation Action plan, which states FDA's approach to ensuring timely access to high-quality, safe, and effective digital health products to its citizens, are expected to boost the market.
- Limited functionality, lack of interoperability, and data security are some of the factors that restrain the adoption of electronic skin patches. However, the digitization initiatives by the governments, coupled with the penetration of new technologies, like IoT, virtual reality, augmented reality, and artificial intelligence, are expected to mitigate such restraining factors.
