NEW YORK, Feb. 02, 2021 (GLOBE NEWSWIRE) -- The global electronic skin market is expected to reach a market size of USD 20.02 Billion in 2027 and register a CAGR of 20.6%, over the forecast period, according to the latest report by Reports and Data. Increase in prevalence of chronic disease and need for better fitness regime are some key factors expected to contribute to growth of the electronic skin market. Surge in demand for remote patient monitoring solutions and equipment is also expected to drive market growth.
Rising use of medical wearable devices for health monitoring is also expected to result in rising demand and adoption of electronic skin, and electronic skin can connect to most operating systems and can be connected via Bluetooth, making the product an alternative to smartwatches and fitness trackers. The rising trend of green materials is also boosting growth of the electronic skin market.
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Growing emphasis on research and development in electronic skin technology is projected to continue to support market growth over the forecast period. Research is being conducted to develop skin that can sense temperature, sound, and pressure simultaneously.
The COVID-19 impact:
Demand for electronic skin technology increased significantly during the COVID-19 pandemic. Research is being conducted to use electronic skin for remotely monitoring patient health. Public and private companies are investing in research and development of electronic skin technology to cater to growing demand for wearable technologies.
Further key findings in the report
- Electronic suit segment is forecast to register a relatively higher revenue growth rate during 2020–2027. Electronic suits are a convenient and effective solution for patient monitoring, and preference for these suits has been rising in the healthcare industry.
- Technological advancements in the field of wearable devices using tactile sensors is driving revenue growth of the tactile sensors segment. Demand for tactile sensors is high in robotics, and for physiological monitoring and human-machine interface.
- Health monitoring systems segment dominated other application segments in the electronic skin market in terms of revenue in 2019. Electronic skin tracks respiration, muscle movement, and heart rate that can be transmitted to their smartphone.
- North America accounted for the higher revenue share contribution in the global electronic skin market as compared to other regional markets in 2019. The high rate of adoption of advanced technologies, high disposable income, and high level of awareness are key factors driving demand for electronic skin products in countries in the region.
- Key players include Xensio, MC10, VivaLnk, Inc., Xenoma, iRhytm Technologies, Philips, Plastic Electronics GMBH, Dialog Semiconductor, Holst Center, and Koninklijke Philips N.V.
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For the purpose of this report, Reports and Data has segmented the global electronic skin market on the basis of product, component, sensors, application, and region:
- Product Outlook (Revenue, USD Billion; 2017-2027)
- Electronic patches
- Electronic skinsuits
- Component Outlook (Revenue, USD Billion; 2017-2027)
- Photovoltaics systems
- Stretchable circuits
- Stretchable conductors
- Electroactive polymers
- Sensors Outlook (Revenue, USD Billion; 2017-2027)
- Chemical sectors
- Tactile sensors
- Electrophysiological Sensors
- Others
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Health monitoring systems
- Drug delivery systems
- Cosmetics
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- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
- North America
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