What is the global market size of Electronic Skin Market?

Electronic Skin Market size was valued at USD 5.3 billion in 2021 and is poised to grow from USD 6.35 billion in 2022 to USD 26.8 billion by 2030, growing at a CAGR of 19.73% in the forecast period (2023-2030).

Electronic Skin Market Size, Share, Growth Analysis, By Product(Electronic skinsuits, Electric patches), By Component(Stretchable circuits, photovoltaic systems, stretchable conductors, electroactive polymers), By Sensors(Tactile sensors, Chemical sectors, Electrophysiological sensors, others), By Application(Health monitoring systems, drug delivery systems, cosmetics), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35F2008 | Region: Global | Published Date: February, 2024
Pages: 260 | Tables: 118 | Figures: 77

Electronic Skin Market News

In January 2020, Vivalnk Inc. announced that the company’s wearable sensors are helping the Chinese government to combat the spread of corona virus in China. Shanghai Public Health Clinical Center (SPHCC) has started utilizing wearable sensors in their special wards as the wearable sensors were modelled post the previous SARS outbreak.

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Electronic Skin Market size was valued at USD 5.3 billion in 2019 and is poised to grow from USD 6.35 billion in 2023 to USD 26.8 billion by 2031, growing at a CAGR of 19.73% in the forecast period (2024-2031).

Global Electronic Skin Market is highly fragmented with the presence of several small and large market players operating all over the world. Major companies of the market are implementing several business strategies such as new product launches, acquisition & mergers, collaboration, and partnerships for the expansion of their geographical presence and their product portfolio. 'MC10 Inc.', 'Xenoma Inc.', 'Rotex Inc.', 'VivaLNK Inc.', 'Immersion Corporation', 'Intelesens Ltd.', 'DuPont de Nemours, Inc.', 'Plastic Electronic GmbH', 'Pireta Limited', 'Forciot Oy', 'Nanosonic Inc.', 'Interlink Electronics Inc.', 'SmartLifeinc Limited', 'Dialog Devices Limited', 'Advanced Nano Products Co., Ltd.', 'Profusa, Inc.', 'Xensio', 'StretchSense Limited', 'Tacterion GmbH', 'Fujikura Kasei Co., Ltd.'

The rising in geriatric population acts as one of the major factors driving the growth of electronic skin market as they are more prone to chronic diseases such as diabetes, cancer, and heart diseases. The subsequent rise in the incidence of chronic diseases among elderly people accelerating consistent monitoring have a positive impact on the market. Electronic Skin patches and related equipment facilitate the remote management of chronic diseases while providing complete independence to the patient. Chronic changes in diet and lifestyle due to increasing health problems in the average population and the growing awareness about fitness are expected to boost the market. Growing awareness regarding this technology in the healthcare sector and the ever-rising acceptance of remote patient monitoring equipment are anticipated to propel the global market during the projected period.

Due to the potential advantages of electronic skin, there will likely be a rise in demand for and acceptance of the technology. These patches are used in many different fields, including the detection of brain abnormalities, cardiovascular problems, diabetes, and pregnancy. Moreover, an increase in demand for electronic skin in wearable electronics is also expected to boost the market growth over the forecast period. Additionally, the increase in the number of product launches, as well as product approval activities, will drive market growth significantly.

Asia Pacific held the largest Global Electronic Skin Market share in 2021 owing to high demand for e-skin products in cosmetics and drug delivery systems. Increasing usage of e-skin patches in numerous applications such as biomedical, industrial robotics, artificial prosthetics, and others are expected to boost growth of the market during the forecast period. Moreover, companies are focusing on the implementation of Machine Learning (ML) and Artificial Intelligence (AI) in e-skin development in this region.

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