May 20, 2024
Electronic Skin Market

Global Electronic Skin Market is Estimated to Witness High Growth Owing to Increasing Application in Healthcare Sector

The global electronic skin market is witnessing significant growth owing to increasing application of electronic skin in healthcare sector for various applications such as continuous health monitoring, prosthetics and wound care. Electronic skin, also known as e-skin, is a flexible, stretchable and lightweight soft electronic interface that can replicate the functions of human skin. E-skin sensors have the ability to feel texture, temperature, pressure and can even sense chemicals and movement. The advantages of using e-skin in healthcare includes constant patient monitoring without any discomfort, notification of physiological conditions of patients through digital readings and enabling prosthetics with sensory feedback.

The Global electronic skin market is estimated to be valued at US$ 7.14 BN in 2024 and is expected to exhibit a CAGR of 14% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the global electronic skin market are Resonetics (Hudson Medical Innovations), Abbott, Medtronic, MC10, Tapecon, Inc., GENTAG, Inc., General Electric Company, VivaLNK, Inc., Epicore Biosystems, Amorepacific Cosmetics (USA), Inc., iRhythm Technologies, Inc. and Fuelium. These players are engaged in developing advanced e-skin technologies and their commercialization in healthcare and other sectors.

The Electronic Skin Market Size provides numerous opportunities for players in developing applications for prosthetics, robotics, consumer electronics and smart healthcare devices. E-skin with advanced functionalities can monitor workers conditions, virtual try-on in retail stores and human-machine interactions.

Adoption of electronic skin is expected grow globally with increasing investments by players in R&D and manufacturing of flexible electronics. The expanding healthcare sector in emerging nations of Asia Pacific and Latin America promises huge growth potential for players. Collaboration with hospitals and research institutes is helping to commercialize e-skin rapidly.

Market drivers

Growing geriatric population globally suffering from chronic diseases is one of the key drivers for the electronic skin market. E-skin promises continuous health monitoring without hospital visits and enables independent living. Furthermore, increasing investments by private players in developing prosthetics with life-like functionalities using e-skin is another major growth driver. Surging demand for assistive technologies, smart interactive devices and wearables is propelling the demand for electronic skin-based products.

PEST Analysis

Political: Regulations related to manufacturing, import/export, and technology adoption impact the market.

Economic: Factors like GDP growth, increasing disposable income and investment in healthcare and research influence demand.

Social: A growing elderly population and focus on patient-centric care drive interest in advanced monitoring solutions. Support for new technologies from healthcare agencies and patients is critical.

Technological: Advancements in flexible electronics, biocompatibility, miniaturization and connectivity allow for continuous monitoring with improved form factors. Integration with IoT and AI systems enhances utility.

In terms of value, North America leads the global electronic skin market due to the large healthcare industry and adoption of advanced medical technology. The presence of major players and availability of funding for R&D in the US boost market growth.

Asia Pacific exhibits lucrative opportunities for market expansion owing to rising healthcare expenditure in countries like China, India, Japan and South Korea. Government initiatives to modernize healthcare infrastructure and a growing middle class support market growth in the region. Investments in futuristic technologies and exports also drive the APAC market.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it