Electronic Skin Patch Market worth $27.0 billion by 2029 - Exclusive Report by MarketsandMarketstm

CHICAGO, May 9, 2024 /PRNewswire/ -- The Electronic Skin Patch market is projected to grow from USD 15.0 billion in 2024 and is estimated to reach USD 27.0 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 12.5% from 2024 to 2029 according to a new report by MarketsandMarketstm. The growth of the electronic skin patch market is driven by the rising cases of chronic diseases, growing emphasis on improving accuracy of health monitoring patches, Growing awareness about early disease detection.

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177 ? Tables
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290 ? Pages

Electronic Skin Patch Market Report Scope:

By Type, the monitoring & diagnostic are projected to grow at a high CAGR of Electronic Skin Patch market during the forecast period.

In recent years, there has been a significant shift toward developing and using electronic skin patches for monitoring and diagnosis in healthcare. These patches come with various features, including sensors for physiological measurements, biomarker detection, and data transmission via wireless connectivity. The market for electronic skin patches for diagnosis and monitoring is experiencing robust growth, driven by the increasing demand for personalized healthcare solutions, advancements in sensor technology, and rising awareness for preventive healthcare.

Connected electronic skin patches in Wireless Connectivity segment is expected to account for the largest share during the forecast period.

Connected patches are expected to dominate due to their advanced functionalities and integration with remote healthcare solutions, non-connected patches will continue to gain popularity due to their affordability and data privacy advantages. Technologies integrated in connected electronic skin patches include Ethernet, cellular, Wi-Fi, near-field communication (NFC), and Bluetooth. The Bluetooth Low Energy (BLE) technology strikes a balance between power consumption and data transmission range, making it suitable for applications where real-time data is not crucial, such as monitoring glucose levels for people with diabetes or tracking sleep patterns.

Diabetes Management segment in Electronic Skin Patch Market will account for largest share during the forecast period.

Electronic skin patches are revolutionizing the management of diabetes, a chronic condition that affects a significant and growing population worldwide. According to the Institute for Health Metrics and Evaluation (IHME), the number of global diabetes cases is projected to increase from 529 million in 2023 to 1.3 billion by 2050. This makes it essential to have non-invasive and continuous monitoring approaches to manage blood sugar levels effectively in real time, improving patient outcomes. Dexcom ONE+ is a customizable continuous glucose monitoring (CGM) solution launched in February 2024, designed to enhance diabetes management. It comprises a water-resistant sensor for blood glucose measurement, a transmitter for CGM data transmission, and a smartphone-compatible app for real-time monitoring. This system facilitates shared monitoring, which means up to ten additional individuals can access the data. This launch highlights the increasing importance of electronic skin patch technology in improving healthcare outcomes for individuals with diabetes.

Healthcare segment in Electronic Skin Patch Market will account for largest share during the forecast period.

Based on end user, the electronic skin patch market has been categorized into healthcare, fitness & sports, and other end users. The healthcare segment is expected to account for the largest market share in 2024. The healthcare industry witnesses a well-established demand for electronic skin patches for various applications. These patches have become a vital tool for chronic disease management, wound care, post-surgical monitoring, and other applications. With a growing number of individuals with chronic conditions and an aging population requiring closer monitoring, the demand for electronic patches in healthcare settings is expected to remain high. New functionalities, such as multi-sensor integration, biocompatible materials, and remote monitoring capabilities, are constantly emerging, offering healthcare providers more comprehensive and effective monitoring solutions. This continuous innovation fuels market growth within the healthcare segment.

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Asia Pacific will account for the highest CAGR during the forecast period.

Asia Pacific is expected to experience the highest growth rate in the electronic skin patch industry during the forecast period. Asia Pacific is experiencing a surge in its elderly population, leading to increased demand for electronic skin patches for home care treatments. Given the heightened susceptibility of the elderly to chronic ailments, this demographic shift is expected to elevate patient volumes, boosting the adoption of electronic skin patches. According to World Economic Forum, more than 1 in 10 people in Japan are aged 80 or older. Almost a third of its population is over 65?an estimated 36.23 million. Additionally, growing healthcare expenditure in Asia Pacific nations further contributes to the market expansion.

Key Players

Key companies operating in the Electronic Skin Patch companies are Abbott (US), Dexcom, Inc. (US), Medtronic (Ireland), Insulet Corporation (US), Boston Scientific Corporation (US), Koninklijke Philips N.V. (Netherlands), Biolinq Incorporated (US), Zio By iRhythm Technologies, Inc. (US), GENTAG, Inc. (US), VitalConnect (US), The Surgical Company (Netherlands), Senseonics Ltd. (US), Active Environmental Solutions (Australia), among others.

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