Global Electronic Skin Patch Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

The electronic skin patch market consists of sales of diagnostic patches, sweat analysis patches, flexible electronics patches, and glucose monitoring patches. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Sizing and Forecast

The electronic skin patch market size has grown rapidly in recent years. It will grow from $10.70 billion in 2023 to $12.48 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to the high chronic disease burden, electronic skin patches offering cost-effective monitoring solutions, growing consumer interest in wearable health technologies, the aging global population, and supportive regulatory frameworks.

The electronic skin patch market size is expected to see rapid growth in the next few years. It will grow to $23.18 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%. The growth in the forecast period can be attributed to consumer demand for convenience, regulatory support and standards, fitness and sports applications, a shift towards personalized medicine, and increasing awareness about health and wellness. Major trends in the forecast period include the integration of advanced sensors, biocompatibility, and skin interaction, remote monitoring and telemedicine, AI and machine learning integration, innovations in smart textiles, and flexible electronics for integrating electronic components.

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Segmentation & Regional Insights

The electronic skin patch market covered in this report is segmented –

1) By Type: Monitoring And Diagnostic, Therapeutic
2) By Component: Sensors, Actuators, Communication Components, Power Supply
3) By Application: Diabetes Management, Cardiovascular Monitoring, General Patient Monitoring, Temperature Sensing, Electrical Simulation, Iontophoresis, Sweat Sensing, Wound Monitoring And Treatment, Motion Sensing, Other Applications
4) By End-User: Healthcare, Fitness And Sports, Other End Users

North America was the largest region in the electronic skin patch market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electronic skin patch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The growing trend for fitness among the population is expected to propel the growth of the electronic skin patch market going forward. Fitness refers to the state of physical health and well-being achieved through regular exercise, nutrition, and lifestyle habits. The growing trend for fitness among the population is fueled by increasing awareness of health benefits, technological advancements in fitness tracking devices, and a cultural shift towards prioritizing physical well-being. Electronic skin patches are increasingly used in the fitness trend to monitor vital signs and physical activity in real-time, providing personalized health data. These patches enhance workout efficiency and health management by offering continuous, accurate feedback. For instance, in April 2024, according to a report published by the Sports and Fitness Industry Association (SFIA), a US-based trade association, the sporting goods industry experienced 4.2% growth compared to 2022, reaching $121.66 billion in 2023. Therefore, the growing trend for fitness among the population is driving the growth of the electronic skin patch market.

Key Industry Players

Major companies operating in the electronic skin patch market are L’Oréal SA, Medtronic PLC, Texas Instruments Inc., Koninklijke Philips N.V., Boston Scientific Corporation, BioTelemetry Inc., iRhythm Technologies Inc., VTT Corp, Resonetics LLC, Proteus Digital Health, Quad Industries, Tapecon Inc., Vital Connect Inc., LifeSignals Inc., Blue Spark Technologies Inc., In2Tec Ltd., VivaLNK Inc., Wellysis Corp., Epicore Biosystems Inc., MC10 Inc.

The electronic skin patch market report table of contents includes:

1. Executive Summary
2. Electronic Skin Patch Market Characteristics
3. Electronic Skin Patch Market Trends And Strategies
4. Electronic Skin Patch Market – Macro Economic Scenario
5. Global Electronic Skin Patch Market Size and Growth
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32. Global Electronic Skin Patch Market Competitive Benchmarking
33. Global Electronic Skin Patch Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electronic Skin Patch Market
35. Electronic Skin Patch Market Future Outlook and Potential Analysis
36. Appendix