Electronic Skin Patches Market – By Type , By Application , By End Use Industry , By Patient , By Patch Material , By Distribution Channel , By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030

Electronic Skin Patches Market Overview:

Electronic Skin Patches Market size is estimated to reach US$26.4 billion by 2030, growing at a CAGR of 12.3% during the forecast period 2024-2030. The growing need for continuous monitoring of physiological parameters, growing penetration of wearable medical devices and the high demand for remote patient monitoring is driving the demand for Electronic Skin Patches from the end users. This trend is expected to boost the growth of the Electronic Skin Patches Market during the forecast period.

The MedTech sector is undergoing significant changes due to the expanding global population, rising rates of chronic illnesses, and the challenges posed by the pandemic. These factors, coupled with the increasing investments in medical wearables lead to a positive outlook for the Electronic Skin Patches industry during the forecast period.

Market Snapshot: 

Electronic Skin Patches Market - Report Coverage:

The “Electronic Skin Patches Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Electronic Skin Patches Market.

COVID-19 / Ukraine Crisis - Impact Analysis:  

• During the COVID-19 pandemic, the need for hospitals and clinics to monitor patients remotely became clear. Electronic skin patches allow doctors to track their patients’ vital signs while maintaining social distancing, it also helped address hospital overcrowding and assisted in alleviating staffing issues. Thus, the pandemic positively impacted the electronic skin patches market.
• The ongoing Ukraine-Russia conflict's impact on electronic skin patches is rather indirect. Disruptions in supply chains due to the conflict have led to potential challenges in sourcing essential components for these patches. Additionally, geopolitical tensions might affect the manufacturing and distribution of the product, causing fluctuations in market availability, pricing, and international trade dynamics within the industry.

Key Takeaways:

• Dominance of North America

Geographically, in the Electronic Skin Patches market share, North America is analyzed to hold the largest market share of 42% in 2023 attributed to the innovation in the healthcare sector and the growing prevalence of chronic diseases in the region. According to the American Diabetes Association, there are 1.5 million new cases of diabetes in the United States each year. As per 2022 figures from Diabetes Canada, 11.7 million Canadians are living with diabetes or prediabetes. The consistent and upward trend in diabetes prevalence in North America is a key factor propelling the growth of the electronic patches market in the region.

• Monitoring & Diagnostic Patches is the Largest Segment in the Market

According to the Electronic Skin Patches Market forecast, the monitoring & diagnostic segment is estimated to be the largest by type in 2023. This can be attributed to the increasing demand for real-time health monitoring solutions. Electronic patches offer continuous monitoring of vital signs, allowing for prompt detection of abnormalities and timely medical intervention. According to a survey carried out by Oliver Wyman, in August 2022, of 4,000 consumers in Germany, the United States, and China, it was found that 44% of people in Germany monitor health-related metrics, 60% of the population in the US and 67% in China track their health digitally. As healthcare trends emphasize preventive care and early diagnosis, the rising awareness of the benefits associated with monitoring and diagnostic patches contributes significantly to their rapid expansion within the market.

• Diabetes Management is the Largest Segment

In the Electronic Skin Patches Market analysis, the diabetes management segment is estimated to be the largest by application in 2023. According to the International Diabetes Federation, 537 million adults (20-79 years) worldwide were living with diabetes in 2023 or 1 in 10 people. This number is predicted to rise to 643 million by 2030 and 783 million by 2045. Individuals with diabetes often need to monitor their blood sugar levels multiple times a day, typically through finger-pricking using a lancet. An innovative solution is SugarBEAT, developed by U.K. biotech company Nemaura Medical, a replaceable skin patch connected to a transmitter, suitable for individuals with type 1 and type 2 diabetes, as well as pre-diabetes. It achieves non-invasive blood glucose level measurements by applying a low-level electric current across the skin, extracting a sample of interstitial fluid located just below the skin.

• Growing Penetration of Wearable Medical Devices

The growth in the adoption of wearable health technologies is reshaping how individuals engage with their well-being. As these devices seamlessly integrate into daily life, there is a natural synergy with electronic patches, which serve as advanced components within this ecosystem. The increasing reliance on wearable medical devices for continuous health monitoring, fitness tracking, and personalized healthcare experiences significantly contributes to the expanding penetration of electronic patches in the broader context of modern healthcare solutions. A survey carried out in March 2022 of over 450 U.S. patients revealed that 86% of respondents agreed that their wearable medical devices improved their health and quality of life, and enabled their doctors to provide a higher quality of care. Thus, the growing penetration of medical devices acts as a driver for the growth of the Electronic Skin Patches Market during the forecast period.

• High Demand for Remote Patient Monitoring

According to a survey done by the American Medical Association between November-December 2023, 85% of physician respondents indicate they use telehealth to monitor patients. Only 8% of respondents said they were using remote patient monitoring technologies with patients in their homes, suggesting a potential for growth. In an era where remote healthcare is gaining prominence, electronic patches serve as integral tools for continuous and real-time monitoring of patients outside traditional healthcare settings. The need for effective remote patient monitoring, especially for chronic diseases and post-treatment care, fuels the adoption of electronic patches. These devices enable healthcare professionals to remotely track patient vitals, enhancing overall patient management and contributing to the growing reliance on advanced technology in modern healthcare practices.

• Privacy and Security Concerns to Impede to Market growth

One of the foremost challenges in the electronic skin patches market is the issue of privacy and security. The 2022 Healthcare Data Breach Report by the HIPAA Journal highlighted a significant concern, with 707 reported data breaches involving 500 or more records in the same year. The majority of these breaches resulted from hacking incidents, often accompanied by ransomware or attempted extortion. Given that electronic patches collect and transmit sensitive health data, the heightened risk of unauthorized access or data breaches poses a potential obstacle. Patient reluctance to use electronic patches due to perceived threats to the confidentiality of their health information is a noteworthy concern. These challenges have the potential to impede the growth of the Electronic Skin Patches market. 

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Key Market Players: 

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Electronic Skin Patches Market. The top 10 companies in this industry are listed below:

1. Abbott Laboratories
2. Dexcom
3. GE Healthcare 
4. Koninklijke Philips N.V.
5. Covestro AG
6. Medtronic Plc
7.  iRhythm Technologies
8. Vital Connect Inc. 
9.  Leaf Healthcare Inc. 
10. Nitto Denko Corporation

Scope of Report: 

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