Electronic Skin Market

Global Electronic Skin Market Size (2023 to 2028)

The global market for electronic skin is forecasted to accelerate at a CAGR of 18.84% from 2023 to 2028 and be worth USD 18.61 billion by 2028 from USD 7.85 billion in 2023.

Electronic skin is a term for electronics that can replicate and react to environmental stimuli like changes in temperature and pressure. It is designed to mimic human or animal skin functionalities and is made from a wide range of materials that frequently have to sense properties. Advancements are created to get stretchable, strong, and flexible materials for better designs. Research is increasingly concentrating on fusing materials with various properties to create elastic mechanical fabrics for use in multiple applications, such as prosthetics, soft robotics, artificial intelligence, and health monitoring.

The mechanisms work by providing robots to produce tactile sensations as equipped with highly sensitive conductive nanomaterials, accurately detecting slight tremors of the electrical changes in the muscle, thereby enabling electronic skin to perceive distinct shapes and textures, temperature shifts, and various contact pressure levels, thus creating the potential to be utilized for health monitoring and minimally invasive surgery.

Impact of COVID-19 on the global electronic skin market:

The COVID-19 pandemic brought on a situation of crisis worldwide. Many businesses struggled to keep profits running, and the total shutdown of the world led to the loss of employment and an economic crisis. The healthcare segment suffered greatly due to the influx of patients and lack of proper care. As the number of deaths kept rising, the panic situation among the population kept getting worse. Trades were delayed or stopped completely, and the bare essentials were challenging to obtain.

The COVID-19 pandemic had a negative impact on the global electronic skin market due to the lockdowns and closing of businesses. The restrictions imposed on the supply and distribution chains caused the business to lose. Moreover, as the crisis elevated, only necessities were deemed essential, and other luxuries like cosmetic services were not paid much attention to. However, the market for e-skin is expected to bounce back from the losses during the post-pandemic era.

MARKET DRIVERS:

The multiple advantages of health through electronic skin propel the market expansion.

Contributing to health benefits such as self-healing and adaptability, along with its wide range of advantages, presents various benefits in health monitoring technology. For example, it reduces the rejection of transplants in patients, driving robots to improve sensitivity and accuracy in performing multiple functions while monitoring human physiological signals closely and precisely, including temperature, electrolyte balance, disease-related biomarkers, tissue pressure, and body motion. The future generation is expected to reap the benefits as autonomous robotic surgery evolves efficiently due to these minute devices. Furthermore, it accounts for the usage in the check-up sector, including monitoring diabetes, pregnancy, and cardiovascular disorders and detecting abnormalities in the brain. With the further advancement in the investments in robotics technology and its usefulness in other sectors such as fitness, fever, and infertility monitoring, these minute gadgets tend to display a positive growth analysis.

MARKET RESTRAINTS:

The high initial cost for material integration and complexity, material degradation, and lack of awareness in underdeveloped economies and government regulations are some factors hindering the growth of the electronic skin market.

This research report on the global electronic skin market has been segmented and sub-segmented based on the product, application, sensor & region.

Electronic Skin Market – By Product:

• Electronic Skin Suit
• Electronic Patches

Based on the product, the electronic skin patches segment accounted for a significant market share in 2022. Electronic skin patches dominate the market as possessing certain functions like actuators and sensors with appropriate processing, communication, and energy storage. Moreover, the innovative tech enables doctors to have an entire patient report even when the patient is afar, meaning that hospitalization and frequent monitoring visits are minimized. In addition, temperature sensing, motion sensing, remote patient monitoring, inpatient and outpatient, & Diabetes Monitoring are the market's features.

The Electronic suit segment is foreseen to display growth due to factors such as an excellent interface to connect sensors with the body, a highly convenient and effective solution for patient monitoring for feedback temperature and pressure, and the gradual shift towards sports to healthcare.

Electronic Skin Market – By Application:

• Health Monitoring Systems
• Drug Delivery Systems
• Cosmetics

Based on the application, the health monitoring systems segment held the largest share of the electronic skin market worldwide in 2022. Due to the device's high usage in various healthcare applications such as diabetes, cardiology, and neurology, the health monitoring segment is foreseen to dominate the market.

On the other hand, the drug delivery systems segment is anticipated to show the fastest growing CAGR because of the non-invasive, real-time dynamic therapy function and its tasks like Data storage, recording muscle movement, and use of accumulated data patterns to deliver medicine through the skin.

Electronic Skin Market – By Sensor:

• Tactile sensors
• Chemical sectors
• Electrophysiological Sensors

Based on the sensor, the electrophysiological sensors segment dominates the market and is expected to lead the market during the forecast period due to their application in various segments, such as chronic disease, restoration therapies, and physiological monitoring. The addition of a senior population is contributing to the rising demand.

The tactile sensor segment is anticipated to project a promising growth rate during the forecast period. Tactile Sensors play a crucial role in the automatic operation, human-machine interface, physiological monitoring, and Technological advancement and innovation in wearable devices.

Electronic Skin Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The North American region led the market accounting for the major share of the global market in 2022. The North American region is also expected to dominate the market during the forecast period due to the growing elderly population, the abundance of researchers in electronic skin technology, and the increased demand from the electronics and healthcare industries. Additionally, Continuous research and development, growing market competition, and the presence of different electronic skin patch manufacturers in the U.S. are helping the market gain revenue. Furthermore, increased cutting-edge e-skin product launches, favorable reimbursement policies, and significant financial investments made by business research departments are other causes for the region's dominance.

The market in Asia-Pacific is also expected to grow at a fast pace due to diabetic sufferers becoming more prevalent and new technology being used for skin care. Additionally, Chronic disease prevalence, solid institutional foundation, and e-skin products in great demand in the cosmetics industry are also supporting the expansion of the market in the region. In addition, the number of older adults is growing due to Growing public awareness, increased market competition, and high investment, applications like biomedicine, industrial robots, and artificial prosthetics, as well as rising healthcare costs, are causes for expanding market revenue.

KEY MARKET PARTICIPANTS:

Medidata Solutions, Intellisense Technology, Plastic Logic GmbH, Rotex Global, LLC, 'Smartifeine Limited, Viva NK, Inc., Xenoma Inc., Xsensio, Chrono Therapeutics Inc. and iRhythm Technologies, Inc. are some of the notable companies in the global electronic skin market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• VivaLNK Medical Wearable Sensors Aid in the Fight Against Coronavirus in China by 2020.
• Through the crowdfunding tool "Makuake," Xenoma Inc., a smart apparel start-up, began early sales of "e-skin EMStyle Personal," an online service that uses EMS suits to help people who despise exercising stay in shape efficiently, in 2021.
• In September 2022, the first wireless E-skin for skincare was created by Amorepacific. Amorepacific has developed the first chipless wireless wearable e-skin patch, a crucial advancement for dermatology, to advance the development of e-skins that address specific issues. The e-skin is not the company's first ground-breaking invention; its R&I center has created a variety of specialized beauty technologies for the global market, including the Mind-Linked Bathbot, a robot-like device that analyses users' brain waves to comprehend their emotions and produce a customized bath bomb.
• In September 2022, The United States Patent and Trademark Office (USPTO) granted four patents to electroCore, Inc., a commercial-stage bioelectronic medicine firm, in connection with its non-invasive vagus nerve stimulation (nVNS) and other innovations. Dan Goldberger, CEO of electroCore, said, "We are thrilled to have been granted these four additional patents by the USPTO, which strengthen our intellectual patent portfolio.