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20

May-2022

Global Electronic Skin Market Is Estimated To Grow At A CAGR Of 18.84% From 2022 To 2027

Geographically, the North American region led the electronic skin market in 2021.

As per our research report, the global electronic skin market is expected to be worth USD 15.66 billion by 2027 from USD 6.61 billion in 2022, representing a CAGR of 18.84% from 2022 to 2027.

Browse details of the report @ https://www.marketdataforecast.com/market-reports/electronic-skin-market

Since the COVID-19 viral outbreak in December 2019, the disease has spread to nearly 100 countries, prompting the World Health Organization to designate it as a public health emergency. The global effects of the coronavirus illness 2019 (COVID-19) are already being seen, and the electronic skin market was considerably impacted in 2020. One device, a wireless, Bluetooth-connected piece of polymer and circuitry meant to sit in the hollow at the base of the throat, allows real-time monitoring of talking, breathing, heart rate, and other vital indicators and could be utilized in people who have had a stroke and need speech therapy. Physicians wanted to know if the device might be tweaked to detect signs of the SARS-CoV-2 coronavirus. 'Yes,' was the quick response. In Chicago, Illinois, 400 of the devices are currently being used to help front-line health workers recognize early signs of COVID-19 and disease monitoring in patients. The team has changed the design to see how coughing rates alter in COVID-19 patients. As a result, it had moderate growth during the pandemic, and the market's growth rate is expected to accelerate in the coming days.

MARKET DYNAMICS:

During the forecast period, the global electronic skin market is likely to benefit from the growing popularity of fitness. Electronic skin patches are predicted to aid the healthcare industry because they do not require an adhesive and do not require any intrusive procedures to monitor bodily vitals. The global electronic skin market is being driven by an increase in the geriatric population and chronic conditions. The global market is further expected to grow as cardiovascular illnesses, and the number of diabetics rise. The global market is predicted to develop due to the innovative use of electronic skin patches in monitoring alcohol levels. Drunk driving charges are on the rise as people's lifestyles change. This technique allows for an accurate and speedy assessment of alcohol consumption.

In addition, the electronic skin market is expected to be driven by the rising product awareness, which is causing people to pay more attention to personal care and fitness. Furthermore, the increasing popularity of fitness among the public is expected to boost the market in the coming years. The market is likely to grow as regulatory organizations take more steps, such as the FDA's Digital Health Innovation Action Plan, which outlines the agency's approach to assuring timely access to high-quality, safe, and effective digital health products for its citizens.

On the other hand, factors such as limited functionality, lack of compatibility, and data security are a few of the significant factors restricting the growth rate of the global electronic skin market. Electronic skin patches are hampered by issues such as interoperability and data security. Government-led digitization initiatives, together with new technologies such as IoT, virtual reality, augmented reality, and artificial intelligence, are projected to alleviate these challenges. However, a lack of awareness about the technology and a lack of investment in developing this device in poorer nations are anticipated to limit the global market for electronic skin.

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KEY MARKET INSIGHTS:

The Asia Pacific market is expected to grow at the fastest CAGR in the global electronic skin market during the forecast period. The market in the region is expected to be driven by increased awareness of electronic skin patches and their use in monitoring chronic conditions. Furthermore, Japanese researchers created an electronic skin with an organic circuit that can be worn on the human body and is ten times thinner than a skin cell. This technology is supposed to show the user's heart rate or blood oxygen level. Furthermore, throughout the forecast period, the market in the Asia Pacific is expected to be driven by a rise in government spending on research and development.

Glucose strips and finger-prick tests measure glucose levels in the blood in traditional diabetes monitoring methods. Thus, in April 2018, scientists from the University of Bath in the United Kingdom created an adhesive electronic skin patch that can test blood glucose levels every 10-15 minutes to prevent such invasive procedures.

North America led the global market in 2021, and this trend is expected to continue during the forecast period. This is due to the prevalence of cardiovascular and diabetes diseases, increased knowledge of health monitoring devices, increased healthcare spending, and increased demand for wearable electronic devices in the region.

Companies playing a notable role in the global electronic skin market profiled in this report are 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.

This report can be customized as per the requirements; talk to our team @ https://www.marketdataforecast.com/market-reports/electronic-skin-market/customization

SEGMENTS ANALYZED UNDER THIS REPORT:

By Product:

  • Electronic Skin Suit
  • Electronic Patches

By Application:

  • Health Monitoring Systems
  • Drug Delivery Systems
  • Cosmetics

By Sensor:

  • Tactile sensors
  • Chemical sectors
  • Electrophysiological Sensors

By Region:

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

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WRITTEN BY: Market Data Forecast

Market Data Forecast is a firm working in market research, business intelligence, and consulting. We have rich research and consulting experience for various business domains to cater to individual and corporate clients’ needs.