Global Electronic Skin Market Estimated to hit $20.94 billion by 2031 Globally, Growing at a CAGR of 14.4%, says Coherent Market Insights

The Global Electronic Skin Market is estimated to be valued at US$ 7.14 Bn in 2023 and is expected to exhibit a CAGR of 14.4% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights. Companies covered: Resonetics (Hudson Medical Innovations), Abbott, Medtronic, MC10, Tapecon, Inc., GENTAG, Inc., General Electric Company, VivaLNK, Inc., Epicore Biosystems, Amorepacific Cosmetics (USA), Inc., iRhythm Technologies, Inc. and Fuelium

/EIN News/ -- Burlingame, July 16, 2024 (GLOBE NEWSWIRE) -- The global Electronic Skin Market size is estimated to be USD 7.14 billion in 2023 and is projected to reach USD 20.94 billion in 2031 at a CAGR of 14.4% during the forecast period, as per the recent study by Coherent Market Insights. Rising demand for wearable technologies across various industries such as healthcare, consumer electronics and automotive. Wearable devices integrated with electronic skin sensors can monitor vital health parameters, provide haptic feedback and detect external stimuli. With the increasing popularity of smartwatches, fitness trackers and virtual/augmented reality headsets, the need for flexible, conformable and breathable sensors has surged tremendously.

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Market Dynamics:

The global electronic skin market is driven by the increasing demand for electronic skin from healthcare sector. Electronic skin helps in close monitoring of patients health and enables rapid diagnosis. It is also useful for monitoring physiological signals such as heart rate, body temperature, strain and pressure. These advantages are increasing application of electronic skin in healthcare sector. Additionally, advancements in material sciences has led to development of flexible and stretchable electronic skin that can mimic human skin properties. This has further increased adoption of electronic skin among end users.

Market Trends:

Electronic skin finds major application in developing interfaces between human skin and machines. It helps in receiving tactile feedbacks and gestures to operate machines and electronics. This is increasing demand for development of electronic skin suitable for human-machine interfacing.

Global Electronic Skin Market Report Coverage

Report Coverage	Details
Market Revenue in 2023	$7.14 billion
Estimated Value by 2031	$20.94 billion
Growth Rate	Poised to grow at a CAGR of 14.4%
Historical Data	2019–2023
Forecast Period	2024–2031
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Product Type, By Component, By Material, By Application, By End User
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Growth Drivers	• Advances in Materials Engineering • Rising Application Potential in Healthcare • Increasing demand for wearable devices
Restraints & Challenges	• High Development Cost • Lack of Standardization

Prosthetics industry is adopting electronic skin as a skin overlay for prosthetic devices like hands, legs etc. Electronic skin helps prosthetic devices to sense environment and enable more human-like functioning. This rising demand from prosthetics is also boosting growth of electronic skin market.

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Electronic skinsuits are expected to be the largest segment in product type because they provide full body coverage to monitor health vitals and accurately analyze body functions. Skinsuits have applications in biomedical monitoring, prosthetics, robotics and more. Continuous advancements are allowing skinsuits to better mimic true skin with advanced stretchable electronics and sensory capabilities.

Electronic skin finds major usage in wound care and healing applications as it can conformably adhere to wounds and monitor healing progress non-invasively. Smart bandages and dressings integrated with e-skin circuits and sensors track wound pH, temperature and pressure to detect infections early and optimize treatment. This helps reduce healing time and cost of care, preventing further infections and complications.

Key Market Takeaways:

The global electronic skin market is anticipated to witness a CAGR of 14.4% during the forecast period 2024-2031, driven by the increasing demand for wearable tech-enabled medical devices and remote patient monitoring solutions.

On the basis of product type, electronic skinsuits segment is expected to hold the dominant position, owing to its ability to provide full body coverage for various healthcare and biomedical applications.

On the basis of component, stretchable circuits segment is expected to hold the dominant position, owing to ongoing advancements in material science which is enabling the development of highly flexible and stretchable electronic components.

On the basis of region, North America is expected to hold the dominant position over the forecast period, due to the rising investments by players in the region for R&D of innovative electronic skin technologies.

Some of the leading players operating in the global electronic skin market include MC10, Xenoma, VivaLNK, GENTAG, Inc., DIALOG Semiconductors, Bloomlife. These players are investing in developing advanced e-skin products and solutions for applications across various industries.

Recent Developments:

In August 2022, Amorepacific, created the world’s chip-free and wireless wearable electronic skin.

In May 2022, Graz University of Technology developed the “smart skin” very similar to human skin.

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Detailed Segmentation:

By Product Type:

• Electronic skinsuits
• Electronic patches

By Component:

• Stretchable Circuits
• Stretchable Conductors
• Electro-Active Polymers
• Photovoltaics

By Material:

• Nanowires
• Graphene
• Hydrogels
• Elastomers
• Others
  

By Application:

• Drug and Cosmetic Delivery
• Wound Care Healing
• Temperature Sensing
• Motion and position sensing
• Heart Rhythm Monitoring
• Diabetes Management
• Virtual Reality Therapy
• Others

By End User:

• Hospitals
• Clinics
• Home Care Settings
• Others

By Region:

North America:

• U.S.
• Canada

Latin America:

• Brazil
• Argentina
• Mexico
• Rest of Latin America

Europe:

• Germany
• U.K.
• Spain
• France
• Italy
• Russia
• Rest of Europe
  

Asia Pacific:

• China
• India
• Japan
• Australia
• South Korea
• ASEAN
• Rest of Asia Pacific
  

Middle East:

• GCC Countries
• Israel
• Rest of Middle East
  

Africa:

• South Africa
• North Africa
• Central Africa
  

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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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