Electronic Skin Market to Reach Valuation of USD 16,217.8 Million by 2028 - Rising Robotic Technology & Surge in Increase of Wearable Devices is Expected to Boost the Revenue of the Market

Vantage Market Research

Feb 09, 2022

In terms of revenue, the Global Electronic Skin Market is expected to reach USD 16,217.8 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 14.1% from 2022 to 2028.

The ability of Electronic Skin to withstand mechanical deformation including stretching and flexing without losing functionality is crucial for its applications as prosthetics, artificial intelligence, soft robotics, health monitoring, biocompatibility, and communication devices. It helps the body to adjust after the transplant and make robots more sensitive. The use of tiny electronic wires allows the skin to generate impulses, similar to that of the body's own nervous system. These features of Electronic Skin technology is generating interest of the manufacturers of wearable devices and healthcare equipment.

Key Findings:

  • The personalized healthcare monitoring sub-segment is anticipated to dominate the segment for Electronic Skin Market and growing at a substantial Compound Annual Growth Rate (CAGR). The use of personalized healthcare monitoring is gaining huge importance owing to the rising concerns towards health improvement.
  • North America is the largest regional segment. This surge is attributed to the rising demand of Electronic Skin in developed economies such as U.S. and Canada. Major population in this region is health conscious and is concern towards monitoring health.
  • Electronic Skin to some extent have side effects on the applied area due incompatibility of the device to body. This is one of factor that might hinder the growth of the market in near future.

Some of key players in Electronic Skin Market include - MC10, Physical Optics Corporation, Dialog Semiconductor, Intelesens Ltd., 3M, Koninklijke Philips N.V., Plastic Electronics GmbH, ROTEX Global, SMARTLIFEINC LIMITED, VivaLNK, Xenoma, and Xsensio..

The demand for Electronic Skin equipment in the wearable device sector is expected to propel the growth of Electronic Skin equipment in the medical industry. Various changes in body and modern lifestyle are attributed to rising health risk in the normal population. Also, awareness about fitness and diet is the key factors driving the Global Electronic Skin Market.

Additionally, the subsequent fear of chronic diseases like diabetes, cancer and heart related diseases are expected to surge in the demand for Electronic Skin equipment in coming years. Electronic Skin refers to flexible, stretchable and self-healing electronics that are able to mimic functionalities of human or animal skin. Developing this equipment with increasing Research and Development (R&D) in the healthcare area are the prime concerns of the major key players manufacturing Electronic Skin wearable devices.

North America is expected to dominate the Global Electronic Skin Market in 2021 and is likely to continue the same trend during the forecast period. Increase in government initiatives and support in Electronic Skin equipment is likely to generate demand in this region for this market in near future. Increasing R&D facilities in countries such as U.S. & Canada are further adding spot light on the development and use of Electronic Skin products. Significant improvements in the healthcare infrastructure, especially in the developing economies, are providing a thrust to the Electronic Skin Market growth.