Wilmington, Delaware, United States, March 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global batteries for skin patches market stood at US$ 469.8 Mn in 2022 and is anticipated to grow at a CAGR of 9.9% during the forecast period from 2023 to 2031.
Rise in applications of batteries for skin patches in healthcare and sports industries are propelling market size. Among a number of battery types, lithium-based skin patch batteries are increasingly gaining popularity due to functional characteristics. These include cost-effectiveness, increased capacity & energy and outstanding operation even at high temperatures.
Immense scope of improvement in terms of performance and commercial viability is driving companies in the batteries for skin patches market to undertake R&D to overcome the drawbacks of predecessor products. This is likely to bolster market development in the next few years.
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Batteries for Skin Patches Market - Key Findings of the Report
- New Applications of Skin Patches to Create New Revenue Streams - Electronic patches that are in contact with the skin have clinical significance in managing diabetes and cardiovascular diseases. Development of novel applications of electronic skin patches in drug and cosmetic drug delivery is anticipated to boost market growth.
- Growth of Sports Industry to Drive Market Value - The need to monitor performance and safety of athletes has increased demand for skin patches in the sports industry. This, in turn, is driving global batteries for skin patches industry growth. Adoption of skin patches in global sporting events, such as the National Football League, is propelling market development. Significance of a battery in the effective functioning of a skin patch augments market demand. Most skin patches use low-power Bluetooth technology for transmission of data, which helps conserve battery life. Varying battery life of skin patches that depend on model and frequency of data transmission is projected to create significant market demand. Battery life of skin patches vary from few hours to seven days, which compels athletes to replace depleted patch with a fresh one.
- Potential of Skin Patches to Revolutionize Coaching of Athletes - Skin patches have the potential to revolutionize the way athletes are trained and how they compete. Skin patches can help athletes optimize their performance by providing real-time data on physiological parameters. This helps athletes to push themselves within safe limits. Therefore, increase in adoption of technology in the sports industry is expected to bolster market demand in the next few years.
- Rise in Demand for Automatic Drug Delivery for Diabetes - Scientific efforts have led to the development of skin patches for diabetes, which is highly prevalent and is responsible for large number of deaths globally. According to the World Health organization, in 2019, diabetes was directly related to 1.5 million deaths, and 48% of all deaths related to diabetes occurred before the age of 70. Usage of newly-developed skin patch for diabetics can detect excess glucose in the sweat, and as a result heats microneedles in the patch to trigger automatic administer of the drug. These skin patches are powered by lithium or alkaline batteries that help to reduce the frequency of daily finger prick for blood glucose check and better manage glucose levels.
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Batteries for Skin Patches Market - Growth Drivers
- Surge in application of skin patches in various industries, such as healthcare and sports, is fueling the batteries for skin patches market. Efficacy of skin patches for automatic drug delivery for diabetes and to monitor performance of athletes is fueling demand.
- Substantial R&D leading to several practical improvements in skin patches in terms of better shape and quick activation times is driving market growth.
Batteries for Skin Patches Market - Regional Analysis
Asia Pacific accounted for nearly 45.3% share of the global batteries for skin patches market in 2022. The region is anticipated to dominate the global market during the forecast period due to increase in drug delivery applications of skin patches.
Europe and North America are expected to witness robust growth due to increase in demand for high energy density batteries for skin patches for various applications, such as healthcare and sports.
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Batteries for Skin Patches Market - Competition Insights
The global batteries for skin patches market is highly consolidated, with a few large-scale companies holding majority market share. Key players are investing in R&D to create environment-friendly products. Expansion of product portfolio and M&As are key strategies adopted by leading players. Prominent players in the global batteries for skin patches market include Maxell Ltd. and Murata Manufacturing Co. Ltd.
The batteries for skin patches market is segmented as follows;
Batteries for Skin Patches Market, by Type
- Zinc-Manganese-based Battery
- Lithium-based Battery
- Others
Batteries for Skin Patches Market, by Capacity
- Up to 10mAh
- 10 to 100 mAh
- 100 to 200 mAh
- 200 to 400 mAh
- >400 mAh
Batteries for Skin Patches Market, by Application
- Capsule Endoscopy
- Insulin Pump
- Drug Delivery System
- Thermometers
- Others
Batteries for Skin Patches Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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