Selbyville, Delaware, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Electronic Skin Patch Market was valued at USD 16.5 billion in 2023 and is projected to be worth USD 50 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
This robust growth is largely fueled by advancements in wearable technology and innovations in healthcare. A rising demand for continuous health monitoring significantly propels this market. Electronic skin patches, by providing real-time data on vital signs and health conditions, prove invaluable for chronic disease management and enhancing patient care. The incorporation of sensors and wireless communication technologies in these patches allows for more precise and efficient health monitoring than traditional methods.
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The overall industry is divided into product type, application, end-user, distribution channel, wireless connectivity, and region.
The electronic skin patch market, segmented by product type, includes monitoring & diagnostic patches and therapeutic patches. Dominating the landscape, the monitoring & diagnostic segment is projected to surpass USD 30 billion by 2032. Several key factors underpin the dominance of the monitoring & diagnostic segment. The rising prevalence of chronic diseases amplifies the demand for continuous health monitoring solutions. These patches, being non-invasive and convenient, adeptly track vital signs, glucose levels, hydration, and other biomarkers. Such capabilities make them indispensable for managing diabetes, cardiovascular diseases, and respiratory disorders.
Distribution channels categorize the electronic skin patch market into offline and online segments. Notably, the online segment emerges as the fastest growing, boasting a CAGR of over 15% from 2024 to 2032. Several factors fuel the rapid growth of the online segment in the market. The surge in e-commerce adoption and a shift towards online shopping grant consumers easier access to diverse electronic skin patches. The allure of online purchasing, bolstered by comprehensive product information and reviews, amplifies consumer confidence, propelling sales in this segment.
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North America led the global electronic skin patch market, commanding over 30% share in 2023. The region's advanced healthcare infrastructure and swift adoption of innovative medical technologies bolster its dominance. A strong emphasis on research and development, backed by substantial public and private investments, catalyzes the evolution of state-of-the-art electronic skin patches. In the U.S., a blend of elevated healthcare spending and a pronounced tilt towards technological advancements accelerates the market expansion.
Electronic Skin Patch Market Players
Companies including Abbott, Dexcom, Inc., Insulet Corporation, iRhythm Technologies, Inc. (Zio), Koninklijke Philips N.V., Medtronic, Vitalconnect are some firms working in electronic skin patch industry.
The electronic skin patch market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Million) from 2021 to 2032, for the following segments:
Market, Product Type
- Monitoring & Diagnostic
- Therapeutic Patches
Market, By Application
- Diabetes management
- Cardiovascular monitoring
- General patient monitoring
- Temperature sensing
- Electrical simulation
- Iontophoresis
- Sweet sensing
- Wound monitoring & treatment
- Motion sensing
- Others
Market, By End-user
- Hospitals & Clinics
- Home Care Settings
- Fitness Centers & Sports Academies
- Research Institutes
- Others
Market, By Distribution Channel
- Online
- Offline
Market, By Wireless Connectivity
- Connected
- Non-connected
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
