DUBLIN--(BUSINESS WIRE)--The "Electronic Skin Patch Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The electronic skin patch market is expected to register a CAGR of 15% and surpass USD 10 billion by the end of the forecast period (2019-2024).
The electronic skin patches have started gaining traction among the electronics industry players. The miniaturization of sensors due to technological developments such as a decrease in chip size from 9nm to 5nm has been the reason for the development of such products.
- The growing trend for fitness amongst the population is expected to drive the market positively during the forecast period. Healthcare industry is expected to benefit from the electronic skin patches as it does not involve any invasive procedures for monitoring the body vitals as it just needs an adhesive to stick it to the body.
- The growing initiatives by the regulatory bodies such as the FDA such as the Digital Health Innovation Action plan which states the FDA's approach to ensuring timely access to high-quality, safe and effective digital health products to its citizens is expected to provide a boost to the market.
- Limited functionality, lack of interoperability, data security are some of the factors that restrain the adoption of electronic skin patches. However, the digitization initiatives by the governments coupled with the penetration of new technologies like IoT, virtual reality, augmented reality and artificial intelligence is expected to mitigate such restraining factors.
Owing to Changing Life Styles, Cardiovascular Monitoring is Expected to Register Substantial Growth
- Cardiac function is the result of four interrelated variables like heart rate, preload, contractility, and afterload. It becomes very difficult to quantify individual components of cardiac functions and poses two main problems. Firstly the technique is either invasive pressure or highly specialized echocardiographic techniques and secondly, all the components are interdependent. So, a failure in a single component would affect the other components. In such cases, an electronic skin patch poses as the best alternative for cardiovascular monitoring as it does not involve any invasive procedures and is handy.
- Cardiovascular monitoring becomes important for athletes running marathons spread across several kilometers as it involves stretching the capabilities of the human body. Henceforth it becomes essential for the athletes to track the cardiac function to better plan their runs.
- For instance, sixteen runners participated in METRO Marathon 2018, in Dusseldorf on April 28, equipped with stick-on smart health patches (three companies engaged to develop smart health patch such as Henkel, Quad Industries and Byteflies) that continuously measured and recorded motion (IMU), electrocardiogram (ECG) and respiration (RES).
- The fast-paced work life coupled with irregular eating habits and no exercises has resulted in the birth of many fatal diseases out of which heart diseases have become common. So it becomes very important to monitor the vitals of the body because when ignored could prove fatal. The use of electronic skin patches could help in the monitoring and thereby preventing such fatal outcomes.
Demand in Europe is Driven Due to Healthcare Awareness
- Traditional methods of diabetes monitoring involve the usage of glucose strips and finer prick tests to monitor glucose levels in the blood. So in order to prevent the usage of such invasive procedure scientists from the University of Bath, the United Kingdom in April 2018, has developed an adhesive electronic skin patch that would measure the blood glucose levels every 10 to 15 minutes.
- Similarly, Nemaura Medical a medical technology company has developed sugarBEAT which is a non-invasive, affordable and flexible Continuous Glucose Monitor (CGM) specifically designed for the people suffering from diabetes and pre-diabetics enabling them to better manage their glucose levels.
- According to a report published by WHO in 2016, there were 422 million adults suffering from diabetes and expected that this number would rise with given time opening up doors for the electronic skin patch market.
The competitive rivalry among the players in the electronic skin patches market is high owing to the presence of some key players like Sensium, Vitalconnect, Lean Healthcare, and many more. Due to their ability to continually innovate their products by significant investments in research and development activities have helped them to achieve competitive advantage over other players. Strategic partnerships and mergers and acquisitions have enabled these companies to gain a strong foothold in the market.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers & Restraints
4.3 Market Drivers
4.3.1 Rising Trend for Fitness Amongst the Consumers
4.3.2 Growing Demand for Connected Monitoring Devices
4.4 Market Restraints
4.4.1 Interoperability Issues Between New, Existing and Legacy Systems
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Application
5.1.1 Cardiovascular Monitoring
5.1.2 Diabetes Management
5.2.1 North America
5.2.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Vitalconnect Inc.
6.1.2 Leaf Healthcare Inc.
6.1.3 Quad Industries S.A.
6.1.4 L'Oreal S.A.
6.1.5 Sensium Healthcare Ltd.
6.1.6 iRhythm Technologies Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/cvvmug