Massive Demand for Diabetes Management in the Electronic Skin Patches Market Globally
The technological evolution of the medical device industry is a significant pillar of the healthcare domain, and wearable devices are one of the important evolutions in the list. The latest developments in device design, material science, assembly method, and chemical analysis techniques form the fundamentals for a breakthrough form of wearable technology. A patch is a stick-on device that is worn on the body and is capable of collecting, monitoring, and transmitting wirelessly various health metrics, such as respiration, temperature, blood glucose, blood pressure, and heartbeat, to a smartphone.
BIS Research’s recent report titled “Global Electronic Skin Patches Market-Analysis and Forecast, 2019–2024”, focuses on the market segmented on the basis of type, application data of 14 countries, and competitive landscape. The report projects the market to reach $9,957.9 million by 2024.
Factors propelling the growth of the electronic skin patches market globally include increasing prevalence of chronic- and lifestyle-associated diseases, significant investments by the healthcare companies to meet the industry demand, increasing inclination for fitness amongst the adults, growing prominence for point-of-care diagnostics, and surging application of mobile platforms.
Global Electronic Skin Patches Market (by Type), 2018 and 2024
By type, the global market is segmented into two major types — monitoring and diagnostic, and therapeutic. In 2018, the market was led by the monitoring and diagnostic electronic skin patches, which contributed 85.52% of the total market share of global electronic skin patches. This was attributed to the presence of a significant number of companies with commercialized electronic skin patches products of this type.
Moreover, the monitoring and diagnostic electronic skin patches segment is anticipated to showcase the highest growth rate in the market during the forecast period, 2019–2024.
Application Landscape of Global Electronic Skin Patches Market, 2018 and 2024
The global market is segmented into four key applications of electronic skin patches, namely, diabetes management, cardiovascular management and temperature monitoring, pain relief, and others.
Diabetes management is currently the dominating application in the global electronic skin patches market, owing to the massive burden of chronic- and lifestyle-related diseases. In addition, cardiovascular management and temperature monitoring are anticipated to witness the highest growth rate of 19.48% in the forecast period.
Regional Scenario of Global Electronic Skin Patches Market, 2018 to 2024
North America was the highest revenue-generating region in the electronic skin patches market, with the U.S. being the most contributing country in 2018. The enormous demand for point-of-care technologies among the geriatric population is the prominent factor propelling the growth of the market in the region.
However, the market in the Asia-Pacific region is expected to grow at the highest growth rate of 20.83% in the forecast period 2019–2024.
Strategies Incorporated by the Market Players to Sustain the Competition
The key contributors to the global electronic skin patches market have been launching innovative products and been involved in collaboration, partnerships, agreements, and joint ventures to sustain in the intensely competitive market. For instance, in October 2019, DexCom, Inc. received FDA clearance for DexCom G6 Pro continuous glucose monitoring (CGM) system — to use with patients, ages two years and above — for healthcare professionals.
Key Players Impacting the Dynamics of Global Electronic Skin Patches Market
Medtronic Plc is the leading player in the global electronic skin patches market, contributing 25.76% to the global market revenue. The other prominent companies bolstering the growth of the global electronic skin patches market are DexCom, Inc., Abbott Laboratories, Insulet Corporation, Koninklijke Philips N.V., and iRhythm Technologies, Inc., among others.