One of the major key factors influencing the performance of the electronic skin market is remote patient monitoring technology, which is anticipated to be crucial in instrumenting demand for electronic skin technology.
According to a Future Market Insights analysis, the global revenue for the electronic skin market, which is predicted to be worth over US$ 500 million, is expected to expand rapidly year over year in 2019 at a rate of 20.7%. (FMI). The electronic skin market, which is still in its early stages and is thriving as a niche sector, is expected to continue having low value and high growth.
With remote healthcare monitoring gaining traction and microelectronics reaching the pinnacle of technological innovation, the study shows the exceptional potential of the healthcare industry to strengthen the applicability of electronic skin technology in the years to come.
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The paper suggests that prospective applications in healthcare will notably benefit from the development of electronic skin technology in light of the sharp increase in the prevalence of chronic diseases and the ageing population that is more prone to developing chronic ailments. Electronic skin is becoming more and more popular, and its flexibility and ultra-thin nature make it a great choice for wearable medical equipment.
FMI envisions electronic skin becoming a platform technology in the healthcare industry against the backdrop of growing investments in R&D for creating self-healing, pleasant monitoring systems employing electronic skin. The usage of electronic skin in healthcare currently contributes to 32% of total revenue. According to the survey, adoption of e-skin in the healthcare industry would increase income by about 20% year over year in 2019.
Consistent growth in research investments directed to discover new application platforms for electronic skin technology is cited as a high-impact demand growth determinant for electronic skin market. Consumer electronics, though currently registering moderately rising usage of electronic skin technology, are on the brink of emerging as the most lucrative investment pocket for electronic skin technology innovators in coming years. The report foresees that e-skin technology adoption will be on a constant high in consumer electronics, accounting for an exponential rate post 2020.
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While electronic skin technology has already been trialed for application in portable remote control systems for hardware, emergence of attractive investment avenues are speeding up adoption of electronic skin in wearables, which already has a sizeable consumer base compared to a majority of other consumer electronics. This according to the report will play a crucial role in bolstering electronic skin market revenue in coming years.
Moreover, riding on a host of next-generation potential applications in assistive health, communication framework & protocol, and social intelligence robotics among others, electronic skin technology continues to garner research interests. Highly sensitive pressure sensing and impeccable flexibility are also pushing functionality of electronic skin technology in H2M (human-machine) interactions. Increasing research efforts concentrating on discovering potential of electronic skin in assisting robotic surgeries point to a magnificent application area developing for electronic skin technology innovation.
“With industrial robots being increasingly subject to sensory features for an efficiency upgrade, the potential of electronic skin technology to invade industrial sector and entirely replace human intervention cannot be understated,” says the FMI report.
Some of the prominent players such as Koninklijke Philips N.V. and Dialog Semiconductor are entering strategic partnerships and R&D collaborations to introduce new product lines. Patent security remains paramount for 3M before new product launches, says the report. However, a majority of competitors operating in global electronic skin market landscape are concentrating on R&D to explore novel e-skin applications that will offer a competitive edge.
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Key regions covered in the global electronic skin market report:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Feb 03, 2023
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