Electronic skin, also known as e-skin or smart skin, mimics the functions of human skin and has the ability to sense various types of environmental stimuli such as pressure, temperature, chemicals and act as an interface between machines and humans. E-skin has applications in various domains like healthcare, consumer electronics, defense & security and robotics. The product helps in injury monitoring, physical rehabilitation, prosthetics development and enhances human-machine interaction.
The global electronic skin market is estimated to be valued at US$ 7.14 billion in 2024 and is expected to exhibit a CAGR of 14% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the global electronic skin market are Resonetics (Hudson Medical Innovations), Abbott, Medtronic, MC10, Tapecon, Inc., GENTAG, Inc., General Electric Company, VivaLNK, Inc., Epicore Biosystems, Amorepacific Cosmetics (USA), Inc., iRhythm Technologies, Inc. and Fuelium. Resonetics and Abbott are well known for their advanced pressure sensing technology and continuous glucose monitoring solutions respectively.
The growing Electronic Skin Market Demand for wearable and assistive technologies in the healthcare sector is driving the demand for electronic skin globally. Technologies like smart wound dressings, prosthetics and drug delivery patches incorporated with e-skin sensors are revolutionizing the treatment and monitoring processes. The increasing prevalence of chronic diseases and disorders is further fueling the need for remote health monitoring solutions using e-skin.
The rising focus on patient centric care and demand for advanced technologies is encouraging global expansion of the electronic skin market. Many companies are focusing on developing low cost and flexible e-skin solutions for real time health monitoring. This is expected to increase adoption in developing nations. Collaborations between industrial players and research institutes is also helping commercialization of e-skin at a global level.
Market key trends
One of the key trends in the electronic skin market is the development of epidermal electronic systems (EES). These ultra-thin and biocompatible e-skin systems can conformally mount on skin and mimic its mechanics. Companies are developing novel EES for diverse applications ranging from touch sensing to therapeutic stimulation. Advancements in materials science and flexible electronics is expected to drive innovations in epidermal electronic systems.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the global electronic skin market is moderate to high due to the availability of raw materials and accessibility of high technology required for this market. However, established brands have significant brand equity and economies of scale.
Bargaining power of buyers: The bargaining power of buyers is moderate due to strong demand from healthcare industry. However, a large number of global and local vendors provide variety of options to buyers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers providing raw materials and components required for manufacturing electronic skin. However, suppliers may charge higher costs due to the specialized nature of materials required.
Threat of new substitutes: The threat of substitutes is moderate as there are limited substitutes for electronic skin. However, conventional methods may act as substitutes in certain applications.
Competitive rivalry: The competitive rivalry in the market is high due to presence of many global and regional players offering variety of electronic skin at different price points and specifications.
The geographical region where the market is concentrated in terms of value is North America. This is attributed to the extensive research and development, rising demand from healthcare sector, adoption of advanced technologies and presence of major players in the region.
Asia Pacific is expected to witness the fastest growth in the global electronic skin market during the forecast period. This is credited to factors such as large patient pool, rising healthcare expenditure, growth of medical devices industry, increasing disposable incomes and growing awareness about advanced skin-related applications.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it