Electronic Skin Market is set to grow from its current market was valued at over USD 6 billion in 2019 to USD 16 billion by 2026, according to a new research report by Global Market Insights.
Over the past few years, electronic skin technology has gained significant momentum. The technology finds a wide range of use-cases on account of its self-healing characteristics and excellent stretching and self-powering abilities. Electronic skin and patches can be used for patients with prosthetics to provide a sense of touch. In addition, the products are increasingly gaining prominence in diagnostic and therapeutic applications.
Electronic skin patches form an essential component of microcurrent facemasks. Technologically advanced microcurrent facemasks help deliver essential skincare nutrients to the layers of the skin. For instance, DSA aesthetics had developed a microcurrent facemask that acts as a transdermal drug delivery system to enable faster onset of action when required. Cosmetics application segment is projected to witness a CAGR of 14.9% over 2020-2026.
Electro-active polymers, stretchable conductors, stretchable circuits, and photovoltaic systems are different components of an electric skin. Electro-active polymers are generally preferred over conventional electronic wearables owing to benefits such as up to 10 times more battery life, noiseless operation, and ultra-low power consumption. These stretchable polymers that can withstand up to 20% working strain for actuators. Electro-active polymers segment in electronic skin industry will grow at 14.6% up to 2026.
Electronic skins are generally available as patches or electronic skin suits. Electronic patches product segment in electronic skin market is slated to experience a CAGR of 14.8% during the projected timeframe. Electronic patches have the ability to monitor body vitals of an individual in real-time. The product is prominently used fpr health conditions such diabetes, cardiovascular diseases, pregnancy-related problems, fever, and smoking cessation.
Based on the distribution channel, the electronic skin market is bifurcated into B2B and B2C. B2B segment includes hospitals, cosmetic companies, research institutes, and wearable device manufacturers. Research institutes held about 40% revenue share during 2019. Research organizations worldwide are investing significantly on testing electronic skin products for medical device manufacturers.
Ongoing research activities to explore the future scope of the technology will bolster electronic skin industry outlook. Electrophysiological sensors, chemical sensors, and tactile sensors, among others, are the numerous types of sensors integrated into electronic skins. Considering the type of sensor, tactile sensors segment captured nearly 19% share of electronic skin market in 2019.
Key industry players manufacturing and distributing electronic skin products include Xenoma Inc., iRhythm, Dexcom, MC10 and VivaLnK, among many others. Companies often indulge in mergers and acquisitions that help introduce new technologies and expansion of product portfolio.