FREMONT, California, Jan. 21, 2020 /PRNewswire/ -- According to a new market intelligence report by BIS Research titled "Global Electronic Skin Patches Market – Analysis and Forecast, 2019-2024", the global electronic skin patches market was valued at $3.90 billion in 2018 and is anticipated to grow over $9.96 billion by 2024. The market is projected to witness a CAGR of 17.22% during the forecast period of 2019-2024. The growth of the market is aided primarily by factors such as the increasing inclination toward personal health and fitness amongst the population and rising prevalence of chronic and lifestyle associated diseases.
Wearable devices provide appropriate, comprehensive, and timely care to patients by remotely monitoring the physiological parameters of the patient. Latest developments in device design, material science, assembly method, and chemical analysis techniques form the basis for an exclusively distinguished form of wearable technology. The patch is a wearable device that adheres to the skin. It is a stick-on patch that is worn on the body and is capable to collect, monitor, and transmit wirelessly various health metrics such as respiration, temperature, blood glucose, blood pressure, and heartbeat to a smartphone.
According to Swati Sood, Lead Analyst at BIS Research,"North America is currently the leading contributor to the global electronic skin patches market and contributed approximately 43.54% to the global market value in 2018. This region is anticipated to grow at a significant CAGR during the forecast period 2019-2024 and to continue to dominate the global market in 2024, as well. However, the Asia-Pacific region is expected to grow at an impressive CAGR during the forecast period 2019-2024. The Europe region also contributed a significant share of 26.79% to the global market."
On the basis of application, diabetes management accounted the major share in the global electronic skin patches market in 2018, due to an increasing prevalence of diabetes and growing geriatric population.
Cardiovascular management and temperature monitoring segments are expected to grow at fastest rate in the global electronic skin patches market, due to increasing prevalence of lifestyle-diseases and increasing inclination for personal health and fitness amongst the population.
The major companies in the market are actively investing in research and development to treat different indications with electronic skin patches.
This market intelligence report provides a multi-dimensional view of the global electronic skin patches market in terms of market size and growth potential. This research report aims at answering various aspects of the global electronic skin patches market with the help of key factors driving the market, restraints that can possibly inhibit the overall growth of the market, and the current growth opportunities that are going to shape the future trajectory of the market expansion.
Furthermore, the competitive landscape chapter in the report explains the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launches and approvals, partnerships, collaborations, business expansions, as well as mergers and acquisitions. The research report provides a comprehensive analysis of the type, applications, competitors, trend analysis by application, and analysis by geographical regions.
This report is a meticulous compilation of research on more than 70 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 30 leading companies, market participants, and vendors. The report also comprises 15 detailed company profiles including several key players, namely Abbott Laboratories, BioTelemetry, Inc., DexCom, Inc., General Electric Company, Insulet Corporation, iRhythm Technologies, Inc., Koninklijke Philips N.V., LifeSignals, Medtronic, Plc., MC10, Inc., Omron Corporation, Senseonics Holding, Inc., VivaLNK, and VitalConnect.
Key Questions Answered in the Report
How was the market performance of the electronic skin patches market in 2018 and how is it anticipated to evolve during the forecast period 2019-2024?
What are the major drivers, challenges, and opportunities in the market?
What are the leading trends and consumer preferences witnessed in global electronic skin patches market?
What are the key development strategies implemented by the major players to make a mark in this market?
What are the key regulations pertaining to the market?
What are the initiatives implemented by different governmental bodies regulating the development and commercialization of electronic skin patches?
How was the market performance pertaining to the different segments of the market in 2018 and how much revenue is each segment expected to contribute during the forecast period from 2019 to 2024, on the basis of:
type, including monitoring and diagnostic electronic skin patches and therapeutic electronic skin patches
application, including diabetes management, cardiovascular management and temperature monitoring, pain management, and others
region, including North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World (ROW)
Which are the leading companies operating in the market?
What are the perceptions of the investors regarding the market?
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
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