According to a Future Market Insights (FMI) report, Firstly, the electronic skin (e-skin) market, which has a global revenue estimate of over US$ 500 million, is expected to have a rapid year-over-year rise of 20.7% in 2019. Secondly, 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.
The study demonstrates the outstanding potential of the healthcare business to strengthen the applicability of electronic skin technology in the years to come, thirdly, with remote healthcare monitoring taking root and micro-electronics reaching the pinnacle of technological advancements.
Furthermore, remote patient monitoring equipment has been one of the greatest growth variables linked to the performance of the electronic skin market and is expected to play a crucial role in instrumenting demand for electronic skin technology.
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The report suggests that electronic skin technology’s flexibility and ultra-thin design make it ideal for wearable medical devices, benefiting healthcare due to the increasing chronic disease rates and aging population susceptibility.
- Besides potential applicability in breast cancer diagnostics, the market is favoring from research on electronic skin’s usability in healthy tattoos and non-invasive wound tracking
- Stretchable conductors and stretchable circuits hold a combined share of more than half of the total electronic skin market revenue
In the backdrop of increasing investments in R&D of developing self-healing, comfortable monitoring systems by using electronic skin, FMI envisages electronic skin gaining the platform technology status in healthcare realm. At present, around 32% of the total revenue is generated by adopting electronic skin in healthcare. The report forecasts bullish prospects for revenue growth through e-skin adoption in healthcare, at around 20% Y-o-Y 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.
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.
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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 the 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.
Key Segment
Component
- Stretchable Circuits
- Stretchable Conductors
- Electr-active Polymers
- Photovoltaics
- Others
Application
- Consumer Electronics
- Automotive
- Healthcare
- Telecommunication
- Retail
- Aerospace & Defense
- Others
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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