It is estimated that the global electronic skin patches market is expected to register a CAGR 18.3% during the forecast period. The global electronic skin patches market is expected to witness tremendous growth owing to the government initiatives to increase adoption of patient monitoring, growing venture capital investments, and growing pressure to curb healthcare spending and improve patient outcomes. Other key factors such as rising healthcare costs, increasing chronic diseases and conditions such as diabetes, cancer, heart diseases, and others.
However, factors such as lack of trained medical professionals are expected to hamper the growth of the market during the forecast period.
On a regional basis, the electronic skin patches market in the Americas is predicted to dominate the market during the forecast period. The North American region holds a substantial share in the global market. This owes to the growth of federal healthcare regulations that curb the rising healthcare costs; rising government initiatives focusing on research and development activities. Moreover, America commands for the largest market for wearable tracking devices chiefly due to the presence of huge obese and diabetic population. According to the National Center for Chronic Disease, in 2014 9.3% of the population have diabetes and 37% of adult America population is suffering from obesity and overweight.
Currently, the global electronic skin patches market is dominated by numerous players. The major players in this market are involved in new product launches, strategic partnerships and collaborations to increase their product portfolio.
The global electronic skin patches market is segmented on the basis of component, application, and distribution channel.
Some of the key players in the global electronic skin patches market are MC10 (US), Physical Optics Corporation (US), Dialog Semiconductor (UK), Intelesens Ltd. (UK), 3M (US), Koninklijke Philips N.V. (the Netherlands), Plastic Electronics GmbH (Austria), ROTEX Global (US), SMARTLIFEINC LIMITED (US), VivaLNK (US), Xenoma (US), and Xsensio (Switzerland), GE Healthcare (US), and others.
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