Increase in demand for better & periodic health monitoring system across healthcare, surge in expenditure on advanced wearable devices, and rise in investment on robotics technology drive the growth of the global electronic skin market. The LAMEA region is anticipated to register the fastest CAGR of 37.2% during the study period. The wearable technology, on the other hand, contributed to two-fifths of the total market revenue in 2020.
Portland, Ore., March 18, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electronic skin market was estimated at $464 million in 2020 and is expected to hit at $1.71 billion by 2025, garnering a CAGR of 38.7% from 2020 to 2025. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends.
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Surge in demand for better & periodic health monitoring system across healthcare, rise in expenditure on advanced wearable devices, and increase in investment on robotics technology propel the growth of the global electronic skin market. On the other hand, complex designing & material degradation and high initial cost restrain the growth to some extent. Nevertheless, R&D on greater durability is expected to create lucrative opportunities for the key players in the near future.
The wearable technology is to remain dominant throughout the forecast period-
Based on application, the wearable technology contributed to two-fifths of the total market revenue in 2020 and is expected to dominate through 2021–2025. The same segment is also projected to cite the fastest CAGR of 30.6% till 2025.
North America held the lion’s share in 2020-
Based on geography, North America garnered the major share in 2020, accounting for nearly two-fifths of the total market share. The LAMEA region, on the other hand, is predicted to register the fastest CAGR of 37.2% during the study period.
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Key players in the industry-
The key market players analyzed in the global electronic skin market report include Xensio, Rotex Inc. Intelesens ltd, MC10, Immageryworks Pty Ltd, SmartLifeinc Limited, VivaLnK, Inc., Xenoma Inc., Plastic electronic GmbH, and Dialog Devices Limited. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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