The latest report by Reports and Data, a market research and consulting company, predicts the global electronic skin market is expected to reach a market size of USD 20.02 Billion in 2027 and register a CAGR of 20.6% over the forecast period. Some key factors to the growth of the electronic skin market are a need for a better fitness regime, increase in prevalence of chronic disease and surge in demand for remote patient monitoring solutions and equipment.
The electronic skin can connect to most operating systems and can be connected via Bluetooth. The product is an alternative to smartwatches and fitness trackers and the rising trend of green materials will help the electronic skin expand.
Research is being conducted to develop skin that can sense temperature, sound and pressure simultaneously, as well as, to use electronic skin for remotely monitoring patient health. As a result, the demand for electronic skin technology has increased significantly during the COVID-19 pandemic. Public and private companies are investing in research and development of electronic skin technology because of the growing demand for wearable technologies.
Other key findings from the report include electronic suits are forecasted to have a higher revenue growth rate during 2020-2027, technological advancements in the field of wearable devices using tactile sensors is driving revenue growth, and North America accounted for the higher revenue share contribution in the global electronic skin market as compared to other regional markets in 2019.
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