James Hayward, principal analyst at IDTechEx, highlights the dangers of a closed market driven by regulation and reimbursement strategies which favour devices for simplicity and cost rather than effectiveness; deterring new entrants.
Research into ‘smart’ electronic skin patches has revealed significant opportunities, with more than $7.5 billion in revenue made from the technology in 2018, a growth forecast of $20 bn per year, over the next decade. However, it also shows that reimbursement and regulatory consideration aren’t necessarily keeping pace.
Since 1999 IDTechEx has provided independent market research, business intelligence and events on emerging technology to clients in over 80 countries. The organisation’s recent report, Electronic Skin Patches 2019-2029, suggests that the market segment for electronic skin patches is set for significant growth over the coming years. Electronic skin patches are wearable products attached to the skin of a user incorporating sensors, actuators, processors and communication technology, allowing the device to connect to the internet to become ‘smart’.
Skin patches are one of the latest waves in health monitoring; their non-intrusive design meaning they are comfortable and discrete. Unsurprisingly, interest in electronic skin patches has soared, driven by significant hype and market growth around wearable devices starting in 2014.
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