Printed Electronics Market in Healthcare Industry - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

The printed electronics market in the healthcare industry is anticipated to witness a CAGR of 18.8% over the forecast period.

Key Highlights

• The low cost of manufacturing, the evolvement of digital print technology, the rise in funding activity, and the healthcare industry's inclination towards newer technologies are the factors responsible for the growth of the printed electronics market in the healthcare industry.
• Printed electronics offer photonic and printed electronics on various substrates; some widely used printing technologies include flexography, inkjet, gravure, and screen printing. These techniques print on substrates such as cloth, paper, and plastics. This printing method is widely used on wearable devices, sensors, and flexible screens.
• The healthcare sector has profited significantly from the latest developments in materials for printed electronics, ranging from integrated Nanoscale sensors, electronics, and microfluidics to sophisticated synthetics. Moreover, innovations and high consumer adoption have led to the development of more stretchable, flexible, and conformal biosensors for medical monitoring, diagnostics, and drug delivery.
• The use of printed electronics technology has been proven to be significantly beneficial in enabling remote patient monitoring as the healthcare providers can leverage easy-to-use and affordable devices such as wearables and printed sensors to keep track of the patient remotely, resulting in reduced unnecessary visits, optimized time with patients, and improved communication. Cost is another significant benefit. According to Henkel, printed electronics are projected to save USD 200 billion over the next 25 years.
• In the long run, the costs are anticipated to decline owing to the growing competition and emerging presence of multiple players. Digital transformation and an inclination toward newer technologies in the healthcare industry fuel this. Countries worldwide are willing to increase their healthcare expenditure to revolutionize patient care.
• However, the medical industry is highly regulated, considering the high stakes involved; hence, any new technology has to undergo several regulatory checks and satisfy quality requirements before getting into mass production, which is among the significant factors challenging the studied market'smarket's growth. Furthermore, the lack of standardization across geographies also challenges the development of the studied market.
• COVID-19 had a considerable impact on the growth of the studied market. A sudden rise in the number of patients, especially during the initial phase, increased the burden on healthcare facilities, encouraging them to invest in advanced digital technologies. Furthermore, the penetration of personal health tracking devices also increased during the pandemic. Although the impact of the pandemic is reducing, such trends are expected to sustain during the forecast period, creating growth opportunities for the studied market.

Key Market Trends

Increasing Geriatric Population to Drive the Growth

• With the increasing global population, the aged population is also increasing. According to the World Health Organization (WHO), by 2030, the share of the population aged 60 years and over is expected to increase from 1 billion in 2020 to 1.4 billion, which will double to about 2.1 billion by 2050. The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.
• As older people are more prone to health-related issues, such trends are encouraging healthcare service providers to focus on developing innovative healthcare solutions not only for treatment but also for the overall care of the aged population, which involves constantly tracking their health condition by using tracking devices and sensors.
• Printed electronics are fast emerging to be a feasible solution for healthcare service providers to do all this remotely, as the technology enables the integration of tracking and health monitoring components such as sensors into the day-to-day use of things such as smartwatches and other wearables and even in clothes in some cases.
• Further innovation in printed electronics technology can facilitate continuous data transmission from a patient’s garment directly into their electronic health records, reducing interactions between providers and patients while improving the quality of the data received from the patients. Additionally, advances in sensor technology and microelectronics can also improve clinical trials of new treatments. For instance, electronics on adhesive patches placed on the skin can enable doctors to control and monitor the dosage of prescribed medicines.

Asia-Pacific to Hold a Significant Market Share

• Asia-Pacific is estimated to be the fastest-growing region owing to the presence of countries such as China and India. Increasing disposable income and healthcare expenditure, growing GDP, and the increasing need to position the brand better are some factors driving the market for printed electronics.
• Asia-Pacific printed electronics market is unique compared to the other regions because of its size and diversity. The region accounts for about 60% of the global population and has grown nearly four-fold in the 20th century alone. This rise in population is a huge advantage in terms of economic potential and aids the suppliers of the printed electronics industry.
• Additionally, the increasing geriatric population, especially in countries such as Japan, China, etc., is also among the factors supporting the studied market's growth, as the demand for innovative health-tracking devices is relatively higher among this segment. For instance, Japan has the highest senior population ratio in the world, with more than 29% of the population aged over 65 years as of October 2022. (Source: Ministry of Internal Affairs and Communications).
• Furthermore, a large pool of people from the region suffers from lifestyle-related diseases, such as diabetes, obesity, and heart disease, among others. This is raising the concern levels in societies to diagnose such diseases early, which is, in turn, creating a favorable market scenario for the growth of the studied market in the region.
• The increasing investment by the public and private sectors to develop the healthcare infrastructure across the region is also expanding the use cases of printed electronics in the region's healthcare sector. Furthermore, the region is fast becoming the manufacturing hub for the global electronics industry. Also, it works in favor of the studied market as printed electronics providers are increasing their investment to expand their presence in the region.

Competitive Landscape

The printed electronics market in the healthcare industry is competitive and is currently dominated by a few major players with their technological expertise and global presence. Major players focus on product developments and strategic collaborative initiatives to sustain their growth to increase their market share and profitability. However, the increasing demand for printed electronics in the healthcare industry is expected to drive competition owing to the emergence of multiple new players. Some major players in the studied market include Jabil Inc., Bebop Sensors Inc., E Ink Holdings Inc., and Sensing Tex S.L, among others.

In November 2022, Henkel and Quad Industries, a specialist in printed electronics, developed a new concept to enable innovations for smart health patches at lower cost and with accelerated speed. The vendors started offering a demo package of twelve electrodes designed to allow engineers to quickly test the functionalities of their concepts, which significantly reduces the development time and lowers the overall design costs in the process.

In October 2022, Voltera, a printed electronics technology provider, launched NOVA, a new platform for printing flexible hybrid electronics that use direct write technology to print circuits on stretchable, soft, and conformable surfaces. According to the company, by not using screen printing, NOVA facilitates rapid design iteration while offering higher performance than other additive prototyping options such as inkjet.

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• The market estimate (ME) sheet in Excel format
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