Global Digital Tattoos Market Highlights 2022 – 2030
The global digital tattoos market is estimated to garner a sizeable revenue and grow at a significant CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing developments in material science and circuit printing technologies across the globe. Along with these, increasing application scope of digital tattoos in the medical sector for monitoring temperature, skin hydration and for analyzing brain signals is also expected to propel the growth of the market in the forthcoming years. Furthermore, digital tattoos can be implanted or printed on the body part and are able to exchange information with only a handshake. This fact is projected to offer ample growth opportunities to the market in the near future. Escalating developments in the healthcare sector globally is predicted to expand the market significantly. In 2018, the global healthcare spending per capita was more than USD 1,100, which is calculated to increase up to USD 1,500 by the end of the year 2050.
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The market is segmented by application into experiment and research, teaching, commercial, medical, electronic, and others, and others, out of which, the medical segment is anticipated to hold the largest share in the global digital tattoos market. This can be accounted to the increasing usage of digital tattoos by doctors and nurses in hospitals when they need quick access about patient’s medical history. Apart from these, growing use of these tattoos by people to be more in tune with their health is also predicted to boost the growth of the market segment in the years to come. Additionally, on the basis of type, the nano tattoo segment is predicted to observe notable growth during the forecast period, which can be credited to the surge in research and development activities associated with making exceptionally small tattoos that can swim through bodily fluids.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Digital Tattoos Market Regional Synopsis
On the basis of geographical analysis, the global digital tattoos market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing advancements in the medical and electronics sectors in the region. In addition, increasing awareness levels about the benefits of routinely tracking their health is also expected to drive market growth in the region in the coming years. Moreover, the market in North America is anticipated to grab the largest share during the forecast period owing to the large population of millennials opting for digital tattoos as a result of high disposable income, and strong presence of prominent market players in the region.
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The global digital tattoos market is further classified on the basis of region as follows:
Our in-depth analysis of the global digital tattoos market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing developments in material science and circuit printing technologies globally, and increasing applications of digital tattoos in medical sector.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2030.
Asia Pacific will provide more business opportunities for market growth owing to the growing advancements in the medical and electronics sectors in the region.
The major players in the market are Motorola Corporation, Google LLC, VivaLink Inc., Fitbit LLC, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The medical segment is anticipated to hold largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.
Technical challenges associated with digital tattoos are estimated to hamper the market growth.
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