Formication
is etymologically derived from the Latin word formica, meaning "ant", precisely because of this similarity in sensation to that of crawling insects. The term has been in use for several hundred years.

I’m an inveterate formicator, having indulged in or suffered from formication all my life. How about you?

Usually I slap the spot hard. One time in a thousand it might be a real bug.

I’m not sure what the makers of formica countertops were thinking.

I’m glad to know this useful word. I got linked over to it, by the way, from the page on Hypnagogia.

Ars longa, vita brevis.