The global Health Sensors market size is expected to be worth around US$ 93.2 billion by 2030, according to a new report by Vision Research Reports.
The global Health Sensors market size was valued at US$ 30.5 billion in 2020 and is anticipated to grow at a CAGR of 27.0% during forecast period 2021 to 2030.
Growth Factors
Rising geriatric population and burden of chronic diseases are the key factors positively affecting market growth.
Reduced physical activities and increased consumption of unhealthy food disturb the hormonal and cholesterol levels. Moreover, this also leads to a rise in cardiac conditions. According to the WHO, in 2012, approximately 17.5 million people in the world died because of cardiovascular diseases. Thus, demand for better monitoring and management of these disease is increasing. These sensors, are anticipated to help in the management of chronic diseases, as they can monitor, record, and transmit vital signs of the patient. These sensors can also help in therapeutics, measuring the amount of drug actually absorbed in the body.
Growing geriatric population worldwide is expected to drive the market growth during the forecast period. According to the National Institutes of Health (NIH), in 2010, the number of people aged 65 or more was around 524 million. It constituted about 8.0% of total global population and is estimated to triple and reach 1.5 billion by 2050, accounting for around 16.0% of global population. Health sensors help reduce healthcare spending by remotely monitoring disease progression and sending out medical alerts in an emergency situation.
Hospitals and other settings charge high for diagnosis and testing. To avoid this, people use home-based medical sensors such as glucose monitoring and pregnancy kits. These home-based medical sensors offer faster results. Home-based testing kits are also cost-effective and easy to operate.
Report Highlights
wearables sensors segment dominated this market in terms of revenue. Key factors attributing to this expansion includes advanced features of wearables like their ability to monitor vital parameters such as blood pressure and heart rate. Moreover, these devices are highly accurate, durable, and reliable.
Demand for wearable sensor devices is anticipated to increase due to high prevalence of cardiovascular diseases, diabetes, and obesity. Data obtained from these products can be analyzed to predict risk of a heart attack, based on the recorded long-term vitals. Additionally, these devices send health updates and recommend exercise regimes to prevent occurrence of an acute episode.
The implantable/ingestible segment is anticipated to grow at a CAGR of 17.5% over the forecast period. Many companies are collaborating with others to initiate Research and Development (R&D) activities. For instance, respiratory health management company Propeller Health collaborated with Novartis in Feb 2017, to place a sensor on Novartis’ Breezhaler inhaler. This device will record, provide reports on connected apps regarding the amount of drug inhaled, and compute medication adherence and compliance. Collaboration like this, are anticipated to propel growth of the ingestible/implantable segment over the forecast period.
Health sensors are classified on the basis of application into wellness monitoring, chronic illness and at risk-monitoring, patient admission triage, logistical tracking, in hospital clinical monitoring, sensor therapeutics, and post-acute care monitoring. The chronic illness and at-risk monitoring segment held the largest market share in 2016 and is expected to maintain dominance over the forecast period. This is attributed to rising prevalence of diseases and demand for point-of-care testing.
Wellness monitoring is anticipated to grow at a CAGR of over 27.0% from 2017 to 2025. Wellness monitoring involves digital monitoring and tracking healthcare indicators using smart devices such as Fitbit products and Apple Watch.Fitbit plans on applying for the U.S. Food and Drug Administration (FDA) approval for its Ionic Smartwatch. Following the approval, this product is expected to be used for initial screening of atrial fibrillation. Several cancer research institutes are likely to utilize various data points obtained from Fitbit devices for patient monitoring.Due to increasing applications and innovations in wellness monitoring devices, their demand is expected to rise over the forecast period.
Based on region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2016, North America dominated global market in terms of revenue. This is attributed to presence of structured and streamlined approval processes. Additionally, per capita healthcare expenditure of U.S. was found to be USD 7,845 in 2008 and is estimated to be USD 11,193 in 2018, according to the World Bank. This 29.91% rise in per capita healthcare expenditure is attributed to be one of the highest impact rending factors affecting market expansion. Thus, demand for health sensors is anticipated to remain high in North America in near future.
Asia Pacific is estimated to expand at a CAGR of 18.7% over the forecast period. Globalization of emerging economies such as India and China is anticipated to increase their potential for adopting healthcare sensor devices. Factors contributing to market growth include high penetration of internet and insurance and awareness about importance of diagnosis and prevention of chronic disorders. In addition, rising per capita healthcare expenditure, growing private hospital chains and healthcare solution manufacturers, and outsourcing of various healthcare process are driving regional market.
Wellness monitoring is anticipated to grow at a CAGR of over 27.0% from 2017 to 2025. Wellness monitoring involves digital monitoring and tracking healthcare indicators using smart devices such as Fitbit products and Apple Watch.Fitbit plans on applying for the U.S. Food and Drug Administration (FDA) approval for its Ionic Smartwatch. Following the approval, this product is expected to be used for initial screening of atrial fibrillation. Several cancer research institutes are likely to utilize various data points obtained from Fitbit devices for patient monitoring.Due to increasing applications and innovations in wellness monitoring devices, their demand is expected to rise over the forecast period.
Based on region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2016, North America dominated global market in terms of revenue. This is attributed to presence of structured and streamlined approval processes. Additionally, per capita healthcare expenditure of U.S. was found to be USD 7,845 in 2008 and is estimated to be USD 11,193 in 2018, according to the World Bank. This 29.91% rise in per capita healthcare expenditure is attributed to be one of the highest impact rending factors affecting market expansion. Thus, demand for health sensors is anticipated to remain high in North America in near future.
Asia Pacific is estimated to expand at a CAGR of 18.7% over the forecast period. Globalization of emerging economies such as India and China is anticipated to increase their potential for adopting healthcare sensor devices. Factors contributing to market growth include high penetration of internet and insurance and awareness about importance of diagnosis and prevention of chronic disorders. In addition, rising per capita healthcare expenditure, growing private hospital chains and healthcare solution manufacturers, and outsourcing of various healthcare process are driving regional market.
Key Players
Analog Devices, Inc.; Avago Technologies Ltd.; Danaher Corporation; GE Healthcare; Honeywell International, Inc.; Medtronic Plc.; Smiths Medical, Inc.; Koninklijke Philips; Proteus Digital Health; Sensirion AG; Stryker Corporation; Abbott Laboratories; Roche; Hologic; and Varian Medical System.
Market Segmentation
Product Outlook
Hand-held Diagnostic Sensors
Wellness Monitoring
Chronic Illness & At Risk-Monitoring
Patient Admission Triage
Logistical Tracking
In hospital Clinical Monitoring
Sensor Therapeutics
Post Acute Care Monitoring
Wearable Sensors
Non-disposable Wearable Sensors
Wellness Monitoring
Chronic Illness & At Risk-Monitoring
Patient Admission Triage
Logistical Tracking
In Hospital Clinical Monitoring
Sensor Therapeutics
Post Acute Care Monitoring
Disposable Wearable Sensors
Ingestible/Implantable Sensors
Wellness Monitoring
Chronic Illness & At Risk-Monitoring
Patient Admission Triage
Logistical Tracking
In Hospital Clinical Monitoring
Sensor Therapeutics
Post Acute Care Monitoring
Application Outlook
Wellness Monitoring
Chronic Illness & At Risk-Monitoring
Patient Admission Triage
Logistical Tracking
In Hospital Clinical Monitoring
Sensor Therapeutics
Post Acute Care Monitoring
Regional Outlook
North America
U.S.
Canada
Europe
Germany
U.K.
Asia Pacific
China
Japan
Middle East & Africa
South Africa
Saudi Arabia
Latin America
Mexico
Brazil
The Health Sensors market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Health Sensors market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Health Sensors market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Health Sensors market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Health Sensors market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Health Sensors capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Health Sensors by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Health Sensors market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Health Sensors market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Health Sensors market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Health Sensors industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Health Sensors market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Health Sensors market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Health Sensors market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Health Sensors market. These factors have benefited the growth of the global market for Health Sensors. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Health Sensors. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Health Sensors are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers