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Connected Biosensors - BRICS

BRICS

In 2024, the revenue in the market Connected Biosensors is projected to reach US$5.36bn.
It is anticipated that the revenue will display an annual growth rate (CAGR 2024-2029) of 6.81%, leading to a projected market volume of US$7.45bn by 2029.
The user penetration is forecasted to be 1.98% in 2024 and is expected to rise to 2.05% by 2029.
The average revenue per user (ARPU) is projected to be US$82.24.
In terms of global comparison, China is set to generate the highest revenue in this market, with an estimated amount of US$4,493.00m in 2024.
The BRICS countries (Brazil, Russia, India, China, and South_Africa) are expected to play a significant role in the growth of this market.
In Brazil, the market for connected biometric sensors in the digital health industry is experiencing rapid growth due to the country's focus on healthcare innovation and technological advancements.

Key regions: Italy, Germany, France, United Kingdom, India

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Analyst Opinion

The Connected Biosensors market in BRICS countries is witnessing significant growth and development across various sub-markets such as smart thermometers, smart blood glucose meters, smart blood pressure meters, and social alarms.

Customer preferences: Customers in BRICS countries are increasingly leaning towards connected biosensors due to the convenience they offer in monitoring health parameters remotely. The demand for smart thermometers is driven by the need for accurate and real-time temperature monitoring, especially in households with children. Smart blood glucose meters are gaining popularity among diabetic patients for their ability to provide instant readings and track data over time. Smart blood pressure meters are also in high demand as they allow users to monitor their blood pressure regularly without visiting a healthcare facility. Social alarms are becoming essential for the elderly population and individuals with chronic illnesses, providing them with a sense of security and immediate assistance in case of emergencies.

Trends in the market: In Brazil, there is a growing trend towards the adoption of smart thermometers and social alarms, driven by the increasing awareness of preventive healthcare measures. The market for smart blood glucose meters is expanding in Russia as the prevalence of diabetes rises, leading to a higher demand for convenient monitoring devices. India is experiencing a surge in the popularity of smart blood pressure meters, fueled by the rising cases of hypertension and the shift towards proactive health management. In China, all sub-markets of connected biosensors are witnessing rapid growth due to the government's initiatives to promote digital health technologies and the tech-savvy population.

Local special circumstances: In Russia, the harsh climatic conditions and vast geographical areas make remote health monitoring essential, leading to a higher adoption of connected biosensors. Brazil's diverse healthcare landscape, with a mix of public and private healthcare systems, is driving the demand for connected biosensors that can bridge the gap in healthcare access. India's large population and increasing smartphone penetration are propelling the growth of connected biosensors, especially in remote and rural areas. China's aging population and the increasing burden of chronic diseases are creating a favorable environment for the expansion of the connected biosensors market.

Underlying macroeconomic factors: The economic growth and rising disposable incomes in BRICS countries are enabling more people to invest in healthcare technology, including connected biosensors. Government initiatives to promote digital health and smart healthcare solutions are further fueling the market growth. Technological advancements, such as the integration of artificial intelligence and data analytics in connected biosensors, are enhancing their functionality and driving adoption rates in BRICS countries. The competitive landscape with both local and international players is fostering innovation and product development in the connected biosensors market in BRICS.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenues and user data of relevant mobile applications and consumer electronics companies.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, internet penetration, smartphone penetration, consumer spending, and healthcare spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.