Connected Biosensors - CIS

CIS

Highlights

The market Connected Biosensors is projected to generate a revenue of US$368.60m in the year 2024.
It is expected to experience a steady annual growth rate (CAGR 2024-2029) of 6.94%, resulting in a projected market volume of US$515.50m by the year 2029.
In terms of user penetration, it is estimated to be 1.57% in 2024 and is projected to reach 1.68% by 2029.
The average revenue per user (ARPU) is expected to be US$96.42.
When compared to other countries, China is anticipated to generate the highest revenue in this market, amounting to US$4.49bn in the year 2024.
CIS is experiencing a surge in the adoption of connected biometric sensors in the digital health market, revolutionizing healthcare access and patient monitoring.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Connected Biosensors market in CIS is experiencing significant growth and development, driven by various factors influencing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Consumers in CIS countries are increasingly leaning towards connected biosensors due to the convenience and efficiency they offer in monitoring health parameters. The demand for smart thermometers, smart blood glucose meters, smart blood pressure meters, and social alarms is on the rise as individuals prioritize proactive health management. The ease of use, real-time data tracking, and connectivity features of these devices resonate well with tech-savvy customers looking to take charge of their well-being.

Trends in the market: In the CIS region, there is a noticeable trend towards the adoption of connected biosensors in both urban and rural areas. Smart thermometers are gaining popularity for their accuracy and remote monitoring capabilities, particularly in regions with harsh climates. Smart blood glucose meters are witnessing increased uptake among individuals with diabetes, as they provide quick and reliable glucose level readings. Moreover, smart blood pressure meters are becoming essential for managing hypertension, driving their sales in the market. The demand for social alarms is also growing, especially among the elderly population and individuals living alone, contributing to the overall growth of the connected biosensors market in CIS.

Local special circumstances: CIS countries exhibit unique healthcare landscapes and demographic profiles that influence the adoption of connected biosensors. With an aging population and a growing prevalence of chronic diseases, there is a pressing need for continuous health monitoring solutions. The vast geographical expanse of the region also underscores the importance of remote health management tools like connected biosensors, enabling individuals in remote areas to access quality healthcare services. Additionally, government initiatives promoting digital health technologies further propel the market growth in CIS.

Underlying macroeconomic factors: The economic stability and increasing disposable income in CIS countries play a pivotal role in the expansion of the connected biosensors market. As more consumers have the purchasing power to invest in healthcare devices, the market experiences a boost in sales. Furthermore, technological advancements and innovation in the healthcare sector drive the development of advanced connected biosensors, attracting both consumers and investors. The evolving regulatory environment and growing awareness about preventive healthcare measures also contribute to the positive trajectory of the market in CIS.

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.