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Connected Biosensors - North America

North America

The North American market, Connected Biosensors, is projected to reach a revenue of US$2.41bn by 2024.
Analysts expect the market to demonstrate a steady annual growth rate (CAGR 2024-2029) of 3.77%, resulting in a projected market volume of US$2.90bn by 2029.
In terms of user penetration, it is anticipated to be 3.39% in 2024 and is expected to increase to 3.46% by 2029.
The average revenue per user (ARPU) is predicted to amount to US$139.60.
When comparing with other countries globally, China is expected to generate the most revenue in the Connected Biosensors, with US$4,493.00m in 2024.
North America remains at the forefront of the Connected Biometric Sensors market, with innovative solutions driving advancements in digital health.

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

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Analyst Opinion

The Connected Biosensors market in North America is experiencing significant growth and evolution, driven by various factors shaping customer preferences and market trends.

Customer preferences: Customers in North America are increasingly inclined towards smart healthcare devices that offer convenience, accuracy, and real-time health monitoring. The demand for connected biosensors such as smart thermometers, smart blood glucose meters, smart blood pressure meters, and social alarms is on the rise as individuals seek more control over their health and wellness. The preference for wearable and connected devices that seamlessly integrate with smartphones and other digital platforms is driving the adoption of these advanced biosensors in the region.

Trends in the market: In North America, the market for connected biosensors is witnessing a trend towards more personalized and proactive healthcare solutions. Smart thermometers that can track and analyze temperature data over time are gaining popularity among parents and caregivers. Smart blood glucose meters with features like cloud connectivity and data sharing are becoming essential tools for individuals managing diabetes. Similarly, smart blood pressure meters that offer continuous monitoring and personalized insights are in high demand among the aging population. The integration of social alarms with smart home systems for emergency assistance is also a growing trend in the region.

Local special circumstances: North America's advanced healthcare infrastructure, tech-savvy population, and increasing focus on preventive healthcare are special circumstances that are fueling the growth of the connected biosensors market. The region's strong regulatory environment and high awareness about the benefits of digital health solutions are creating a conducive ecosystem for the adoption of these innovative devices. Additionally, the presence of major technology companies and healthcare providers investing in connected health technologies is further driving market growth and innovation in North America.

Underlying macroeconomic factors: The growing prevalence of chronic diseases, aging population, and rising healthcare costs are key macroeconomic factors driving the demand for connected biosensors in North America. The shift towards value-based care, remote patient monitoring, and telehealth services is also influencing the adoption of smart healthcare devices in the region. Moreover, the increasing focus on data privacy and security regulations is shaping the development of connected biosensors that prioritize user data protection and compliance with healthcare standards in North America.

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.