Connected Biosensors - Taiwan

Taiwan

Highlights

The market Connected Biosensors in Taiwan is expected to achieve a revenue of US$45.06m in 2024.
This revenue is projected to experience a compound annual growth rate (CAGR) of 5.27% between 2024 and 2029, resulting in a market volume of US$58.27m by 2029.
The user penetration rate is anticipated to be 1.87% in 2024 and is predicted to increase to 1.95% by 2029.
The average revenue per user (ARPU) is expected to be US$100.60.
In comparison to other countries, China is estimated to generate the highest revenue in the Connected Biosensors, amounting to US$4.49bn in 2024.
Taiwan is at the forefront of the Connected Biometric Sensors market in the Digital Health industry, with innovative solutions and a strong focus on data security.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Connected Biosensors market in Taiwan is witnessing significant growth and evolution, driven by various factors shaping the healthcare industry in the region.

Customer preferences: Customers in Taiwan are increasingly inclined towards adopting connected biosensors due to the convenience and efficiency they offer in monitoring health parameters. The tech-savvy population in Taiwan values the integration of smart technology in healthcare devices, allowing for real-time tracking and analysis of vital signs. Moreover, the rising awareness about preventive healthcare measures is encouraging individuals to invest in smart thermometers, blood glucose meters, blood pressure meters, and social alarms to proactively manage their health.

Trends in the market: In Taiwan, there is a growing trend towards the use of smart blood glucose meters among diabetic patients. These devices provide accurate and immediate blood sugar level readings, enabling individuals to make timely adjustments to their diet and medication. Additionally, the demand for smart thermometers is on the rise, especially in households with young children or elderly family members, as these devices offer quick and precise temperature readings. The market for social alarms is also expanding in Taiwan, driven by the aging population and the need for immediate assistance in case of emergencies.

Local special circumstances: Taiwan's healthcare system is characterized by advanced medical technology and a strong focus on research and development. This environment fosters innovation in the field of connected biosensors, leading to the introduction of cutting-edge devices tailored to the specific needs of the Taiwanese population. The government's initiatives to promote digital health solutions and telemedicine further support the growth of the connected biosensors market in Taiwan.

Underlying macroeconomic factors: The favorable economic conditions in Taiwan, coupled with increasing healthcare expenditure, are contributing to the growth of the connected biosensors market. The rising disposable income levels and expanding middle-class population are driving the adoption of smart healthcare devices in the country. Furthermore, the emphasis on preventive care and remote monitoring solutions aligns with the overall healthcare trends in Taiwan, propelling the demand for connected biosensors across the region.

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.