Connected Biosensors - Worldwide

Worldwide

Highlights

The Connected Biosensors is set to experience significant growth worldwide.
According to projections, the revenue in this sector is expected to reach US$14.63bn by 2024.
Furthermore, the market is anticipated to exhibit a steady annual growth rate of 5.70% (CAGR 2024-2029), resulting in a projected market volume of US$19.30bn by 2029.
With regards to user penetration, it is estimated to be 2.05% in 2024 and is projected to increase to 2.12% by 2029.
This indicates a gradual expansion of the customer base in the Connected Biosensors.
When it comes to the average revenue per user (ARPU), the expected value is US$92.05.
This metric provides insight into the average amount of revenue generated per individual user in the market.
In terms of global comparison, China is anticipated to generate the most revenue in the Connected Biosensors.
It is projected that China will contribute US$4.49bn in revenue in 2024.
This highlights the significant market potential withChina for connected biometric sensors.
Worldwide, the demand for connected biometric sensors in the digital health market is rapidly increasing due to the growing need for remote patient monitoring and personalized healthcare solutions.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Connected Biosensors market is experiencing significant growth and innovation driven by technological advancements and increasing awareness about health monitoring devices.

Customer preferences: Customers are increasingly looking for convenient and efficient ways to monitor their health in real-time, leading to a rise in demand for smart biosensors such as thermometers, blood glucose meters, blood pressure meters, and social alarms. The convenience of having access to health data on smartphones and other devices is a key factor driving customer preferences in the market.

Trends in the market: In the United States, the Connected Biosensors market is witnessing a surge in adoption due to the growing prevalence of chronic diseases and the shift towards proactive healthcare management. Smart blood glucose meters are particularly popular among diabetic patients for their ease of use and accurate monitoring capabilities. Additionally, the integration of biosensors with telehealth services is a notable trend, allowing for remote monitoring and timely intervention.

Local special circumstances: In China, the Connected Biosensors market is booming as the country embraces digital health solutions and wearable technologies. Smart thermometers are in high demand, especially among parents looking to monitor their children's health more effectively. The government's support for digital health initiatives and the increasing focus on preventative healthcare are creating a conducive environment for the growth of the biosensors market in China.

Underlying macroeconomic factors: In Europe, the Connected Biosensors market is expanding rapidly due to the aging population and the rising healthcare costs. Smart blood pressure meters are gaining traction among the elderly population for their ability to provide continuous monitoring and early detection of potential health issues. The push towards remote patient monitoring and the emphasis on personalized healthcare are driving the adoption of biosensors across various European countries.

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.