The health sensors global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Health Sensors Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – The health sensors market size has grown rapidly in recent years. It will grow from $50.82 billion in 2023 to $60.73 billion in 2024 at a compound annual growth rate (CAGR) of 19.5%. The growth in the historic period can be attributed to educational initiatives, health sensors help in managing healthcare costs by enabling early detection and intervention, expansion of the consumer electronics market, health sensors that can integrate with EHR systems have streamlined patient data management and continuous improvements in sensor accuracy and reliability have increased their adoption in critical health applications.
The health sensors market size is expected to see rapid growth in the next few years. It will grow to $124.36 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The growth in the forecast period can be attributed to increasing government initiatives for the adoption of mHealth products, stringent regulatory requirements driving innovation in sensor accuracy and reliability, economic growth in emerging markets boosting healthcare spending, rise in lifestyle diseases requiring continuous monitoring and implementation of corporate wellness programs encouraging health sensor usage. Major trends in the forecast period include environmental sensors for health monitoring, enhanced data analytics and predictive health insights, innovation in fabric-integrated sensors, tailored healthcare solutions, and advances in biotechnology.
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Scope Of Health Sensors Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Health Sensors Market Overview
Market Drivers -The shift towards home-based healthcare services is expected to propel the growth of the health sensors market going forward. Home-based healthcare services refer to a range of medical and non-medical services provided to individuals in their own homes to promote recovery, manage chronic illness, or assist with activities of daily living. Home-based healthcare services are on the rise due to an aging population, cost-effectiveness, advancements in technology, and preference for independence. Health sensors help home-based healthcare services by enabling remote monitoring of vital signs and health parameters, improving the quality of care and patient outcomes. For instance, in August 2022, Statistics Canada, a government agency, reported that in 2021, among the 6% of Canadian households that utilized formal home care in the preceding 12 months, nearly half (48%) received only home health care, almost one-third (32%) received only support home care, and 20% received both types of care. Therefore, the shift towards home-based healthcare services is driving the growth of the health sensors market.
Market Trends – Major companies operating in the health sensors market are developing continuous glucose monitoring (CGM) systems to provide real-time glucose monitoring for individuals with diabetes. Continuous glucose monitoring (CGM) systems are medical devices that provide real-time measurements of glucose levels in the interstitial fluid. For instance, in October 2022, Abbott Laboratories, a US-based healthcare company, launched FreeStyle Libre 3 system. The FreeStyle Libre 3 system is a continuous glucose monitoring (CGM) solution suitable for individuals aged 4 and above with diabetes, offering continuous glucose monitoring capabilities without the need for routine fingerstick tests, while also providing Medicare coverage subject to specific criteria and offering eligible patients one sensor at no cost, compatible with certain mobile devices through its app, featuring real-time glucose alarms, facilitating data sharing with healthcare providers, requiring a prescription for use.
The health sensors market covered in this report is segmented –
1) By Product: Hand Held Diagnostic Sensors, Wearable Sensors, Ingestible Or Implantable Sensors
2) By Application: Chronic Illness And At Risk-Monitoring, Wellness Monitoring, Patient Admission Triage, Logistical Tracking, In Hospital Clinical Monitoring, Sensor Therapeutics, Post-Acute Care Monitoring, Other Applications
3) By End User: Hospitals And Clinics, Long-Term Care Centers And Nursing homes, Home Care Settings, Other End Users
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Regional Insights – North America was the largest region in the dominated market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the health sensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies operating in the health sensors market are Apple Inc., Samsung Electronics Co. Ltd., Johnson & Johnson, Abbott Laboratories, Medtronic plc, Nokia Corporation, Texas Instruments Incorporated, Koninklijke Philips N.V., Strykar Healthcare, GE HealthCare Technologies Inc., STMicroelectronics, Boston Scientific Corporation, Analog Devices Inc. , OMRON Healthcare Inc. , Garmin Ltd., Smiths Group plc, Dexcom Inc., Masimo Corporation, Nihon Kohden Corporation, Google Fitbit, Nonin, Sotera Inc. , Empatica Inc., AliveCor Inc. , Shimmer Sensing
Table of Contents
1. Executive Summary
2. Health Sensors Market Characteristics
3. Health Sensors Market Trends And Strategies
4. Health Sensors Market – Macro Economic Scenario
5. Global Health Sensors Market Size and Growth
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32. Global Health Sensors Market Competitive Benchmarking
33. Global Health Sensors Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Health Sensors Market
35. Health Sensors Market Future Outlook and Potential Analysis
36. Appendix
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