In 2016, the global market for health sensors was valued at USD 20.5 million. The market is expected to grow at a rate of 17.0% during the forecast period. Market growth is being driven by rising demand for healthcare settings, and a growing geriatric population. Market growth is expected to be boosted by an increase in chronic diseases like obesity and diabetes.
The WHO estimates that more than 1.9 billion adults were overweight in 2014, with nearly 600 million of them obese. The prevalence of obesity has increased more than twice between 1980 and 2014. This is due to changing lifestyles.
Due to the increasing burden of chronic illnesses, at-risk monitoring and chronic illness, this application segment dominated. The forecast period will also see a lot of growth in the sensor therapeutics segment and in-hospital medical monitoring segment.
Due to the rise in geriatric populations and people with chronic conditions such as obesity, North America's health sensors market accounted for more than 36.0% of its revenue share in 2016. The World Obesity Federation estimates that there were 18.0 million obese adults in the United States in 2014. This figure is expected to rise to 25.0 million in 2025. In North America, technology has led to the development of better health sensors.
This market was dominated by the wearable sensor segment in terms of revenues in 2016. This market expansion can be attributed to wearables' advanced features, such as their ability to monitor vital parameters like blood pressure and heart beat. These devices are reliable, accurate, and durable.
Due to the high prevalence of obesity, diabetes, cardiovascular disease, and other conditions, wearable sensors devices are expected to be in demand. Based on long-term records, data from these devices can be used to predict heart attack risk. These devices also send out health updates and suggest exercise routines to avoid an acute episode.
The implantable/ingestible segment is anticipated to grow at a CAGR of 17.5% over the forecast period. Companies are joining forces with other companies to start Research and Development (R&D). Propeller Health, a respiratory management company, teamed up with Novartis to place a sensor onto Novartis' Breezhaler. The device will track and provide reports to connected apps about drug inhaled. It can also compute compliance and medication adherence. Collaboration like this, are anticipated to propel growth of the ingestible/implantable segment over the forecast period.
The classification of health sensors is based on their application to wellness monitoring, chronic disease and at-risk-monitoring. Patient admission triage, logistical track, in-hospital clinical monitoring, sensor therapeutics and post-acute care monitors. In 2016, the market share for chronic illness and at risk monitoring was the largest. It is expected that it will continue to dominate the market over the forecast period. This can be attributed to the rising incidence of diseases and increased demand for point-of care testing.
From 2017 to 2025, wellness monitoring is expected to grow at a rate of more than 27.0%. The digital monitoring of wellness indicators and monitoring them using smart devices like Fitbit and Apple Watch is what Fitbit intends to apply for U.S. Food and Drug Administration approval for its Ionic Smartwatch. This product will be used to screen for atrial fibrillation after approval. Many cancer research centers will likely use data from Fitbit devices to monitor patients.
The market can be divided by region into North America and Europe, Asia Pacific, Latin America and the Middle East & Africa. 2016 saw North America dominate the global market in terms revenue. This can be attributed to the existence of structured approval processes that are streamlined. According to the World Bank, per capita U.S. healthcare spending was USD 7,845 in 2008, and it is expected to rise to USD 11,193 by 2018. The market expansion is being impacted by the 29.91% increase in per capita healthcare spending. In North America, the demand for sensors for health is expected to continue growing in the near future.
Asia Pacific is expected to grow at 18.7% CAGR over the forecast period. The potential adoption of healthcare sensor devices by emerging economies like India and China will increase with the globalization of these countries. Market growth is due to high penetration of the internet and insurance, as well as awareness of the importance of diagnosing and preventing chronic diseases. Regional market growth is also driven by rising per capita healthcare spending, expanding private hospitals chains, healthcare solution manufacturers, as well as outsourcing of various healthcare processes.
It is highly competitive and key players are able to launch innovative products. The market has a high growth rate, with key players investing in R&D and launching new products or technologically upgrading existing products to increase their product portfolios. Over the forecast period, market competition will be fueled by players' focus on patent products. Industry rivalry will be maintained by the efforts of dominant players to make acquisitions and to form strategic alliances in order to tap into lucrative markets within emerging countries.
Analog Devices, Inc., Avago Technologies Ltd., Danaher Corporation, GE Healthcare, Honeywell International, Inc., and Medtronic Plc are some of the major players in the industry. ; Smiths Medical, Inc., Koninklijke Philips, Proteus Digital Health, Sensirion AG, Stryker Corporation, Abbott Laboratories, Roche; Hologic, and Varian Medical System.
This report predicts revenue growth at the global, regional, and country level and analyzes industry trends for each sub-segment from 2014 to 2025. Grand View Research segmented the global market for health sensors by product, region, and application.
Product Outlook (Revenue USD Million, 2014-2025)
Hand-held Diagnostic Sensors
Wellness Monitoring
Chronic Illness and At-Risk Monitoring
Patient Admission Triage
Logistical tracking
In-hospital Clinical Monitoring
Sensor Therapeutics
Post Acute Care Monitoring
Wearable Sensors
Non-disposable Wearable Sensors
Wellness Monitoring
Chronic Illness and At-Risk Monitoring
Patient Admission Triage
Logistical tracking
In Hospital Clinical Monitoring
Sensor Therapeutics
Post Acute Care Monitoring
Disposable Wearable Sensors
Ingestible/Implantable Sensors
Wellness Monitoring
Chronic Illness and At-Risk Monitoring
Patient Admission Triage
Logistical tracking
In Hospital Clinical Monitoring
Sensor Therapeutics
Post Acute Care Monitoring
App Outlook (Revenue USD Million, 2014-2025)
Wellness Monitoring
Chronic Illness and At-Risk Monitoring
Patient Admission Triage
Logistical tracking
In Hospital Clinical Monitoring
Sensor Therapeutics
Post Acute Care Monitoring
Regional Outlook (Revenue USD Million, 2014-2025)
North America
U.S.
Canada
Europe
Germany
U.K.
Asia Pacific
China
Japan
Middle East & Africa
South Africa
Saudi Arabia
Latin America
Mexico
Brazil
Up Market Research published a new report titled “Health Sensors Market research report which is segmented by Product (Ingestible/Implantable, Wearable), by Application (Sensor Therapeutics, Wellness Monitoring), By Players/Companies Avago Technologies Ltd, Stryker Corporation, Danaher Corporation, Proteus Digital Health, Roche, Analog Devices, Inc, Smiths Medical, Koninklijke Philips, Honeywell International, Medtronic Plc, Inc, Abbott Laboratories, Sensirion AG, GE Healthcare, Varian Medical System, Hologic, Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Health Sensors Market Research Report |
By Product | Ingestible/Implantable, Wearable |
By Application | Sensor Therapeutics, Wellness Monitoring |
By Companies | Avago Technologies Ltd, Stryker Corporation, Danaher Corporation, Proteus Digital Health, Roche, Analog Devices, Inc, Smiths Medical, Koninklijke Philips, Honeywell International, Medtronic Plc, Inc, Abbott Laboratories, Sensirion AG, GE Healthcare, Varian Medical System, Hologic, Inc |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 217 |
Number of Tables & Figures | 152 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Product (Ingestible/Implantable, Wearable), by Application (Sensor Therapeutics, Wellness Monitoring).
Health Sensors Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Health Sensors Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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