Market Overview
The health sensor market share is
projected to grow from USD 48.9 Billion in 2023 to USD 190.3 Billion by 2032,
exhibiting a CAGR of 18.50% during the forecast period (2023 - 2032).
Competitive Analysis
Health
Sensors market report players, including Analog Devices Inc., Avago
Technologies Ltd., Danaher Corp., GE Healthcare, Honeywell International Inc.,
Medtronic Plc, Smith’s Medical Inc., Koninklijke Philips, Sensirion AG, Stryker
Corp., Abbott Laboratories, Roche, Hologic, and Varian Medical System, are
attempting to increase market demand by investing in research and development
operations.
Market Dynamics
Technology improvements are related to the
increase in the prevalence of chronic diseases, the need for constant
monitoring, and the tracking of health data. As the global burden of chronic
diseases grows, so too will the need for health sensors. The growth of the Health Sensors
Market is being fueled by a number of factors,
including technological progress, the increasing prevalence of chronic
diseases, the growing need for constant monitoring, and the growing need to
keep track of health data.
An advent in people's interest in recording
and tracking information about their health habits is expected to boost
industry growth, as the personal informatics movement initially gained
popularity with the release of mobile apps that made it simpler for people to
keep track of miles run, calories consumed per day, among other things. Health sensors that detect things like body
temperature, heart rate, pulse, heat flux, and galvanic skin responses are
becoming increasingly available from a variety of companies. That's why there's
been a recent uptick in inquiries for health data monitoring.
The personal informatics movement rose to
prominence initially due to the proliferation of mobile applications that
simplified the process of recording and monitoring health-related data, such as
the number of steps taken each day or the number of calories consumed. As more
and more devices with built-in accelerometers and sensors have been released,
consumers no longer need to manually enter data.
Market Segmentation
By application, the chronic illness &
at risk-monitoring segment accounted for the largest revenue share in
2022.
By product, the wearable sensors segment
dominated the Health
Sensors Market Overview in 2022.
Regional Analysis
In 2022, 45.80% of the health sensors
market was in North America. This is because of the country's advanced
healthcare system, large healthcare spending, prevalence of monopolistic
enterprises, and rapid adoption of innovative medical technologies. North
America is a major player in the global market for health sensors.
In 2022, the health sensor market in Europe
was thriving. Growth in the necessity for emergency treatment and the
utilization of mobile surgery centers are expected to propel the market
throughout the forecast time frame. Not only did Germany dominate the health
sensors business, but the United Kingdom's was the most dynamic in Europe.
Between 2023 and 2032, the market for
health sensors in Asia and the Pacific is projected to expand at a rapid clip.
The rising incidence of cardiovascular disease in Asia and the Pacific has
increased demand for health sensor technology in the region. Moreover, China
and India are the worst-affected countries because they have the highest
diabetes prevalence worldwide.
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