Global Health Sensors Market revenue was US$ 26.0 billion in 2022 and is estimated to attain a valuation of US$ 59.4 billion by 2031, growing at a CAGR of 9.91% during the forecast period from 2023 to 2031.
The global health sensors market has experienced tremendous growth in demand. This rise is due to the increasing prevalence of chronic diseases, expanding older population, and rising fitness preferences. As healthcare organizations improve services in the present complex healthcare environment, the need for sophisticated and precise monitoring systems increases.
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The rising incidence of chronic diseases and their mounting strain on the world’s healthcare systems drive the demand for health sensors. Global health challenges include chronic diseases like diabetes, cardiovascular disease, lung disease, and neurological problems. For instance, according to the WHO, chronic diseases like cancer, diabetes, cardiovascular disease, and respiratory ailments will be responsible for 86% of the 90 million deaths worldwide by 2050. The importance of health sensors in solving this expanding healthcare challenge is highlighted by chronic diseases being a global problem.
Growing awareness of fitness and health has led to an increase in the demand for health sensors. Globally, consumers are increasingly inclined to buy portable and wearable technology to keep track of their health. Such gadgets are increasingly in demand in hospitals, clinics, and home care settings. The abrupt global spread of the coronavirus is to blame for the increase in sales of diagnostic and monitoring tools. For instance, in April 2023, Honeywell stated that the company would develop an AI-based real-time health monitoring system. This device, which incorporates health sensors, can take and record patients’ vital signs inside the hospital and from a distance.
Technological Advancement: An Emerging Trend for the Market
The fusion of artificial intelligence (AI) and machine learning (ML) technologies is a significant development in the global health sensors market. Utilizing these technologies will increase the capabilities of health sensors and better patient outcomes.
The effectiveness of a smartphone app driven by artificial intelligence (AI) that can correctly detect tuberculosis, a common disease in India, was highlighted in a study published in the journal PLOS ONE. The software was an invaluable tool for early diagnosis in situations with limited resources because it had an accuracy rate of 85% when compared to conventional laboratory methods.
For instance, the Google Pixel 2 Watch has three new sensors. The multi-path heart monitoring sensor now provides readings from numerous wrist locations, enhancing accuracy by up to 40%. Additionally, stress and temperature sensors have been integrated, giving users access to information and suggestions for managing stress. The Pixel Watch 2’s Fitbit app has been redesigned. The app will provide new features to improve user experience by utilizing AI.
As a result, AI-powered health sensors can recognize and adjust to unique user patterns, enabling more precise and customized monitoring. Healthcare delivery innovation and efficiency are likely to be boosted by the use of AI and ML in health sensors.
Wearable Design Healthcare Sensor Generated 44% of Market Revenue Share
In 2022, wearables accounted for over 43.9% of market revenue, and this dominance is likely to continue from 2023 to 2031. The increased focus on personal health and fitness as well as the use of cutting-edge sensor technology are driving up demand for wearable health sensors.
Due to the consumer preference for comfort, mobility, and user-friendliness, wearables dominate the industry. For instance, in September 2023, the Netherlands-based research and development company TNO announced that AIKON Health, a new digital health business, had been established. The subsidiary’s primary area of focus will be managing chronic care, starting with heart monitoring.
Similarly, in July 2023, Noise introduced the first Smart Ring to solidify its dominance in the field of health wearables. Designed to spark a radical lifestyle change, Luna Ring will improve the smart wearable experience by enhancing daily performance and recording over 70 metrics with best-in-class capabilities.
As a result of these benefits, the demand for wearable sensors will increase in the coming years.
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North America Contributed 40% Revenue Share to the Market
With a 40% revenue share, North America dominates the global health sensors market. The region is anticipated to maintain its market dominance during the forecast period. This is a result of several factors, including the high frequency of chronic diseases, the use of innovative healthcare technologies, the encouragement of government programs, and increased consumer awareness of health monitoring.
In the United States, chronic diseases are a major cause for concern. According to the Centers for Disease Control and Prevention (CDC), four out of ten Americans and approximately six out of ten Americans have two or more chronic diseases. Health sensors are in high demand because of their capacity to offer continuous monitoring and early detection of health issues, which is a result of the increased prevalence of chronic diseases.
The demand for health sensors in North America is greatly affected by the government’s policies and regulations. Through a number of initiatives and legislation, the U.S. government has been aggressively encouraging the adoption of digital health technologies. For instance, the Centers for Medicare and Medicaid Services (CMS) has put in place payment plans to encourage telehealth and remote patient monitoring services, which promotes the use of health sensors in the provision of medical treatment.
A high level of healthcare spending, a tech-savvy populace, rising smartphone penetration, and a strong presence of health tech startups and firms driving innovation in the industry are other reasons contributing to North America’s supremacy in the health sensors market.
Some of the Prominent Players Profiled in the Report are:
- Abbott Laboratories
- Amphenol Corporation
- Honeywell International Inc.
- Medtronic Plc
- Stryker Corporation
- Danaher Corporation
- Analog Devices Inc.
- GE Healthcare
- Other major players
The global health sensors market segmentation focuses on Sensor Type, Design, Application, End-Users, Sales Channel, and Region.
By Sensor Type
- Temperature Sensors
- Pressure Sensors
- Blood Glucose Sensors
- Blood Oxygen Sensors
- Medical Devices
- Portable Devices
- Body Worn
- Home Healthcare Monitoring
- Point of Care Diagnostics
- Chronic Illness and At-Risk Monitoring
- Hospital Clinical Monitoring
- Post-Acute Care Monitoring
By End Users
- Medical Device
- Consumer Electronic
By Sales Channel
- North America
- The U.S.
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Western Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
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