The global health sensors market size is expected to reach $ 83.2 billion by 2025, according to a report by Grand View Research, Inc., expanding at a CAGR of 17.0% during the forecast period. Rising geriatric population and burden of chronic diseases are the key factors of positive market growth.
Reduced physical activities and increased consumption of unhealthy foods disturb the hormonal and cholesterol levels. Moreover, this leads to a rise in cardiac conditions. According to the WHO, in 2012, approximately 17.5 million people in the world died because of cardiovascular diseases. Thus, demand for better monitoring and management of this disease is increasing. These sensors, are anticipated to help in the management of chronic diseases, as they can monitor, record, and transmit vital signs of the patient. These sensors can therefore help in therapeutics, measuring the amount of drug absorbed in the body.
Growing geriatric population worldwide is expected to drive the market growth during the forecast period. According to the National Institutes of Health (NIH), in 2010, the number of people aged 65 or more was around 524 million. It constituted about 8.0% of total population and is estimated to be 1.5 billion by 2050, accounting for around 16.0% of global population. Health sensors help reduce healthcare spending by remotely monitoring disease progression and sending out medical alerts in an emergency situation.
Hospitals and other settings charge high for diagnosis and testing. To avoid this, people use home-based medical sensors as glucose monitoring and pregnancy kits. These home-based medical sensors offer faster results. Home-based testing kits are also cost-effective and easy to operate.
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Further key findings from the report suggest:
- The ingestible / implantable sensors segment is projected to ascend at a CAGR of 17.5% over the forecast period
- Chronic illness and at-risk monitoring application dominated by a global market share of over 18.0% in 2016
- The US health sensors market is anticipated to exceed USD 22.0 billion by 2025
- Asian countries, especially India and China are expected to observe a remarkable growth in next five years
- The health sensors market is oligopolistic and competitive in nature due to the launch of innovative products
- Some of the key companies present in the market are Analog Devices, Inc .; Avago Technologies Ltd .; Danaher Corporation; GE Healthcare; Honeywell International, Inc .; Medtronic Plc .; Smiths Medical, Inc .; Koninklijke Philips; Proteus Digital Health; Sensirion AG; Stryker Corporation; Abbott Laboratories; Roche; Hologic; and Varian Medical Systems.
Grand View Research at: https://www.grandviewresearch.com/industry/medical-devices
Grand View Research has segmented the global health sensor market on the basis of product, application, and region:
Health Sensors Products Outlook (Revenue, USD Million, 2014 – 2025)
- Hand-held Diagnostic Sensors
- Wearable sensors
- Ingestible / Implantable Sensors
Health Sensors Application Outlook (Revenue, USD Million, 2014 – 2025)
- Wellness monitoring
- Chronic Illness & At Risk Monitoring
- Patient Admission Triage
- Logistic tracking
- In Hospital Clinical Monitoring
- Sensor Therapeutics
- Post Acute Care Monitoring
Health Sensors Regional Outlook (Revenue, USD Million, 2014 – 2025)
- North America
- US.
- canada
- europe
- germany
- UK.
- Asia Pacific
- China
- Japan
- Middle East & Africa
- South Africa
- Saudi Arabia
- Latin America
- mexico
- brazil
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