How Is The Global Health Sensors Market Defined?
Health sensors refer to devices that are used to monitor various physiological parameters or health-related data in individuals. The sensors can be worn on the body or incorporated into everyday objects, and they typically measure things such as heart rate, blood pressure, body temperature, oxygen saturation, glucose levels, and activity levels. Health sensors are used in healthcare settings for monitoring patients' health status, diagnosing medical conditions, and managing chronic diseases.
Health Sensors Global Market Report 2024 provides data on the global health sensors market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The health sensors market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Health Sensors Market Size And Annual Growth Rates?
The health sensors market has seen rapid expansion, growing from $50.82 billion in 2023 to an estimated $60.73 billion in 2024, achieving a CAGR of 19.5%. This growth is linked to educational initiatives, cost-saving measures in healthcare through early detection, and the expansion of consumer electronics that integrate health sensors. These devices have enhanced data management with electronic health records and improved sensor reliability for critical applications. Future projections show the market reaching $124.36 billion by 2028 with a CAGR of 19.6%, fueled by increased government initiatives, stringent regulatory demands, economic growth in emerging regions, and rising cases of lifestyle-related diseases. Emerging trends include the development of fabric-integrated sensors, advanced predictive health analytics, and innovations in biotechnology for tailored healthcare solutions.
Which Key Drivers Are Propelling The Health Sensors Market's Growth?
The shift towards home-based healthcare services is anticipated to stimulate the health sensors market. Home-based healthcare encompasses a variety of medical and non-medical services delivered at home to aid recovery, manage chronic illnesses, or assist with daily living activities. This trend is rising due to factors such as an aging population, cost-effectiveness, technological advancements, and a preference for independence. Health sensors are crucial in this domain, enabling remote monitoring of health parameters, improving care quality, and enhancing patient outcomes. For instance, in August 2022, Statistics Canada reported that in 2021, 6% of Canadian households used formal home care services, with almost half receiving home health care. This growth in home-based healthcare is driving the expansion of the health sensors market.
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What Are The Key Segments Within The Global Health Sensors Market?
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
How Are New Trends Impacting The Size Of The Health Sensors Market?
Key players in the health sensors market are advancing continuous glucose monitoring (CGM) systems to provide real-time glucose level tracking for diabetes management. CGM systems are medical devices that measure glucose levels in interstitial fluid continuously. For instance, in October 2022, Abbott Laboratories, a US-based healthcare company, launched the FreeStyle Libre 3 system. This CGM system eliminates the need for routine fingerstick tests and provides continuous glucose monitoring for individuals aged four and above. It includes real-time glucose alarms, supports data sharing with healthcare providers, and is compatible with certain mobile devices via its app. Eligible patients may receive one sensor at no cost under specific Medicare coverage criteria.
Which Region Drives The Highest Growth In The Health Sensors Market?
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.
