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.
Sizing and Forecast
The health sensors market size has grown rapidly in recent years. It will grow from $50.82 billion in 2023 to $60.73 billion in 2024 at a compound annual growth rate (CAGR) of 19.5%. The growth in the historic period can be attributed to educational initiatives, health sensors help in managing healthcare costs by enabling early detection and intervention, expansion of the consumer electronics market, health sensors that can integrate with EHR systems have streamlined patient data management and continuous improvements in sensor accuracy and reliability have increased their adoption in critical health applications.
The health sensors market size is expected to see rapid growth in the next few years. It will grow to $124.36 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The growth in the forecast period can be attributed to increasing government initiatives for the adoption of mHealth products, stringent regulatory requirements driving innovation in sensor accuracy and reliability, economic growth in emerging markets boosting healthcare spending, rise in lifestyle diseases requiring continuous monitoring and implementation of corporate wellness programs encouraging health sensor usage. Major trends in the forecast period include environmental sensors for health monitoring, enhanced data analytics and predictive health insights, innovation in fabric-integrated sensors, tailored healthcare solutions, and advances in biotechnology.
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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
The shift towards home-based healthcare services is expected to propel the growth of the health sensors market going forward. Home-based healthcare services refer to a range of medical and non-medical services provided to individuals in their own homes to promote recovery, manage chronic illness, or assist with activities of daily living. Home-based healthcare services are on the rise due to an aging population, cost-effectiveness, advancements in technology, and preference for independence. Health sensors help home-based healthcare services by enabling remote monitoring of vital signs and health parameters, improving the quality of care and patient outcomes. For instance, in August 2022, Statistics Canada, a government agency, reported that in 2021, among the 6% of Canadian households that utilized formal home care in the preceding 12 months, nearly half (48%) received only home health care, almost one-third (32%) received only support home care, and 20% received both types of care. Therefore, the shift towards home-based healthcare services is driving the growth of the health sensors market.
Key Industry Players
Major companies operating in the health sensors market are Apple Inc., Samsung Electronics Co. Ltd., Johnson & Johnson, Abbott Laboratories, Medtronic plc, Nokia Corporation, Texas Instruments Incorporated, Koninklijke Philips N.V., Strykar Healthcare, GE HealthCare Technologies Inc., STMicroelectronics, Boston Scientific Corporation, Analog Devices Inc. , OMRON Healthcare Inc. , Garmin Ltd., Smiths Group plc, Dexcom Inc., Masimo Corporation, Nihon Kohden Corporation, Google Fitbit, Nonin, Sotera Inc. , Empatica Inc., AliveCor Inc. , Shimmer Sensing
The health sensors market report table of contents includes:
1. Executive Summary
2. Health Sensors Market Characteristics
3. Health Sensors Market Trends And Strategies
4. Health Sensors Market – Macro Economic Scenario
5. Global Health Sensors Market Size and Growth
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32. Global Health Sensors Market Competitive Benchmarking
33. Global Health Sensors Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Health Sensors Market
35. Health Sensors Market Future Outlook and Potential Analysis
36. Appendix
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