SAN FRANCISCO, Sept. 5, 2022 /PRNewswire/ -- The global health sensors market size is anticipated to reach USD 142.18 billion by 2030, registering a CAGR of 18.53% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to grow due to the increasing geriatric population, growing inclination towards fitness, and increasing prevalence of chronic diseases. In the current complex healthcare environment, the need for advanced and accurate monitoring systems increases as healthcare organizations progress to provide better services. Health sensors is continuously evolving from ad-hoc to continuous monitoring to provide accurate data to clinicians to make treatment decisions.
Key Industry Insights & Findings from the report:
The wearable health sensors allow for long-term patient monitoring and care at home for COVID-19 patients.
They have also demonstrated the potential to have a substantial impact in a number of ways on the data that are accessible for clinical trials & medical researchers.
For instance, Honeywell unveiled a new wearable device in May 2018 that enables its employees to obtain trustworthy information in real time and is expected to improve the efficiency and safety of the workplace.
The chronic illness & at risk-monitoring application segment dominated the market in 2021 due to the increased prevalence of chronic disorders and awareness regarding advanced products.
The wearable sensors product segment accounted for the maximum revenue share in 2021 due to advanced features of these products, such as ability to monitor vital parameters like heart rate and blood pressure. Moreover, these devices are highly accurate, durable, and reliable.
Asia Pacific is estimated to register the highest CAGR over the forecast period. Increasing disposable income, growing awareness levels, and rising incidence rate of chronic conditions are few factors promoting the region's growth.
Read 110 page market research report, "Health Sensors Market Size, Share & Trends Analysis Report By Application (Wellness Monitoring, Chronic Illness & At Risk-Monitoring), By Product (Implantable/Ingestible, Wearable), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Health Sensors Market Growth & Trends
The main focus of hospitals and healthcare providers is to get reliable data and lower-cost devices, which is considered the first step toward technological advancement. Moreover, technological advancements in health sensors devices can support clinicians in identifying patients with high risk of disease, which is anticipated to spur industry growth. For instance, in January 2021, Biosticker is a highly on-body advanced sensor that allows effortless monitoring of vital signs and actionable insights provided to clinicians from patients in hospitals or homecare settings, which can create a unique opportunity for the early detection of complications. As a result of this, the industry is expected to grow.
The COVID-19 outbreak is expected to have a positive impact on the overall industry. This is due the factors, such as high product demand to remotely monitor the health status of patients infected with coronavirus or self-quarantined individuals taking treatment in a personal room, to reduce the transmission rate of COVID-19 infectious among the caregivers, surgeons, patients of other diseases, and hospital management personnel as wearable technology enables the caregivers & surgeons to check patients in real-time, and others. The coronavirus outbreak has also compelled a complete reassessment of clinical trial design. The use of wearables in decentralized clinical trials is one area with significant potential (DCTs).
Health Sensors Market Segmentation
Grand View Research has segmented the global health sensors market on the basis of application, product, and region:
Health Sensors Market - Application Outlook (Revenue, USD Million, 2018 - 2030)
Chronic Illness & At Risk-monitoring
Patient Admission Triage
In-hospital Clinical Monitoring
Post-acute Care Monitoring
Health Sensors Market - Product Outlook (Revenue, USD Million, 2018 - 2030)
Handheld Diagnostic Sensors
Health Sensors Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
Middle East & Africa (MEA)
List of Key Players of Health Sensors Market
Analog Devices Inc.
Avago Technologies Ltd.
Honeywell International Inc.
Smith's Medical Inc.
Varian Medical System
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Biosensors Market - The global biosensors market size is anticipated to reach USD 49.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.0% from 2022 to 2030. The primary driving reasons for market growth are many applications in the medical/healthcare sector, increased demand in the bioprocessing industry, and the rapid technological advancements in the drug screens area due to the COVID-19 pandemic. Furthermore, due to the COVID-19 outbreak, the biosensor industry has experienced rapid expansion in recent years due to the expanding number of hospitals around the world which will result in high adoption of biosensors because they are cost-effective and time-saving, which are driving the biosensor market.
Ingestible Sensors Market - The global ingestible sensors market size is expected to reach USD 1.99 billion by 2024, according to a new report by Grand View Research, Inc. The market is anticipated to register a strong CAGR of 19.1% over the forecast period. Growing need for medical adherence and real-time monitoring of health along with rising prevalence of chronic diseases are some of the factors driving the market growth. Patient compliance is another key factor boosting the usage of ingestible sensors.
Wireless Brain Sensors Market - The global wireless brain sensors market size is expected to reach USD 743.3 million by 2027, expanding at a CAGR of 9.5%, according to a new report by Grand View Research, Inc. The increasing geriatric population, technological advancements, and rising prevalence of Traumatic Brain Injuries are the key factors driving the market.
Browse through Grand View Research's Medical Devices Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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