The health sensors are classified based on application into Wellness monitoring
The global health sensors market size is expected to grow from USD 36,855.4 million in 2020 to USD 119,823.34 million by 2027, at a CAGR of 21.2% from 2021 to 2027. The key factors attributing to the market growth include the increasing geriatric population and the increasing prevalence of chronic diseases. Moreover, the rising health awareness amongst people has led to a rise in the demand for home-based health sensors that are cost-effective and easy to operate. This has increased the sales of health sensors significantly. In addition, the use of health sensors in laboratories has also increased, which is expected to boost the market growth during the forecast period.
The key factors attributing to its large share include its advanced features such as monitoring vital parameters such as blood pressure and heart rate. Moreover, these devices are highly accurate, durable, and reliable. Chronic illness and at-risk monitoring segments dominated the application segment, owing to increased demand due to the rising disease burden. Moreover, sensor therapeutics and in-hospital clinical monitoring segments are expected to show lucrative growth during the forecast period.
It has been observed that the use of medical sensors has increased tremendously in recent years. Sensors are used for various purposes in research laboratories, hospitals, and other healthcare settings. Complex sensors such as pulse oximeters are used to detect oxygen levels in the blood and heart. The National Institute of Biomedical Imaging and Bioengineering has developed a wireless and compact brain sensor that can record and transmit data about the brain’s activity. Several sensors of similar nature have been developed and used in research laboratories for monitoring various parameters. In addition, as a part of home healthcare management, many initiatives have been undertaken for developing mobile sensors for monitoring chronic diseases.
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The rising incidence of chronic disorders such as diabetes and obesity is expected to boost the market growth during the forecast period. According to the WHO, in 2014, more than 1.9 billion adults were overweight, out of which almost 600 million were obese. Between 1980 and 2014, the prevalence of obesity has more than doubled. This can be attributed to the changing lifestyle of the people. Reduced physical activities and increased consumption of unhealthy food disturb the hormonal and cholesterol levels. Moreover, this has also led to a rise in cardiac problems. According to the WHO, approximately 17.5 million people in the world die because of cardiovascular diseases. In 2012. This has increased the sales of testing and monitoring kits used as medical sensors in-home healthcare settings and other healthcare units such as diagnostic clinics.
The above chart illustrates the prevalence of obesity in various countries. The average obesity prevalence is more in the U.S.; however, a considerable rise in the obese population is observed in Brazil and Mexico. This allows the market players to invest in this region.
Advancements in technology have contributed to the development of much-specialized equipment used in medical sensing, which has resulted in a price hike of these tests. For instance, according to the NIH, the price charged by a hospital for bedside glucose testing is USD 4.19 per test, whereas a clinical laboratory charges USD 3.84 per test. On the other hand, the cost of a blood glucose meter ranges between USD 8.9 and USD 1,150. This meter requires purchasing of test strips, which can be used twelve times a day. Similarly, sensors such as cholesterol and other medical sensing tests also require the purchase of these strips. Thus, the high cost of medical sensors may restrain the market growth during the forecast period.
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High spending by governments across the globe to promote digital health initiatives and innovations in medical technology are likely to boost the health sensors market. For instance, the UK government, in 2017, has invested USD 111.8 (£86 million) to boost innovations and breakthroughs in the field of medical technology. The medical devices sector in India is also evolving due to efforts undertaken by the Indian government to promote the growth of this sector and drive innovation in the medical devices market. For instance, according to the “Make in India,” as an outcome of permitting up to 100% Foreign Direct Investment (FDI) in the medical devices sector, around USD 1.57 billion FDI was invested between April 2000 and March 2017. This is expected to boost technological advancements in the medical devices industry in India.
In addition, the rising number of mHealth services and growing focus on telehealth are also likely to provide impetus to health sensors used in applications such as chronic patient monitoring and post-acute monitoring. For instance, the government of India in 2016 launched four new mobile health services. These initiatives include Kilkari, M-Cessation, Mobile Academy, and TB Missed Call initiative. These services are aimed at improving healthcare delivery across India, including remote and inaccessible locations. Such initiatives are expected to boost the demand for health sensors over the forecast period.
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The health sensors are classified based on application into Wellness monitoring, chronic illness & at-risk monitoring, patient admission triage, logistical tracking, in-hospital clinical monitoring, sensor therapeutics, post-acute care monitoring. The chronic illness and at-risk monitoring segment held the largest market revenue share of 43% in 2020. Continuous Glucose Monitors (CGM) are also used to monitoring chronic diseases such as diabetes. An electrochemical sensor is placed on the body that is attached to the user’s watch/smartphone. Real-time data is transmitted through these sensors to the connected device to analyze the glucose level of patients and inform them to take necessary steps to maintain their average glucose levels. This device is used to personalize a treatment regime for patients that are newly diagnosed with diabetes. Thus, due to an increase in awareness about the benefits of health sensors and the availability of supportive reimbursement schemes, the demand for these devices is expected to increase.
Based on the regions, the global health sensors market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia Pacific is the fastest-growing region, growing a CAGR of 20.5% during the forecast period. In Asia-Pacific, four main countries, namely, China, India, Japan, and the Rest of Asia-Pacific, are analyzed. Asia-Pacific holds the second position in the global health sensors market. China accounted for a major share of this market in 2020, and India is expected to experience rapid growth during the forecast period.
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Key drivers that can be attributed to the growth of the health sensors market in Japan include technological advancements and considerable healthcare expenditure. Furthermore, the National Health Insurance in Japan covers the reimbursement for in vitro diagnostics, including medical sensors. This is anticipated to increase the demand for health sensors. Changing lifestyles and unhealthy food habits increase the risk of chronic diseases such as obesity and diabetes in Japan. This increase is expected to boost the demand for health sensors in the nation. Furthermore, Japan’s healthcare system is witnessing transition owing to the increasing healthcare expenditure, which results in expanding the service portfolio from preventive care to nursing care in disease management. Moreover, drivers attributed to the growth of health sensors in China include technological advancements and the presence of a large geriatric population base. China has immense growth opportunities in the point-of-care diagnostics market in terms of the unmet medical needs of diabetes patients. Additionally, supportive government policies are being launched and implemented to aid the penetration of innovative technologies in the country. Hence, the demand for healthcare sensors is anticipated to increase over the forecast period.
The key players operating in the health sensors market include Analog Devices, Inc.; Avago technologies Ltd; Danaher Corporation; GE Healthcare; Honeywell International Inc.; Abbott Laboratories, Roche Diagnostics, Proteus Digital Health, Varian Medical Systems, Stryker Corporation.
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