Consumer Healthcare Sensor Market

Consumer Healthcare Sensor Market Outlook (2024 to 2034)

Worldwide revenue from the consumer healthcare sensors market is estimated at US$ 58.54 billion in 2024 and is slated to increase at a CAGR of 6% to reach US$ 105.13 billion by 2034.

Globally rising rates of chronic illness are increasing the demand for health sensors. For example, chronic non-communicable illnesses (NCDs) cause over 80% of deaths in China among persons over 60. The most frequent NCDs are type 2 diabetes, ischemic heart disease, stroke, and chronic obstructive pulmonary disease (COPD).

The market is forecasted to develop primarily because of the increase in people's interest in tracking and collecting health-related data. The personal informatics movement gave rise to this trend, which gained traction with the release of smartphone applications that made it simple to track parameters like daily kilometers run and caloric intake. Also known as data journaling, life monitoring, or health quantification, this trend is gaining popularity.

Devices with accelerometers and sensors that automatically collect health data have entered the market, doing away with the requirement for human input. In response to the increasing interest in health data tracking, businesses are now releasing health sensor gadgets that are measuring several parameters, including skin temperature, respiration, heat flux, heart rate, pulse rate, and galvanic skin reaction.

The ability of the health sensors to gather a wide variety of data, including blood pressure, heart rate, blood oxygen saturation level, body temperature, and ECG, greatly aids in improved progress. With the use of this technology, the healthcare system enables surgeons to remotely monitor patients who are infected or suspected, assess their health risks, and predict their future situations. These sensors give a possibility for remote treatment & decrease the danger of infection to healthcare staff.

The need for portable and patient-centered care at home settings or at the patient's bedside is driving the development of more precise, versatile, and compact next-generation therapeutic, diagnostic, and monitoring devices. Intelligent, easy, and at-home healthcare is ensured with these platforms' consumer-driven approach to healthcare, which integrates technical innovations including electronic patient records, wireless internet-linked equipment, and customizable wearables.

In July 2022, BioIntelliSense and Philips established a strategic alliance with the aim of enhancing remote patient monitoring for increased risked patients. Doctors are assisted in monitoring patients receiving hospital treatment at home settings. This is enabling Philips in efficiently tracking patient populations with chronic disability.

Report Attribute	Detail
Consumer Healthcare Sensor Market Size (2024E)	US$ 58.54 Billion
Forecasted Market Value (2034F)	US$ 105.13 Billion
Global Market Growth Rate (2024 to 2034)	6% CAGR
East Asia Market Value (2034F)	US$ 28.17 Billion
North America Market Share (2034F)	36.2%
Patient Monitoring Segment Value (2034F)	US$ 42.15 Billion
Japan Market Value (2034F)	US$ 5.69 Billion
Key Companies Profiled	Ametek Inc; 3M Company; Infineon Technologies AG; Koninklijke Philips N.V.; GE Measurement and Control solutions; NXP Semiconductors; TE Connectivity; TDK Corporation; ON Semiconductor; Analog Devices Inc.

What are the Growth Factors in the Market for Consumer Healthcare Sensors?

“Digitalization in Medical Sector Paving Way for Market Players”

The medical sensor market is expanding with digital medications and sensor-enabled tablets. Patients are able to enhance their health with the safe and efficient administration of medications made possible by sensor-enabled tablets. Since such medication lowers the cost of inpatient care and treatment, its use is growing globally. Medical sensors are needed for these digital tablets to detect signals and gather data on medication effects and missed doses. The need for medical sensors thus increases because of pills.

Medical sensors are used to increase the efficiency and ease of use of medical instruments. Modern medical sensor technology improves the application of smart sensors for a range of illnesses and ailments. These include orthopedic care devices, diabetic care devices, surgical specialized sensory devices, and smartwatches for sleep apnea and heart rate.

“Wearable Sensors Trend Escalating Profit Chances”

The use of wearable sensors is growing significantly because of their user-friendly design, comfort level, and accessibility to patient care from anywhere. The development of wireless technology is making it possible for people to keep tabs on their health and lower the cost of treatment in medical institutions. The growing number of wearable sensor users is ascribed to customers who would rather enhance their health by having convenient access to medical specialists via remote monitoring services, contributing to the overall expansion of the consumer healthcare sensor market growth.

For example, several individuals use automated devices for ADAMM (asthma monitoring and management), which is a wearable smart asthma monitor that is able to identify asthma attack signs in advance and help the user take preventative action. Another common application for wearable sensors is the monitoring of chronic conditions, including diabetes and cardiovascular disease. For example, wearable sensors, which are used in detecting and measuring blood glucose levels continuously throughout the day are called continuous glucose monitors. Global demand for medical sensors is attributed to the growing usage of wearable sensors in a range of patient monitoring applications.

What is Pushing the Market Downward Every Year?

“Huge Expenses Coming With Digitalization”

The expense of purchasing and maintaining cutting-edge medical equipment is considerable. Several variables, including the per capita disposable income, aging population, and lifestyle, influence the amount spent on healthcare. The economic power of potentially high growth countries is inferior to that of industrialized ones. These countries find it challenging to increase their healthcare spending due to poor living standards and low per capita income.

Compared to North America, which is made up of wealthy countries, including the US and Canada, South Asia's healthcare spending as a proportion of GDP is predicted by the WHO to be 4.8% in 2024, a significant decrease. South Asia is home to several potentially high growth countries. In North America, healthcare spending as a proportion of GDP is evaluated to reach 19.5% by 2024. The greater number of individuals over 60 in North America is another factor contributing to the country's rising healthcare costs.

Stable internet access is necessary for advanced medical technologies, including Internet of Things-based medical devices and sensors. Compared to industrialized countries, internet penetration and adoption are lower in potentially high growth countries. Thereby, several people in underdeveloped countries do not have access to modern gadgets. Poor economic conditions and increased technological adoption are making medical equipment less accessible in these countries, which is limiting the market's expansion.

Country-wise Analysis

The healthcare industry is performing well around the world with more people focusing on their health than ever. Some of the prominent countries contributing to this market include the United States, Canada, Mexico, and South Korea. The United States market is projected to hold a strong consumer healthcare sensor market share in North America.

How Manufacturers in the United States are Escalating Their Profits?

“Availability of More Advanced and Effective Healthcare Facilities Bringing Sales Opportunities”

Attribute	United States
Market Value (2024E)	US$ 14.42 Billion
Growth Rate (2024 to 2034)	6.7% CAGR
Projected Value (2034F)	US$ 27.63 Billion

Consumer healthcare sensor manufacturers in the United States are escalating their profits due to the country's advanced healthcare facilities, which are among the best in the world. The availability of state-of-the-art medical infrastructure and a high level of healthcare awareness among the population are creating significant sales opportunities for consumer healthcare sensor manufacturers. The demand for innovative sensor technologies is on the rise as healthcare providers and consumers seek to improve patient monitoring and diagnostics, driving the growth and profitability of manufacturers in the United States.

Why Key Players in China are Investing More to Expand Their Business Capacity?

“Country Focusing on Increasing Exports of Medical Equipment Worldwide”

Attribute	China
Market Value (2024E)	US$ 9.62 Billion
Growth Rate (2024 to 2034)	7.3% CAGR
Projected Value (2034F)	US$ 19.47 Billion

Key providers of consumer healthcare sensors in China are investing to expand their business capacity due to the country's focused efforts on increasing exports of medical equipment worldwide. China is strategically positioning itself as a leading exporter of medical devices and equipment, and as a result, key players in the market are investing in expanding their production capacity to meet the growing global demand. With an emphasis on enhancing the quality and technological innovation of healthcare sensors, China aims to strengthen its position in the global market and capitalize on the increasing opportunities in the healthcare industry.

Category-Evaluation

There are several applications of consumer healthcare sensors and manufacturers are using all these applications to improve their sales outlook. Some of the major applications include patient monitoring, fitness and wellness, imaging, and handheld and homecare.

Which Application Gives More Sales Revenue to Manufacturers?

“Patient Monitoring Employs Healthcare Sensors Widely”

Attribute	Patient Monitoring
Segment Value (2024E)	US$ 21.6 Billion
Growth Rate (2024 to 2034)	5.3% CAGR
Projected Value (2034F)	US$ 42.15 Billion

The application that gives more sales revenue to manufacturers is patient monitoring. Patient monitoring employs healthcare sensors widely, driving significant sales revenue for manufacturers. With the increasing demand for remote patient monitoring and the need for portable, patient-centered care, healthcare sensors used in patient monitoring applications are witnessing substantial growth in sales revenue.

These sensors play a crucial role in enabling remote monitoring of patients, assessing their health risks, and predicting their future situations, thereby contributing to increased revenue for manufacturers, consequently positively impacting consumer healthcare market trends.

Which Sensor Types are Widely Getting Employed by Hospitals?

“Touch Sensors Helping Largely to Doctors in Hospitals”

Attribute	Touch Sensors
Segment Value (2024E)	US$ 14.69 Billion
Growth Rate (2024 to 2034)	7.7% CAGR
Projected Value (2034F)	US$ 25.33 Billion

Touch sensors are widely employed by hospitals, aiding doctors in several medical procedures and patient care activities. These sensors play a significant role in enhancing the efficiency and accuracy of medical equipment and devices used in hospitals.

From touch-sensitive control panels on medical equipment to touch-enabled interfaces for patient monitoring systems, touch sensors are widely utilized in hospitals to streamline healthcare processes and improve patient care. Their widespread use and benefits in medical settings contribute to significant adoption and employment by hospitals, thereby aiding doctors in delivering quality healthcare services. All these factors are resulting in increased consumer healthcare sensor market size.

Market Landscape

Key players in the consumer healthcare sensor market are focusing on bringing new products including temperature and pressure switches every year to stay ahead in the digital world.

• The US Food and Drug Administration (FDA) approved Abbott's freestyle Libre 3 in May 2022. This is a 14-day glucose sensor that is tiny, thin, and precise. The mean absolute relative difference of the glucose sensor is 7.9%, which indicates acceptable accuracy overall. Additionally, it includes built-in Bluetooth with a 33-foot range.
• Apple debuted watch OS9, a new watch, in June 2022. The fitness software's Custom Workouts function allows you to create a structured program with designated work and recuperation intervals. By including additional notifications, such as pace, power, heart rate, and cadence, users are directed throughout their workout.

Fact.MR provides detailed information about the price points of key manufacturers of consumer healthcare sensors positioned across the world, sales growth, production capacity, and speculative technological expansion, in this new market report.

Segmentation of Consumer Healthcare Sensor Market Research

• By Application :

  • Patient Monitoring
  • Fitness & Wellness
  • Imaging
  • Handheld & Homecare

• By Sensor Type :

  • Touch Sensors
  • Temperature Sensors
  • Motion Sensors
  • Image Sensors
  • Blood Pressure Sensors

• By Region :

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa