Consumer Healthcare Sensor Market by Sensor Type (Touch Sensor, Temperature Sensor, Motion Sensor, Image Sensor, Blood Pressure Sensor)
Industry: Semiconductor Electronics
Published Date: March-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 250
Report ID: PMRREP33381
The Global Consumer Healthcare Sensor Market reached US$ 49.1 billion in 2022. Over the projection period (2022 to 2032), global consumer healthcare sensor sales will surge at 6.7% CAGR. This will take total market valuation to US$ 94 billion by the end of 2032.
Demand in the market remains particularly high for image sensors. As per Persistence Market Research, image sensor segment will thrive at over 6.5% CAGR from 2022 to 2032.
Key Factors Facilitating Consumer Healthcare Sensor Demand:
Sensors or sensing devices that measure health parameters and vital signs of patients are called consumer healthcare sensors. These sensors are bringing healthcare to homes of patients. They are making telemedicine and preventive care possible.
Consumer healthcare sensors are playing a crucial role in safe operation of various medical devices in a wide range of applications. They are used in numerous medical equipment and in-home care products. They help medical professionals to diagnose, monitor, or treat diseases quickly.
From patient monitoring and wellness to imaging, application area of consumer healthcare sensors is widening dramatically. Growing usage of these consumer healthcare sensors in medical devices will boost sales.
With patient care moving beyond the hospital and into the home, popularity of smart sensors and medical devices is soaring. A growing interest in smart connected medical devices is being witnessed worldwide.
These novel connected devices contain a multitude of various sensors that gather essential data about patients’ health. This data can be collated and analyzed to diagnose diseases and provide treatments more quickly.
Advancements in consumer healthcare sensors are also playing a key role in market expansion. Sensors embedded in-home patient monitors need to be reliable, accurate, and easy to integrate and read. This has prompted manufacturers to introduce new advanced medical sensors and other technologies.
For instance, in January 2022, Lingo, Abbott announced development of Lingo. It is a new category of consumable biowearables designed to track key body signals such as lactate, glucose, and ketones.
Growing trend of IoMT (internet of medical things) is making waves in consumer healthcare sensor industry. By using medical sensors, cloud computing, and mobile computing, medical professionals can monitor patients’ vital signs in real-time. Through these sensors, they are able to reach actionable conclusions more quickly
North America is set to remain at the epicenter of consumer healthcare sensor industry. Growing popularity of wearable medical technology and advancements in medical technologies are key factors driving North America market.
Further, heavy presence of leading consumer healthcare sensor manufacturers is fostering market development in North America.
| Attributes | Key Insights |
|---|---|
| Consumer Healthcare Sensor Market (2022) | US$ 49.1 billion |
| Projected Market Value (2032) | US$ 94 billion |
| Value-based CAGR (2022 to 2032) | 6.7% |
| USA Market CAGR (2022 to 2032) | 5.6% |
Global consumer healthcare sensor sales increased at 4.5% CAGR from 2017 to 2021. Over the next ten years, demand for consumer healthcare sensors will rise at 6.7% CAGR. The worldwide market will create an absolute $ opportunity of US$ 44.9 billion through 2032.
In recent years, demand for customized medical equipment has increased significantly. This in turn is creating a conducive environment for the growth of consumer healthcare sensor industry.
Other factors contributing to the market's expansion include the rising elderly population, improved user experiences with imaging modalities, and digital radiology.
Additionally, growing usage of wearable technology is elevating demand for touch sensors. This will create lucrative opportunities for consumer healthcare sensor manufacturers.
Key factors spurring demand for consumer healthcare sensors include increasing prevalence of chronic diseases and growing awareness of health and wellness.
Consumer awareness about the value of tracking and monitoring their health is growing as the focus on health and wellness increases. The ability to track and monitor one's health in real time with the help of consumer healthcare sensors is what is fueling demand for these gadgets.
Due to the aging of the world's population, there is a rising need for healthcare solutions that assist people in managing chronic health disorders. For the elderly population in particular, real-time monitoring of health problems including blood pressure, heart rate, and blood glucose levels can be provided through consumer healthcare sensors.
Sensor technology has advanced significantly, with improvements in downsizing, precision, and communication. The need for these devices is being driven by the creation of new and improved consumer healthcare sensors that are easier to use, more precise, and more inexpensive.
Global healthcare expenditures are rising, and there is a growing need for healthcare solutions that might assist people in better managing their health and avoiding the need for expensive medical procedures.
Consumer healthcare sensors can assist people in keeping track of their health and identifying potential health problems early on. This can help avoid the need for expensive medical procedures.
The factors restraining the market of consumer healthcare sensors are the limited battery life and limited accuracy and reliability. For certain users who want continuous monitoring, the battery life of certain sensors is a hurdle.
Various consumer healthcare sensors are not yet as precise or dependable as they must be to become widely used. People who are trying to find accurate information about their health status face this significant obstacle. This is impeding growth in the market.
What is the Demand Outlook for the United States Consumer Healthcare Sensor Market?
Consumer healthcare sensor demand in the United States grew at 3.1% CAGR. For the next ten years, it is set to increase at 5.6 CAGR. By the end of 2032, the United States of America consumer healthcare sensor market will reach US$ 30.2 billion. The market will generate an absolute $ opportunity of US$ 12.6 billion.
The market for consumer healthcare sensors in the United States of America is expanding as a result of greater public awareness of health and wellness. Similarly, increasing healthcare spending and rising demand for remote patient monitoring will boost sales in the country.
Various United States of America-based companies are putting various efforts to advance in health and healthcare. For instance, in 2023 a new app called ECG App was launched by Garmin. By using this app, customers can record a 30-second ECG and examine the findings. These developments will support market expansion in the country.
How is China Consumer Healthcare Sensor Market Faring?
China consumer healthcare sensor market is projected to reach US$ 7.4 billion by 2032. Between 2022 and 2032, China market will create an absolute $ growth of US$ 3.9 billion.
Consumer healthcare sensor demand in China grew at 6% CAGR from 2017 to 2021. Over the next ten years, sales in the country will surge at 7.7% CAGR. This will make China a lucrative market for consumer healthcare sensor companies.
Rising incidence of chronic diseases such as diabetes and the country's aging population are driving China market. Besides this, rising popularity of wearable technology and mobile health apps will fuel sales in the country.
Further, presence of leading companies is supporting market expansion in China. Several China-based companies are focusing on new product launches and approvals to increase sales.
For instance, in May 2022, the United States Food and Drug Administration gave clearance to Abbott's freestyle Libre 3. It is a thin, small, and accurate 14-day glucose sensor.
Which is the Highly Sought-After Sensor Type in the Global Market?
As per the latest report, image sensors remain the most-sought after sensor type in the market. This is due to rising adoption of these sensors in various healthcare or medical equipment.
Image sensor segment expanded at a CAGR of 4.4% from 2017 to 2021. Over the next ten years, demand for image sensors is forecast to rise at 6.5% at the end of 2032.
Image sensors are being used in a wide range of medical equipment such as endoscopy systems. Hence, increasing production and sales of these medical equipment will propel image sensor sales.
Which Application Will Generate Lucrative Revenues for the Market?
The most widely used application of consumer healthcare sensors is patient monitoring. Growing need for continuous monitoring solutions will boost growth of the target segment.
The CAGR for the patient monitoring application was around 4.3% from 2017 to 2021. For the next ten years, the target segment will expand at 6.3% CAGR.
Rising demand for patient monitoring, tracking of health data, and the frequency of chronic illnesses are all related to technological improvements. The need for health sensors is projected to increase as chronic illnesses become more prevalent worldwide.
The personal informatics trend initially gained popularity through the introduction of mobile apps. These apps enabled users to keep track of calories consumer & miles per day, among other things. This increased interest in monitoring, recording & tracking information about one's health habits will boost the target segment.
The proliferation of gadgets with accelerometers and other sensors that automatically collect data has liberated consumers from having to fill out forms themselves. More businesses are releasing health sensor technology that measures things such as skin temperature, heart and pulse rate, heat flux, and galvanic skin reactions. As a result, interest in monitoring health data has grown.
Leading consumer healthcare sensor manufacturers are focusing on launching new products. They are also investing in research and development as well as striving for device approvals. Various companies are launching new healthy monitoring apps, forming alliances and partnerships, and adopting merger & acquisition strategy.
Recent Developments:
| Attribute | Details |
|---|---|
| Current Market Size (2022) | US$ 49.1 billion |
| Projected Market Size (2032) | US$ 94.0 billion |
| Anticipated Growth Rate (2022 to 2032) | 6.7% CAGR |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
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The global market size reached US$ 47 billion in 2021.
The consumer healthcare sensor market is currently valued at US$ 49.1 billion.
The global consumer healthcare sensor industry is forecast to reach a valuation of US$ 94 billion by 2032.
The worldwide consumer healthcare sensor industry expanded at 4.5% CAGR from 2017 to 2021.
Global consumer healthcare sensor demand is likely to surge at 6.7% CAGR from 2022 to 2032.
Image sensor type is likely to generate most revenue in the market through 2032.
Consumer healthcare sensor sales in China will rise at around 7.7% CAGR from 2022 to 2032.
The United States market is forecast to expand at around 5.6% CAGR through 2032.
Expanding at 5.9% CAGR, the United Kingdom market will reach US$ 4.5 billion by 2032.
Consumer healthcare sensor demand in South Korea and Japan will rise at 7.1% and 6.1% CAGRs respectively.
