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

Report Overview

The global health sensors market size was valued at USD 41.18 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 18.53% from 2022 to 2030. The growth is attributed to technological advancements, rising demand for round-the-clock monitoring, increasing demand for health data tracking, and rising incidence of chronic diseases. The increasing prevalence of chronic diseases across the globe is likely to boost the demand for health sensors. For instance, According to Front Public Health in 2020, chronic Non-Communicable Diseases (NCDs) account for about 80% of mortality in China among adults aged 60 years with Ischemic Heart Disease, Stroke, Chronic Obstructive Pulmonary Disease (COPD), and Type 2 Diabetes being the most common.

Moreover, an increase in the interest of people in recording & tracking information about their health habits is expected to boost the industry growth as the personal informatics movement gained popularity initially by the introduction of mobile apps that made it easier for people to keep track of miles run & calories consumed per day, among others. As many companies launched devices that incorporate accelerometers & sensors to capture data automatically, users are freed from filling information on their own. More companies are introducing health sensor devices that sense blood oxygen & respiration level, heart & pulse rate, heat flux, galvanic skin responses, and skin temperature, among others. Hence, interest in the tracking of health data has increased.

In addition, the COVID-19 pandemic has led to an increase in product demand around the world. In the current era of Artificial Intelligence (AI), new & advanced technologies can play a significant role to help the world against the pandemic. The health sensors can collect a broad range of data, such as blood pressure, ECG, body temperature, blood oxygen saturation levels, heart rate, etc., and, in turn, help prevent the spread of the coronavirus. The healthcare system with this technology allows surgeons to monitor the infected or suspected patients, evaluate the health risk, and forecast future conditions remotely.

During the quarantine period, a patient or a person can be fully monitored by a doctor with the help of health sensors and wearable technology; thus, providing an opportunity for remote treatment & reducing the risk of infection to healthcare workers. Moreover, a study about the transmission of coronavirus with skilled nursing facilities stated that the asymptomatic rate of transmission was 56%, of which 90% show symptoms subsequently. From this, it can be concluded that the symptom-based screening technique may fail to detect over 50% of people affected by the virus. The continuous monitoring of data generated by health sensors can help overcome these challenges.

Thus, to assist the patients infected with the novel coronavirus (COVID-19), wearable technology is expected to have strong growth. For instance, the Digital Engagement & Tracking for Early Control & Treatment (DETECT) research, was launched by the Scripps Research Translational Institute., which uses devices, such as Apple Watch, Fitbit, and Garmin, for tracing sleep data & heart-rate activity and corresponds them with symptom reports submitted by patients to track COVID-19 cases. According to a recent study, Fitbits can predict COVID-19 symptoms in 78% of patients. The trend toward portability and care delivery at the patient’s bedside or home is pushing the construction of next-generation therapeutic, diagnostic, display, and monitoring equipment that is more accurate, adaptable, and small.

These platforms have a consumer-driven approach to healthcare that incorporates technological advancements like personalized wearables, electronic patient records, and wireless internet-linked systems, all of which are expected to provide intelligent, convenient, and at-home healthcare. The main reason behind the trend of portable health sensor devices at home is the growing geriatric population. Hence, this is likely to encourage designers to develop medical devices that patients can carry unobtrusively even in public spaces. For instance, in July 2022, BioIntelliSense and Philips forged a strategic partnership to improve remote patient monitoring for patients at risk.

This will make it easier for doctors to keep an eye on patients who are being treated in hospitals or at home. Philips will be able to better monitor patient populations who have persistent disabilities. The launch of several technologically advanced products in the industry is likely to support growth. For instance, in June 2022, Abbott is further expanding its biowearable product portfolio with a dual monitoring system. The company is developing a dual monitoring system that will enable people suffering from diabetes to continuously monitor ketone and glucose levels in one sensor. Furthermore, the adoption of technologically advanced devices is higher among the younger tech-savvy population and provides cost-efficient & accurate data to healthcare professionals.

Furthermore, in July 2022, Sensirion launched the liquid flow concentration sensor SLF3C-1300F. This is expected to increase the company’s share in the liquid flow sensor market, thereby increasing revenue. In April 2020, GE Healthcare unveiled a brand-new software program to help doctors and healthcare organizations treat COVID-19 patients. The business will be introducing its Mural Virtual Care Solution, which is intended to give hospitals a thorough understanding of their ventilated patient population and assist in the identification of patients in danger of deterioration, to the highly secure and reputable Microsoft Azure cloud platform. This represents the most recent development in the continuous partnership between Microsoft and GE Healthcare.

Application Insights

The chronic illness & at-risk-monitoring segment led the global industry in 2021 and accounted for the largest share of more than 22.70% of the overall revenue. This is due to the increasing prevalence of chronic diseases and the demand for point-of-care testing. Chronic diseases, such as diabetes, need monitoring to check the progression as well as the regression of the disease in patients. Thus, several devices designed to track activities as well as monitor the risks associated with the health of patients are available. For instance, in June 2020, the integrated Continuous Glucose Monitoring (iCGM) FreeStyle Libre 2 system from Abbott was approved by the U.S. FDA. This device makes it possible to monitor glucose levels in adults and children (aged 4 years & above) in real-time.

Furthermore, the system was offered at the same price as that of the FreeStyle Libre 14-day system, which is nearly one-third the cost of other continuous glucose monitors. Quantum Operation, Inc., a Tokyo-based startup, introduced a wearable noninvasive continuous blood glucose monitor at the 2021 CES. Thus, the introduction of such innovative and affordable systems is expected to positively impact segment growth. Wellness monitoring is the second-leading segment after chronic illness & at risk-monitoring. Wellness monitoring involves tracking healthcare indicators and digitally monitoring using devices, such as Fitbit products and Apple Watch.

Fitbit uses a three-dimensional accelerometer system that helps track motion as well as the intensity of that motion. Fitbit’s algorithm is designed to convert raw accelerometer data to relevant information as well as to check the calories burned by users and the soundness of their sleep. This algorithm is also used to track the heart rate of patients. For instance, in April 2022, Fitbit’s new PPG (photoplethysmography) algorithm to detect Atrial Fibrillation (AFib)was approved by the U.S. FDA. The technology will power Fitbit’s new function for irregular heart rhythm notifications. The different data points gathered from Fitbit devices are anticipated to be used by several cancer research institutions to monitor patients.

As a result of such advancements, the industry is expected to grow. Wearable technologies are rapidly extending their reach and evolving to provide solutions for healthcare and wellness. In 2022, at an event called “CES 2022: A Digital Health Showcase”, companies in the MedTech industry showcased their new range of wellness and health devices. Moreover, in September 2020, the I Libre Sense Glucose, a sport biosensor, was introduced by Abbott. The device is made specifically for athletes to help them better understand how their blood glucose levels and physical performance are related. Libre Sense is a biosensor based on Abbott’s FreeStyle Libre continuous glucose monitoring technology.

Product Insights

In 2021, the wearable sensors product segment dominated the industry and accounted for the largest share of more than 40.90% of the overall revenue. Wearable sensors enable devices to monitor patients’ physiological and motion activities. These sensors can be embedded in clothing, shoes, wristbands, and headbands, or attached directly to the body. These devices are used to track, monitor, and record various healthcare indicators, such as pulse, blood pressure, heart rate, calorie intake, etc. These devices can also be used in long-term monitoring, and with increasing penetration & application of big data analytics, they are being used to predict & prevent any medical emergency.

Thus, due to the various advantages of wearable sensors, the demand for these devices is anticipated to increase over the forecast period. Increasing R&D investment and collaborations between companies are also expected to propel industry growth. For instance, in March 2022, a provider in healthcare technology and a global provider of communications solutions and photonics-based health monitoring, Rockley Photonics Holdings Ltd., recently announced its decision to cooperate with Medtronic on new projects. The two companies intend to collaborate to use Rockley’s recently released Bioptx biomarker sensing technology along with Medtronic’s solutions in a variety of healthcare contexts.

By possibly providing real-time, round-the-clock, non-invasive monitoring of a person’s well-being and health, the cooperation with Medtronic builds on the social shift from reactive to proactive healthcare, enabling physicians to personalize care with actionable data. The implantable/ingestible sensors segment is projected to expand at the fastest CAGR during the forecast period. Ingestible/implantable sensors are highly accurate, miniaturized, and completely safe. These sensors are used to provide localized drug delivery, deep brain stimulation, heart stimulation, and bladder stimulation.

They are also used as cochlear and retinal implants. These devices have to be biocompatible and are hence required to comply with the most stringent regulatory policies. This is anticipated to hinder industry growth. In July 2021, according to Medtronic plc, the FDA cleared the use of two LINQ II insertable cardiac monitors with the AccuRhythm AI algorithms. When the AccuRhythm AI algorithms are made accessible on the CareLink Network later this year, all LINQ II implants in the U.S. will be able to use them.

Regional Insights

North America dominated the global industry in 2021 and accounted for the largest share of over 35.10% of the overall revenue. This can be attributed to its well-established healthcare infrastructure, high healthcare expenditure, presence of dominant players, and rapid adoption of advanced technologies. North America has the most developed health sensors sector globally. The rapid adoption of patient monitoring & homecare devices for regular, continuous, and long-term monitoring of patients & reducing the frequency of hospital visits are anticipated to fuel the region’s growth over the forecast period. Favorable reimbursement structures are expected to further fuel the region’s growth.

Other factors likely to boost the growth include the increasing prevalence of lifestyle-associated health conditions, accidents, and sports injuries. Growing demand for effective emergency care and increasing adoption of mobile surgery centers are expected to drive the industry during the forecast period. Furthermore, the COVID-19 pandemic has increased the requirement for health sensor devices, as patients opted for homecare treatment to avoid the risk of infection. As per a survey conducted by Insider Intelligence, 23.4 million patients in the U.S. used Remote Patient Monitoring (RPM) tools and services in 2020, and as per the same source, 30 million U.S. patients, or 11.2% of the population, will use RPM tools by 2024.

The FDA issued Emergency Use Authorizations (EUAs) for certain wearable and patient monitoring devices to increase the availability of treatments & monitoring of patients and help reduce exposure of SARS-CoV-2 to healthcare providers during the pandemic. Asia Pacific is expected to register the fastest growth in the global industry during the forecast period. The rising incidence of cardiac diseases has created a demand for health sensor equipment in APAC countries. Furthermore, with some of the highest diabetes rates in the world, India and China have been the most afflicted countries. In the South-East Asia (SEA) Region of the IDF, 90 million persons (20-79) suffered from diabetes in 2021, according to The International Diabetes Federation (IDF) estimates.

By 2030 and 2045, this number is projected to rise to 113 million and 152 million, respectively. According to the Indian Journal of Ophthalmology, globally and in emerging nations like India, the burden of diabetes is huge and rising, primarily due to increasing cases of overweight/obesity and unhealthy lifestyles. In India, 77 Mn people were estimated to have diabetes in 2019, and by 2045, that number is projected to reach over 134 million. As a result, the region is seeing an increase in demand for home-based health sensors, which is opening up new growth opportunities. Furthermore, the region is home to a number of major companies, which helps boost its share.

Key Companies & Market Share Insights

Manufacturers are working more quickly to obtain licenses for their products so that mass production may start. In addition, the industry participants are utilizing a variety of tactics, including partnerships, product launches, product releases, and innovations like the development of health sensors products, to improve their position in the industry. For instance, in February 2021, Hill-Rom disclosed that it had paid EarlySense USD 30 million for its contactless continuous monitoring technology. With a focus on the remote patient care industry, this acquisition can assist the company in developing next-generation AI-based sensing technologies. Moreover, in May 2021, Stryker acquired OrthoSesnsor, Inc. This was expected to help the company gain industry share in musculoskeletal care & sensor technology for joint replacement. Some prominent players in the global health sensors market include:

• Analog Devices Inc.

• Avago Technologies Ltd.

• Danaher Corp.

• GE Healthcare

• Honeywell International Inc.

• Medtronic Plc.

• Smith’s Medical Inc.

• Koninklijke Philips

• Sensirion AG

• Stryker Corp.

• Abbott Laboratories

• Roche

• Hologic

• Varian Medical System

Health Sensors Market Report Scope

Global Health Sensors Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global health sensors market report on the basis of application, product, and region:

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Chronic Illness & At Risk-Monitoring

  • Wellness Monitoring

  • Patient Admission Triage

  • Logistical Tracking

  • In Hospital Clinical Monitoring

  • Sensor Therapeutics

  • Post-Acute Care Monitoring

    • Home-based

    • Others

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Hand Held Diagnostic Sensors

    • Chronic Illness & At Risk-monitoring

    • Patient Admission Triage

    • Logistical Tracking

    • In-hospital Clinical Monitoring

    • Post-acute Care Monitoring

  • Wearable Sensors

    • Disposable Wearable Sensors

    • Non-disposable Wearable Sensors

      • Wellness Monitoring

      • Chronic Illness & At Risk-monitoring

      • Patient Admission Triage

      • Logistical Tracking

      • In-hospital Clinical Monitoring

      • Sensor Therapeutics

      • Post-acute Care Monitoring

  • Implantable/Ingestible Sensors

    • Wellness Monitoring

    • Chronic Illness & At Risk-monitoring

    • Patient Admission Triage

    • In-hospital Clinical Monitoring

    • Sensor Therapeutics

    • Post-acute Care Monitoring

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE