Health Sensors Market Size, Share & Trends Report

Health Sensors Market Size, Share & Trends Analysis Report By Material Type (Polyurethane, Nylon), By Application (Peripheral Artery Disease), By End-use, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-2-68038-385-0
  • Number of Pages: 120
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2022
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the health sensors market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for health sensors market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of health sensors market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Health Sensors Market Categorization:

The health sensors market was categorized into five segments, namely type (Temperature Sensors, Pressure Sensors, Blood Glucose Sensors, Blood Oxygen Sensors, Electrocardiogram Sensors, Motion Sensors, Image Sensors, Flow Sensors, Heart Rate Sensors), product (Handheld Diagnostic Sensors, Wearable Sensors), application (Handheld Diagnostic Sensors, Chronic Illness & At Risk-Monitoring, Wellness Monitoring, Patient Admission Triage, Logistical Tracking, In Hospital Clinical Monitoring, Sensor Therapeutics, Post-Acute Care Monitoring), end use (Hospitals & Clinics, Long-term care centers & Nursing homes, Home Care Settings), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The health sensors market was segmented into type, product, application, end use, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The health sensors market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; Japan; China; India; Australia; Thailand; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait..

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Health sensors market companies & financials:

The health sensors market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Analog Devices, Inc. has been segmented into two business units - the Communications and Automotive business group, and the Industrial and Healthcare Business Group. It specializes in digital, analog, & mixed signal processing and is involved in the manufacturing of semiconductors. The product portfolio of the company includes amplifiers, audiovideo products, digital-to-analog convertors, linear products, microwave, and optical & other sensors. The company offers these products to more than 100,000 clients across a broad vertical of industries that include IT, automotive, health imaging, communication, electronics, and others.

  • Avago Technologies was established by Hewlett-Packard. Since May 2015, it has been renamed Broadcom Inc., post its acquisition of Broadcom. The company is engaged in developing, designing, and supplying solutions for digital and analog semiconductor connectivity. Its clientele includes companies from the industries of wireless communications, wired infrastructure, industrial, enterprise storage, and others. The company is also involved in manufacturing and distribution of products that include digital, mixed, analog signal & optoelectronics systems, enterprise storage, and wireless communication.      

  • Danaher Corporation is an American company headquartered in Washington; within two years of its establishment, the company acquired 12 companies to build a strong foothold in the market and enter into manufacturing. The company has five business units - Life Science & Diagnostics, Test & Measurement, Dental, Environmental, and industrial technologies. It is involved in telecommunications, water treatment, dental, health devices, and testing, spread across 50 countries globally. Subsidiaries such as Setra Systems and Anderson-Negele cater to the provision of sensors for the pharmaceutical and health device industry.

  • GE Healthcare is engaged in providing solutions for patient monitoring, health imaging, drug discovery, healthcare information technology, performance improvement solutions, and biopharmaceutical production. The company’s healthcare business is spread across 130 countries, promoting a smooth and profitable functioning. The firm is further segmented into divisions such as healthcare systems, healthcare, IT, and life sciences. Sensors are included within the healthcare systems division, which offers products such as diagnostic and patient monitoring devices.

  • Medtronic is a diversified medical devices company, which develops and markets therapies & products for CVDs, cardiac rhythm disorders, spinal conditions & musculoskeletal trauma, urological & digestive disorders, diabetes, neurological disorders, and ENT conditions. The company owns research, education, manufacturing, and sales facilities globally. Its operations are performed through two major segments: the cardiac & vascular group and the restorative therapies group. The cardiovascular segment comprises three businesses: coronary & peripheral business, endovascular business, and structural heart business. The restorative therapies group consists of four business segments: spinal, neuromodulation, diabetes, and surgical technologies. In 2015, Medtronic acquired Covidien PLC, which made the company one of the leaders in the healthcare industry.

  • Smith’s Medical Inc., initially known as Portland Plastics, was acquired by ICU Medical in January 2022. The company develops and manufactures medical devices, equipment, emergency healthcare solutions, and veterinary devices. Their products include ventilators, chest drainage kits, fluid warmers, I.V. catheters, and others. These find application in hospitals, anesthetics, pharmaceuticals, medical device manufacturers, and clinical researchers. The company delivers the products to its customers through sales and distribution networks worldwide.     

  • Koninklijke Philips N.V. is a conglomerate that operates under three primary divisions - electronics, healthcare, and lighting. The company operates across 100 countries and its products are known and trusted by consumers across these primary divisions. Under the health care division, they offer a bundle of services that include patient monitoring solutions. Under this segment, they include devices such as networking and wireless, patient monitors, fetal and maternal monitoring, mobility solutions, cable-less measurement, central surveillance and alarming, clinical decision support, and expression MR patient monitoring.

  • Honeywell International, Inc. is engaged in manufacturing products for different fields such as aerospace, transportation & automotive industry, consumer & home, oil & gas, and healthcare & medicine. They have operations in almost 70 countries. The company is also involved in manufacturing and marketing different types of health sensors that are used for different purposes such as monitoring and diagnostics in healthcare. Sensors offered include pressure sensors, temperature sensors, humidity sensors, and others.

  • Sensirion AG is a subsidiary of Sensirion Holding and is involved in manufacturing mass flow meters and controllers, temperature sensors, liquid flow sensors, humidity sensors, differential pressure sensors, and customer-specific solutions. The company is also engaged in designing software for the measurement and control of the flow of liquids and gases. One of their innovative technologies based on which they develop their sensors is CMOSens. The company’s sensors are used in healthcare, automotive, customer goods, and other such industries. As of 2015, it entered into new domains such as smart home, smart energy, and IoT.

  • Stryker is a medical technology company that offers innovative products and services in medical and surgical, neurotechnology, orthopedics, and spine. The company operates in two key reportable business segments: MedSurg and Neurotechnology, and Orthopaedics and Spine. The firm’s nerve portfolio consists of type I collagen conduits and wraps. They are designed to provide a protective layer around injured peripheral nerves and offer a resorbable and semi-permeable encasement to facilitate nerve repair. The company has a presence in regions such as the U.S., Europe, Asia Pacific, Japan, and Middle Eastern nations. It has a training portal for medical professionals and patients about the procedures. The company has collaborated with organizations such as the American Association of Hip and Knee Surgeons, The Medical Devices Manufacturing Association, and the National Electrical Equipment Manufacturers Association to promote perceptions about medical technology and its impact on customers.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Health Sensors Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Health Sensors Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

What questions do you have? Get quick response from our industry experts. Request a Free Consultation
pdf

GET A FREE SAMPLE

bck

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.

cog

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

Contact us now to get our best pricing.

esomar icon

ESOMAR certified & member

ISO

ISO Certified

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.

great place to work icon