Health Sensors Industry is the Next Big Thing| Fortune

The global healthsensors market size is expected to reach USD 83.2 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 17.0% during the forecast period. Rising geriatric population and burden of chronic diseases are the key factors positively affecting market growth.

Reduced physical activities and increased consumption of unhealthy food disturb the hormonal and cholesterol levels. Moreover, this also leads to a rise in cardiac conditions. According to the WHO, in 2012, approximately 17.5 million people in the world died because of cardiovascular diseases. Thus, demand for better monitoring and management of these disease is increasing.

These sensors, are anticipated to help in the management of chronic diseases, as they can monitor, record, and transmit vital signs of the patient. These sensors can also help in therapeutics, measuring the amount of drug actually absorbed in the body.

Growing geriatric population worldwide is expected to drive the market growth during the forecast period. According to the National Institutes of Health (NIH), in 2010, the number of people aged 65 or more was around 524 million. It constituted about 8.0% of total global population and is estimated to triple and reach 1.5 billion by 2050, accounting for around 16.0% of global population. Health sensors help reduce healthcare spending by remotely monitoring disease progression and sending out medical alerts in an emergency situation.

Hospitals and other settings charge high for diagnosis and testing. To avoid this, people use home-based medical sensors such as glucose monitoring and pregnancy kits. These home-based medical sensors offer faster results. Home-based testing kits are also cost-effective and easy to operate.

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Further key findings from the report suggest:

• The ingestible/implantable sensors segment is projected to ascend at a CAGR of 17.5% over the forecast period
• Chronic illness and at-risk monitoring application dominated with a global market share of over 18.0% in 2016
• The U.S. health sensors market is anticipated to exceed USD 22.0 billion by 2025
• Asian countries, especially India and China are expected to observe a remarkable growth in next five years
• The health sensors market is oligopolistic and competitive in nature due to the launch of innovative products
• Some of the key companies present in the market are Analog Devices, Inc.; Avago Technologies Ltd.; Danaher Corporation; GE Healthcare; Honeywell International, Inc.; Medtronic Plc.; Smiths Medical, Inc.; Koninklijke Philips; Proteus Digital Health; Sensirion AG; Stryker Corporation; Abbott Laboratories; Roche; Hologic; and Varian Medical System.

About Grand View Research:

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 compnies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.

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