Market Insights Digital Digital Health Digital Treatment & Care

Connected Biosensors - China

China

In 2024, the revenue in the market segment Connected Biosensors is projected to reach a substantial amount of US$4.49bn.
Looking ahead, the market is expected to exhibit a steady annual growth rate (CAGR 2024-2028) of 6.88%.
This growth trajectory is anticipated to result in a projected market volume of US$5.86bn by 2028.
When it comes to user penetration, it is estimated to be 4.34% in 2024 and is projected to increase to 4.54% by 2028.
This indicates a gradual expansion of the market's reach and adoption among users.
The average revenue per user (ARPU) is anticipated to amount to US$70.71.
This metric provides insights into the average amount of revenue generated per user in this market segment.
In global comparison, it is noteworthy that the majority of revenue in the Connected Biosensors is expected to be generated in China.
Specifically, [globalrevenue_currentlayer_yeartoday_maxcountrynameprep] is projected to generate US$4.49bn in revenue in 2024.
As one of the leading players in this market, in China's significant contribution to the revenue highlights its prominence and influence in the industry.
China's rapid advancements in digital health technology have positioned it as a global leader in the development and adoption of connected biometric sensors.

Key regions: Italy, Germany, France, United Kingdom, India

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Analyst Opinion

The Connected Biosensors market in China is experiencing significant growth and evolution, driven by various factors shaping consumer preferences and market trends in the country.

Customer preferences: Chinese consumers are increasingly prioritizing health and wellness, leading to a growing demand for connected biosensors that offer convenient and real-time health monitoring solutions. With a rising awareness of chronic diseases and the importance of preventive healthcare, individuals are turning to smart thermometers, blood glucose meters, blood pressure meters, and social alarms to track their health metrics proactively.

Trends in the market: In China, the Connected Biosensors market is witnessing a trend towards integration with smart devices and digital platforms. Consumers are seeking interconnected solutions that allow seamless data sharing and analysis, enabling them to monitor their health status more effectively. Moreover, there is a shift towards more personalized and user-friendly designs in connected biosensors, catering to the preferences of tech-savvy Chinese consumers.

Local special circumstances: China's large population, rapid urbanization, and increasing healthcare expenditure are contributing to the growth of the Connected Biosensors market in the country. The government's initiatives to promote digital health technologies and the rise of telemedicine services are also driving the adoption of connected biosensors among Chinese consumers. Furthermore, the competitive landscape in China, with both domestic and international players vying for market share, is fostering innovation and product development in the connected biosensors segment.

Underlying macroeconomic factors: The economic growth and rising disposable income levels in China are enabling more consumers to invest in connected biosensors for personal health monitoring. Additionally, the country's aging population and the prevalence of chronic diseases are creating a strong market opportunity for connected biosensor manufacturers. As China continues to prioritize healthcare reform and digitalization, the Connected Biosensors market is poised for further expansion and technological advancements in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenues and user data of relevant mobile applications and consumer electronics companies.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, internet penetration, smartphone penetration, consumer spending, and healthcare spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.