Market Insights Digital Digital Health Digital Treatment & Care

Connected Biosensors - Mongolia

Mongolia

The market segment Connected Biosensors is anticipated to witness a substantial rise in revenue in Mongolia, with projections indicating a reaching of US$2.42m in 2024.
This revenue is expected to experience a steady annual growth rate (CAGR 2024-2028) of 5.52%, ultimately resulting in a market volume projection of US$3.00m by 2028.
In terms of user penetration, it is estimated to be 0.97% in 2024 and is anticipated to increase to 1.05% by 2028.
Furthermore, the average revenue per user (ARPU) is expected to reach a value of US$72.27.
In a global context, in China is expected to generate the highest revenue, amounting to US$4,493.00m in 2024.
Mongolia is seeing a growing demand for connected biometric sensors in the digital health market, as the country aims to improve healthcare accessibility and remote patient monitoring in its vast and sparsely populated regions.

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

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Analyst Opinion

The Connected Biosensors market in Mongolia is experiencing a notable shift towards more advanced and interconnected healthcare devices.

Customer preferences: Customers in Mongolia are increasingly drawn to smart biosensors due to their convenience, accuracy, and ability to provide real-time health data. The demand for smart thermometers, blood glucose meters, blood pressure meters, and social alarms is on the rise as individuals seek more proactive approaches to monitoring their health.

Trends in the market: In Mongolia, there is a growing trend towards the adoption of smart biosensors that offer features such as Bluetooth connectivity, mobile app integration, and cloud storage capabilities. This trend is being driven by the increasing awareness of the importance of preventive healthcare and the convenience of having health data readily accessible on smartphones or other devices.

Local special circumstances: Mongolia's vast and sparsely populated landscape presents unique challenges for healthcare access, especially in remote areas. Smart biosensors play a crucial role in bridging this gap by enabling individuals to monitor their health status without the need for frequent visits to healthcare facilities. This is particularly beneficial for older adults or individuals with chronic conditions who may have limited mobility or access to medical services.

Underlying macroeconomic factors: The growing middle-class population in Mongolia, coupled with increasing disposable incomes, is fueling the demand for healthcare products and services, including connected biosensors. Additionally, the government's efforts to improve healthcare infrastructure and promote digital health solutions are creating a conducive environment for the expansion of the connected biosensors market in the country.

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.