Health Sensors Market Size Worth $83.2 Billion by 2025

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The global health sensors market size is expected to reach $83.2 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 17% 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.