Market Insights Digital Digital Health Digital Treatment & Care

Connected Biosensors - India

India

In 2024, the Connected Biosensors in India is projected to reach a revenue of €232.70m.
This market is expected to demonstrate a steady annual growth rate (CAGR 2024-2029) of 12.29%, resulting in a projected market volume of €415.50m by 2029.
The user penetration in this market is estimated to be 0.18% in 2024 and is projected to increase to 0.20% by 2029.
The average revenue per user (ARPU) is expected to be €90.69.
In terms of global comparison, China is anticipated to generate the highest revenue in this market, amounting to €4,166.00m in 2024.
India's growing digital health market is witnessing a surge in the adoption of connected biometric sensors, revolutionizing healthcare monitoring and enhancing patient outcomes.

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

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Analyst Opinion

The Connected Biosensors market in India is experiencing significant growth and evolution, driven by various factors shaping the healthcare industry in the country.

Customer preferences: Customers in India are increasingly seeking convenience and efficiency in healthcare solutions, leading to a rising demand for connected biosensors. The convenience of monitoring health parameters remotely and the ability to easily share data with healthcare providers align with the preferences of tech-savvy Indian consumers.

Trends in the market: In India, the Connected Biosensors market is witnessing a surge in the adoption of smart blood glucose meters and smart blood pressure meters. With the increasing prevalence of chronic diseases such as diabetes and hypertension in the country, there is a growing need for continuous monitoring and management of these conditions. Smart biosensors offer real-time data tracking and analysis, empowering individuals to take proactive measures to maintain their health.

Local special circumstances: India's large population, coupled with the growing awareness and emphasis on preventive healthcare, presents a unique opportunity for the Connected Biosensors market. The government's initiatives to promote digital health technologies and telemedicine services further support the integration of connected biosensors into the healthcare ecosystem. Additionally, the presence of a thriving technology sector in India fuels innovation and drives the development of advanced biosensor technologies tailored to the local market needs.

Underlying macroeconomic factors: The increasing penetration of smartphones and internet connectivity across urban and rural areas in India plays a crucial role in the expansion of the Connected Biosensors market. The affordability of smartphones and data plans has made digital health solutions more accessible to a wider population. Moreover, the rising disposable income levels and changing lifestyle patterns contribute to the growing adoption of connected biosensors among middle-class consumers in India. The favorable regulatory environment and investments in healthcare infrastructure also create a conducive market environment for the growth of connected biosensors 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.