Market Insights Digital Digital Health Digital Treatment & Care

Connected Biosensors - Ireland

Ireland

The market of Connected Biosensors in Ireland is projected to reach a revenue of €13.91m in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 3.11%, resulting in a projected market volume of €16.21m by 2029.
User penetration is anticipated to be 3.22% in 2024 and is expected to increase to 3.30% by 2029.
The average revenue per user (ARPU) is projected to be €84.84.
In a global comparison, China is expected to generate the highest revenue with €4,123.00m in 2024.
Ireland's digital health market is witnessing a surge in demand for connected biometric sensors, with companies capitalizing on the country's strong healthcare infrastructure and technological advancements.

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

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Analyst Opinion

The Connected Biosensors market in Ireland is experiencing a significant growth trajectory driven by various factors unique to the region.

Customer preferences: Irish consumers are increasingly leaning towards connected biosensors due to the convenience and efficiency they offer in monitoring health parameters. The shift towards proactive health management and the growing awareness of the benefits of early detection are driving the demand for smart thermometers, blood glucose meters, blood pressure meters, and social alarms in Ireland.

Trends in the market: One notable trend in the Connected Biosensors market in Ireland is the integration of advanced technologies such as IoT and AI to enhance the functionality and accuracy of these devices. Manufacturers are focusing on developing user-friendly interfaces and seamless connectivity to smartphones or other devices, catering to the tech-savvy Irish population. Additionally, there is a rising trend of personalized healthcare solutions, where connected biosensors provide real-time data and insights tailored to individual users' needs.

Local special circumstances: Ireland's healthcare system is undergoing digital transformation, with an emphasis on remote monitoring and telehealth solutions. The government's initiatives to promote digital health technologies and the increasing collaborations between healthcare providers and technology companies are creating a conducive environment for the adoption of connected biosensors in the country. Moreover, the presence of a strong pharmaceutical and medical device industry in Ireland is fostering innovation and driving the development of advanced biosensor technologies.

Underlying macroeconomic factors: The overall economic stability and increasing disposable income levels in Ireland are supporting the growth of the Connected Biosensors market. As consumers prioritize health and wellness, they are willing to invest in connected biosensors to monitor their health proactively. Furthermore, the aging population in Ireland is fueling the demand for healthcare solutions that enable remote monitoring and management of chronic conditions, driving the adoption of smart 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.