Market Insights Digital Digital Health Digital Treatment & Care

Connected Biosensors - Nigeria

Nigeria

The market Connected Biosensors in Nigeria is expected to generate a revenue of €118.20m in 2024.
Looking ahead, the revenue is projected to grow at an annual growth rate of 8.98% (CAGR 2024-2029), resulting in a market volume of €181.70m by 2029.
In terms of user penetration, it is anticipated to be 1.18% in 2024 and is projected to increase to 1.24% by 2029.
The average revenue per user (ARPU) is expected to be €43.52.
When compared globally, China is expected to generate the highest revenue in the Connected Biosensors, reaching €4,123.00m in 2024.
Nigeria's digital health market is witnessing a surge in demand for connected biometric sensors, revolutionizing healthcare access and patient monitoring in the country.

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

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Analyst Opinion

The Connected Biosensors market in Nigeria is experiencing a significant growth trajectory driven by increasing awareness of health monitoring, advancements in technology, and the rising prevalence of chronic diseases in the country.

Customer preferences: Consumers in Nigeria are increasingly inclined towards smart health devices that offer convenience, accuracy, and real-time monitoring capabilities. Smart thermometers, smart blood glucose meters, smart blood pressure meters, and social alarms are gaining popularity among tech-savvy individuals who seek to take control of their health and well-being.

Trends in the market: One notable trend in the Connected Biosensors market in Nigeria is the shift towards remote patient monitoring and telehealth services. This trend is fueled by the need for continuous health monitoring, especially among individuals with chronic conditions, and the growing adoption of digital health solutions in the country. Smart biosensors play a crucial role in enabling healthcare providers to remotely track patients' vital signs and intervene promptly when necessary.

Local special circumstances: Nigeria's healthcare system faces challenges such as inadequate infrastructure, limited access to quality healthcare services in rural areas, and a shortage of healthcare professionals. In this context, Connected Biosensors offer a promising solution to bridge the gap by providing individuals with access to essential health monitoring tools at their convenience. The affordability and accessibility of smart biosensors make them particularly attractive in a country where traditional healthcare services may be limited.

Underlying macroeconomic factors: The economic landscape in Nigeria, marked by a growing middle-class population and increasing smartphone penetration, creates a conducive environment for the growth of the Connected Biosensors market. As disposable incomes rise and technology becomes more accessible, the demand for smart health devices is expected to surge. Additionally, government initiatives aimed at improving healthcare infrastructure and promoting digital health solutions further support the expansion of the Connected Biosensors market in Nigeria.

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.