Market Insights Digital Digital Health Digital Treatment & Care

Connected Biosensors - Serbia

Serbia

The market Connected Biosensors in Serbia is projected to reach revenue of €17.29m in 2024.
It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 2.43%, resulting in a projected market volume of €19.50m by 2029.
In 2024, the user penetration rate is estimated to be 2.83% and is expected to increase to 3.09% by 2029.
The average revenue per user (ARPU) is projected to be €86.14.
In comparison to other countries, China is forecasted to generate the highest revenue, amounting to €4,123.00m in 2024.
Serbia is experiencing a rising demand for connected biometric sensors in the digital health market, indicating a growing focus on personalized healthcare solutions.

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

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Analyst Opinion

The Connected Biosensors market in Serbia is witnessing a significant growth trajectory with a surge in demand for smart thermometers, smart blood glucose meters, smart blood pressure meters, and social alarms.

Customer preferences: Consumers in Serbia are increasingly leaning towards connected biosensors due to the convenience and accuracy they offer in monitoring health parameters. Smart devices provide real-time data, personalized insights, and seamless integration with smartphones, aligning with the growing trend of digital health management globally.

Trends in the market: One of the prominent trends in the Connected Biosensors market in Serbia is the adoption of smart blood glucose meters. With the rising prevalence of diabetes in the country, there is a heightened awareness about the importance of regular monitoring, driving the demand for innovative solutions. Moreover, the integration of advanced technologies like artificial intelligence and cloud connectivity is enhancing the functionality and usability of these devices, further fueling their popularity among consumers.

Local special circumstances: In Serbia, the increasing focus on preventive healthcare and proactive wellness management is propelling the uptake of connected biosensors. The shift towards remote patient monitoring and telehealth services, especially in rural areas with limited access to healthcare facilities, is driving the demand for smart devices that enable individuals to track their health metrics conveniently from home. Additionally, the government initiatives to promote digital health solutions and the growing number of tech-savvy users are contributing to the rapid growth of the market.

Underlying macroeconomic factors: The economic development in Serbia, coupled with the growing disposable income levels, is playing a crucial role in the expansion of the Connected Biosensors market. As the standard of living improves, consumers are more willing to invest in healthcare technologies that offer convenience and efficiency. Furthermore, the increasing prevalence of chronic diseases and the aging population are creating a favorable environment for the growth of the market, with connected biosensors emerging as essential tools for disease management and overall well-being 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.