Market Insights Digital Digital Health Digital Treatment & Care

Connected Biosensors - Sri Lanka

Sri Lanka

In Sri Lanka, the market Connected Biosensors is expected to witness significant growth in the coming years.
By 2024, the projected revenue is estimated to reach €12.80m.
This revenue is expected to grow at an annual rate of 3.32%, resulting in a projected market volume of €15.07m by 2029.
The user penetration rate for Connected Biosensors in Sri Lanka is projected to be 1.72% in 2024 and is expected to increase to 1.83% by 2029.
Furthermore, the average revenue per user (ARPU) is anticipated to amount to €33.84.
This figure represents the average amount of revenue generated per user in Sri Lanka.
When compared to other countries globally, it is noteworthy that China is expected to generate the highest revenue in the Connected Biosensors.
In 2024, China is projected to generate a revenue of €4,123.00m.
Sri Lanka is experiencing a growing demand for connected biometric sensors in the digital health market, driving advancements in healthcare technology.

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

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Analyst Opinion

The Connected Biosensors market in Sri Lanka is experiencing significant growth and development, driven by various factors influencing consumer preferences and market trends.

Customer preferences: Consumers in Sri Lanka are increasingly prioritizing health and wellness, leading to a growing demand for connected biosensors such as smart thermometers, blood glucose meters, blood pressure meters, and social alarms. The convenience, accuracy, and real-time monitoring capabilities of these devices appeal to individuals who are proactively managing their health.

Trends in the market: One notable trend in the Sri Lankan market is the rising adoption of smart health devices among the tech-savvy population. As connectivity and digital health solutions become more prevalent, the demand for connected biosensors is expected to continue on an upward trajectory. Moreover, the increasing prevalence of chronic diseases in the country is also driving the need for continuous health monitoring, further fueling the growth of the connected biosensors market.

Local special circumstances: Sri Lanka's healthcare system is undergoing transformation, with a growing focus on preventive care and remote patient monitoring. This shift is creating opportunities for connected biosensors to play a vital role in improving healthcare outcomes and reducing healthcare costs. Additionally, the government's initiatives to promote digital health technologies and telemedicine services are creating a conducive environment for the expansion of the connected biosensors market in Sri Lanka.

Underlying macroeconomic factors: The growing middle-class population in Sri Lanka, coupled with increasing disposable incomes, is enabling more individuals to invest in healthcare products and services, including connected biosensors. Additionally, the rapid urbanization and advancements in technology are driving the adoption of digital health solutions across the country. These macroeconomic factors are contributing to the overall growth and development of the connected biosensors market in Sri Lanka.

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.