Market Insights Digital Digital Health Digital Treatment & Care

Connected Biosensors - Vietnam

Vietnam

The market Connected Biosensors in Vietnam is projected to reach a revenue of €181.60m in 2024.
This is expected to show an annual growth rate (CAGR 2024-2029) of 4.88%, resulting in a projected market volume of €230.40m by 2029.
The user penetration is estimated to be 2.62% in 2024 and is expected to reach 2.71% by 2029.
The average revenue per user (ARPU) is projected to be €69.54.
In global comparison, China is expected to generate the highest revenue in this market, amounting to €4,166.00m in 2024.
Vietnam is experiencing a surge in the adoption of connected biometric sensors, as the country's digital health market continues to grow rapidly.

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

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Analyst Opinion

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

Customer preferences: Vietnamese consumers 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. These devices offer convenience, real-time monitoring, and data tracking, aligning with the rising health consciousness among the population.

Trends in the market: One of the key trends in the Connected Biosensors market in Vietnam is the integration of advanced technology and IoT capabilities into these devices. Smart features such as wireless connectivity, mobile app compatibility, and cloud storage are becoming standard, enhancing the overall user experience and functionality. Moreover, the market is witnessing a shift towards more compact and portable designs, making the biosensors easier to use in different settings.

Local special circumstances: Vietnam's healthcare infrastructure is evolving, with an increasing focus on digital health solutions and remote patient monitoring. Connected biosensors play a crucial role in this transformation by enabling individuals to manage their health proactively and healthcare providers to deliver more personalized care. Additionally, the government's initiatives to promote digitalization and innovation in healthcare are creating a conducive environment for the growth of the Connected Biosensors market in the country.

Underlying macroeconomic factors: The growing middle-class population in Vietnam, coupled with rising disposable incomes, is expanding the consumer base for connected biosensors. As more people gain access to these technologies, the market is poised for further expansion. Furthermore, the increasing prevalence of chronic diseases such as diabetes and hypertension is driving the demand for smart healthcare devices that can help individuals monitor their conditions effectively. Overall, the combination of changing consumer preferences, technological advancements, and supportive macroeconomic factors is fueling the growth of the Connected Biosensors market in Vietnam.

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.