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Connected Biosensors - United States

United States

In the United States, the market Connected Biosensors is anticipated to witness significant growth.
It is projected that the revenue in this market will reach US$2.07bn by the year 2024.
Looking ahead, the revenue is expected to demonstrate a compound annual growth rate (CAGR 2024-2029) of 3.60%, resulting in a projected market volume of US$2.47bn by 2029.
As for user penetration, it is estimated to be 4.15% in 2024 and is anticipated to increase to 4.24% by 2029.
The average revenue per user (ARPU) is expected to amount to US$146.10 in this market.
When considering the global comparison, it is worth noting that China is projected to generate the highest revenue in this market.
In 2024, it is expected that China will generate US$4,493.00m in revenue.
Overall, the Connected Biosensors in the United States is poised for growth and is expected to make a significant contribution to the global market.
The United States is experiencing a growing demand for connected biometric sensors in the digital health market due to increasing awareness and adoption of personalized healthcare technologies.

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

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Analyst Opinion

The Connected Biosensors market in United States is experiencing a significant growth trajectory driven by various factors influencing consumer preferences, technological advancements, and local special circumstances.

Customer preferences: Consumers in the United States are increasingly gravitating towards connected biosensors due to the convenience and real-time health monitoring capabilities they offer. The demand for smart thermometers, smart blood glucose meters, smart blood pressure meters, and social alarms is rising as individuals seek more personalized and proactive healthcare solutions. Additionally, the growing awareness about the importance of health and wellness is prompting consumers to invest in connected biosensors to track their vital signs and health metrics more effectively.

Trends in the market: One of the prominent trends in the Connected Biosensors market in the United States is the integration of advanced technologies such as Internet of Things (IoT), artificial intelligence, and machine learning. These technologies enhance the functionality of biosensors by enabling seamless data collection, analysis, and interpretation. Moreover, the market is witnessing a surge in the development of wearable biosensors that offer continuous monitoring and greater mobility to users. This trend is reshaping the healthcare landscape by providing healthcare professionals with valuable insights for early diagnosis and intervention.

Local special circumstances: The United States has a robust healthcare infrastructure and a culture that emphasizes innovation and technology adoption. This environment fosters the rapid growth of the Connected Biosensors market as healthcare providers, insurance companies, and consumers embrace digital health solutions. Furthermore, the presence of leading technology companies and research institutions in the country accelerates the pace of innovation in biosensor technology. The regulatory environment in the United States also plays a crucial role in shaping the market dynamics by ensuring the safety, efficacy, and interoperability of connected biosensors.

Underlying macroeconomic factors: The growing healthcare expenditure, increasing prevalence of chronic diseases, and aging population in the United States are key macroeconomic factors driving the demand for connected biosensors. As healthcare costs continue to rise, there is a growing emphasis on preventive care and remote monitoring solutions, making connected biosensors a viable option for both healthcare providers and patients. Additionally, the shift towards value-based care and outcomes-based reimbursement models incentivizes the adoption of digital health technologies like connected biosensors to improve patient outcomes and reduce healthcare costs in the long run.

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.