Connected Biosensors - Canada

Canada

Highlights

In 2024, the revenue in the market Connected Biosensors in Canada is projected to reach US$146.90m.
This revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 4.05%, resulting in a projected market volume of US$179.20m by 2029.
The user penetration rate is anticipated to be 3.21% in 2024 and is expected to increase to 3.34% by 2029.
Furthermore, the average revenue per user (ARPU) is projected to amount to US$117.20.
In a global comparison, it is noteworthy that China is expected to generate the most revenue in this market, with a projected revenue of US$4.49bn in 2024.
Canada is seeing a surge in the adoption of connected biometric sensors in the digital health market, driven by its advanced healthcare infrastructure and focus on innovation.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Connected Biosensors market in Canada is witnessing a significant growth trajectory with the increasing adoption of smart healthcare devices across the country.

Customer preferences: Canadian consumers are increasingly inclined towards smart healthcare devices that offer convenience, real-time monitoring, and seamless integration with other digital platforms. The demand for connected biosensors such as smart thermometers, blood glucose meters, blood pressure meters, and social alarms is driven by the growing awareness of personal health management and the desire for proactive health monitoring.

Trends in the market: In Canada, the Connected Biosensors market is experiencing a surge in innovation and technological advancements. Companies are focusing on developing more sophisticated biosensors that not only provide accurate health data but also offer additional features such as data analytics, cloud connectivity, and mobile app integration. The market is also witnessing a trend towards wearable biosensors that can continuously monitor vital signs and provide personalized health insights to users.

Local special circumstances: One of the key factors influencing the Connected Biosensors market in Canada is the country's aging population. With a growing number of elderly citizens who require regular health monitoring, there is a rising demand for connected biosensors that can help individuals manage chronic conditions and maintain their health from the comfort of their homes. Additionally, the widespread availability of digital health platforms and telemedicine services in Canada is further driving the adoption of connected biosensors among consumers.

Underlying macroeconomic factors: The Canadian government's focus on digital health initiatives and the promotion of telehealth services are creating a conducive environment for the growth of the Connected Biosensors market. The increasing healthcare expenditure, rising prevalence of chronic diseases, and the shift towards preventive healthcare measures are also contributing to the expansion of the market. Moreover, the presence of key players in the healthcare technology sector and the supportive regulatory framework are bolstering the development and commercialization of connected biosensors in Canada.

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.