Saudi Arabia Health Sensors Market, By Product (Hand-held Diagnostic Sensors, Wearable Sensors, Implantable/Ingestible Sensors); By Application (Chronic Illness & At Risk-Monitoring, Wellness Monitoring, Patient Admission Triage, Logistical Tracking), Tre

Saudi Arabia Health Sensors Market, By Product (Hand-held Diagnostic Sensors, Wearable Sensors, Implantable/Ingestible Sensors); By Application (Chronic Illness & At Risk-Monitoring, Wellness Monitoring, Patient Admission Triage, Logistical Tracking), Trend Analysis, Competitive Landscape & Forecast, 2019–2029

Saudi Arabia Health Sensors Market Size Booming at Robust CAGR of 16% During the Forecast Period

Saudi Arabia health sensors market is flourishing because of rising demand of tracking health data and high adoption of sensors in portable and connected medical devices.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Saudi Arabia health sensors market size at USD 32.8 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Saudi Arabia health sensors market size to grow at a robust CAGR of 15.8% reaching a value of USD 91.59 million by 2029. Major growth factors of Saudi Arabia health sensors market include rising adoption of technology advancements, growing demands for round-the-clock monitoring, surging demand for health data tracking, and soaring chronic illness incidences. Remote patient monitoring has arisen as a new revenue stream for healthcare providers and vendors of digital health solutions. Also, the Saudi government's healthcare digitalization agenda completely matches the advances in this field. However, healthcare institutions have already included this into their capabilities. Likewise, remote patient monitoring is also viewed as a panacea for the expanding supply and demand imbalances in Saudi Arabia's healthcare industry, despite the fact that the country is one of the largest in the Middle East in terms of both population and GDP.

The fast rise in diabetes and hypertension patients in Saudi Arabia has raised demand for hospital beds. The country had 2.2 beds per 1,000 citizens in 2020, compared to the required 2.7. As a result, the government has already connected this strategic strategy with the Saudi Vision 2030 to improve the healthcare sector in the country. Authorities have already committed USD 66 billion to updating healthcare infrastructure, with healthcare digitalization services accounting for around 17% of the total corpus throughout 2022–2030. The Saudi government is already developing a five-year Digital Health plan with IBM and other stakeholders. Lastly, an increasing people's interest in recording and tracking information about their health habits is expected to drive industry growth, as the personal informatics movement gained traction initially through the introduction of mobile apps that made it easier for people to keep track of miles run and calories consumed per day, among other things. Many firms have created products that include accelerometers and sensors to automatically record data, freeing consumers from having to fill out information on their own. More firms are releasing health sensor gadgets that can detect blood oxygen and respiration levels, heart and pulse rate, heat flux, galvanic skin responses, and skin temperature, among other things. As a result, interest in collecting health data has grown. Hence, such factors are expected to boost the expansion of Saudi Arabia health sensors market during period in analysis. However, data security and privacy issues and lack of reimbursement policies available are anticipated to restrain the expansion of the overall market.

Impact of COVID-19 on Saudi Arabia Health Sensors Market

COVID 19 had a positive impact on the health sensors market. This is due to factors such as high product demand to remotely monitor the health status of coronavirus-infected patients or self-quarantined individuals receiving treatment in a personal room, to decrease the transmission rate of COVID-19 infectious among caretakers, surgeons, patients with other diseases, and hospital management personnel as wearable technology allows carers and surgeons to check patients in real-time, and others. The coronavirus has also necessitated a thorough rethinking of clinical trial design. One area with tremendous potential is the use of wearables in decentralized clinical trials (DCTs). Also, Furthermore, the pandemic has increased product demand in Saudi Arabia. In the current era of Artificial Intelligence (AI), new and improved technologies can play an important part in assisting the world in combating the pandemic. The health sensors may capture a wide range of data, including blood pressure, ECG, body temperature, blood oxygen saturation levels, heart rate, and so on, and so aid in the prevention of the coronavirus's spread. With this technology, the healthcare system allows surgeons to remotely monitor infected or suspected patients, assess health risks, and forecast future circumstances.

Saudi Arabia Health Sensors Market – By Product

By product, Saudi Arabia health sensors market is bifurcated into Hand-held Diagnostic Sensors, Wearable Sensors, and Implantable/Ingestible Sensors. Wearable sensor segment held the highest market share in 2022 due to its numerous advantages. Rising R&D spending and commercial alliances will drive market expansion. The shrinking of physiological sensors, increasing expansion towards better working smart gadgets, improvements in battery sizes, and rising demand for continuous monitoring in healthcare services are the key drivers of the lucrative growth of the wearable health sensors market. Wearable sensors allow devices to monitor patients' physiological and movement activity. These sensors can be worn directly on the body or hidden within clothing, footwear, bracelets, and headbands. The wearable sensors include disposable wearable sensors, non-disposable wearable sensors, wellness monitoring, chronic illness & at risk-monitoring, and patient admission triage.

Competitive Landscape

Major players operating in Saudi Arabia health sensors market include Abbott Laboratories, Roche, Analog Devices Inc., Avago Technologies Ltd., Danaher Corp., GE Healthcare, Honeywell International Inc., Medtronic Plc., Smith’s Medical Inc., and Stryker Corp. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Saudi Arabia Health Sensors Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Saudi Arabia Health Sensors Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.