The accelerometer medical sensors market size is expected to advance at a CAGR of 14.4% during 2024–2030, to reach USD 10,442.9 million by 2030. This can be ascribed to the growing requirement for continuous monitoring in the healthcare sector, the increasing adoption of such advanced technologies among individuals, the rising healthcare expenditure and disposable income, and the surging funding and initiatives from government and non-government organizations.
As per several government reports, the healthcare infrastructure is advancing because people are spending more on their health and growing awareness about advanced healthcare technologies. Furthermore, with the increasing expenditure in healthcare, the affordability has increased among individuals for treatments along with the accessibility of treatment and diagnosis for different medical conditions. Thus, this factor increases the demand for advanced devices, which, in turn, drives the market growth.
In addition, the significant increase in the population aged 60 years or above boosts the sales of accelerometer medical sensors. Such types of devices are used inside both equipment and patients' bodies to detect issues and provide reliable, real-time, and accurate results of diagnosis, irrespective of place and time. Also, they are easy to carry and are affordable for the monitoring of patients’ movement and their physiological activities. Moreover, the growing awareness about individual health, the rising product launches, and the increasing technological advancements are expected to contribute to the market growth.
The growing unhealthy lifestyle, due to the increasing number of people initiated the habit of smoking, unhealthy diet, malnutrition, rising stress, and increased consumption of alcohol, causes high blood pressure, high cholesterol, and the risk of atherosclerosis. It has been evaluated from government websites that approximately 13 in every 100 adults who are aged 18 years or above in 2020 were smoking cigarettes. This causes various problems and can also lead to death. Thus, this factor fuels the demand for accelerometer medical sensors.
The APAC market is expected to generate the significant revenue by 2030. This can be because of the growing unhealthy lifestyle among individuals, the mounting prevalence of cardiovascular diseases, the increasing geriatric population, the rising adoption of advanced technologies, the surging funding in R&D and healthcare sectors, the increasing government initiatives, and the rising awareness of people regarding advanced healthcare solutions, in the region.
Moreover, the European market is growing at a considerable rate. This is attributed to the rapid adoption of smartphones, people are becoming more conscious about their health and fitness, governments are actively focusing on creating awareness about the use of equipment based on sensors, and the increasing cases of chronic diseases. Moreover, several companies in the region are focusing on the development of novel products because of the rising trend of wearables across the medical and healthcare industry, which, in turn, propels the growth of the regional market.
The most-significant accelerometer medical sensors market players are Koninklijke Philips N.V., Fitbit Inc., Analog Devices Inc., Garmin Ltd., SOMNOmedics America Inc., and Questex Media Group LLC.