Global Biosensors Market
Industry Players
As COVID-19 breakthrough and its fears are blowing up, Market Research Future finds in its study that the global Biosensors Market 2023 might see a bright future and expand at a CAGR of about 12% during the forecast period 2022 - 2030. Despite the long-term impact of COVID-19, the market would reach USD 360 million valuations by the end of 2030.
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Top Impacting Factors
As per the reports, demand for biosensors is escalating owing to diverse applications of biosensors in the medical field, high demand for miniature diagnostic devices, rising diabetic population, and rapid technological advancements. The rising prevalence of diabetes will certainly stimulate biosensors industry growth in the coming years. As per WHO, the count of diabetic patients in 2014 was around 422 million worldwide. The rising awareness on self-management of diabetes facilitates amalgamation of advanced technology in the glucometers, thus motivating market growth. For instance, novel glucometers are equipped with embedded microchips that facilitate accurate and faster detection of blood glucose levels, even at home. Hence, the growing inclination for such technology and availability of variant diabetic biosensors in the market will boost global biosensors industry growth in the coming years.
Technological advancements in biosensors technology will soar the adoption rate of biosensors in the foreseeable future. The new biosensor technology delivers user-friendly, innovative, and flexible products. This technology is being combined with Smartphones, internet-of-things, cloud computing, among a few other technologies. The development and focus on the lab-on-a-chip model in biosensors are gaining pace for point-of-care diagnostics will positively persuade biosensors market growth in the forthcoming years.
Furthermore, the increasing awareness regarding maintenance of a balanced and healthy lifestyle is accelerating demand for wearable biosensors, capable of monitoring various health parameters such as blood pressure, pulse rate, heartbeats and others. Thus, escalating adoption of wearable biosensors along with increasing chronic ailments, will propel the industry growth. On the contrary, the factor of cost-intensive nature of the development of biosensors may hinder biosensors industry growth.
Leading Segments
The biosensors development and demand market have been studied among segments of application, type, and design methods.
Depending on the application segment, the market has included glucose monitoring, medical diagnosis, food analysis, interferometric reflectance imaging sensor (IRIS), environmental monitoring, bio-defence, and others.
Depending on the type segment of biosensors, the market has included Trans-membrane sensors, piezoelectric biosensors, Nucleic acid sensors, electrochemical biosensors, cell network sensors, and optical biosensors.
Depending on design methods segment, the market has included adsorption, entrapment within polymers, cross-linking, self-assembled monolayer and covalent attachment.
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Top Industrial Players
The global biosensors development and demand market have some prominent players such as LifeSensors, Inc (U.S.), Siemens Healthcare (Germany), Johnson & Johnson (U.S.), Abbott Laboratories, Inc (U.S.), Nova Biomedical Corporation (U.S.), Bayer AG (Germany), Medtronic Public Limited Company (U.S.), Nokia Corporation (Finland), Koninklijke Philips N.V (Netherland), TiaDoc Technology Corporation (Taiwan), F. Hoffmann-La Roche AG (Switzerland) and among others.
Leading Regions
The biosensors development market has further been studied among crucial regions such as Europe, North America, Asia Pacific and Rest of the world.
Out of the above mentioned regions, North America might lead the market for biosensors development owing to the rise in diseases such as diabetes and cancer, which requires early detection and diagnosis. Europe is benefitted mainly from rising shares is due to the aging population and boost in the risk of acquiring the diseases.
Asia Pacific region is estimated to cultivate at a fast rate during the forecasted period in support of the surged applications of agriculture in India and South East Asia. The competitive scene of the biosensors development and demand market include many diversified organizations and many major players in the field of medical equipment manufacturing. The leaders make development in the field of research to produce a cost-effective portfolio.
