Global Biosensors Market is Anticipate to Reach at a CAGR of 8.5% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Biosensors Market by Type (Wearable Biosensors, Non-wearable Biosensors), Technology (Electrochemical Biosensors, Optical Biosensors, Piezoelectric Biosensors, Thermal Biosensors, Nanomechanical Biosensors, Others), Application (Point of Care, Home Diagnostics, Research Lab, Biodefense, Environmental Monitoring, Food & Beverages), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global biosensors market is expected to grow from USD 21.5 billion in 2019 to USD 41.29 billion by 2027, at a CAGR of 8.5% during the forecast period 2020-2027. North America holds the largest market share in the U.S., due to the rising investment in research and development activities, rising preference for wearable biosensors, increase in the addressable patient population, and growing geriatric population base. The market in the Asia-Pacific region is anticipated to witness a significant growth, due to an increasing number of clinical outcomes, a growing geriatric population, an increase in the diabetic population, a large population base, and technological advancement in medical devices. The market in Europe is witnessing significant growth in Germany due to the high adoption rate of advanced technology across the nation, innovation in biosensing devices, and various research institutes in Germany collaborating to increase biosensor research development.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Some of the notable players in the market are Medtronic Inc., F. Hoffman-La Roche Ltd., Abbott Point of Care Inc., Pharmaco-Kinesis Corporation, ACON Laboratories, Inc., Nova Biomedical Corp., Universal Biosensors Inc., Bio-Rad laboratories Inc., LifeSensors Inc., LifeScan Inc., Sysmex Corporation, DuPont, Biacore, and Biosensors International Pte. Ltd. In May 2018, the launch of the Afinion test system in the U.S. (Afinion 2 analyser) was announced by Abbott. Afinion 2 analyser is a multi-assay platform, compact rapid that streamlines and simplifies the delivery of accurate measurements, actionable of hemoglobin A1c and albumin to creatinine ratio that results at the point of care.
The type segment is classified into wearable and non-wearable. The non-wearable segment dominated the market. This growth is ascertained to the high accuracy and efficiency provided by non-wearable biosensors, and continuous development in the product has highly impacted the segment. The wearable biosensors segment is expected to witness significant growth due to rising awareness regarding a healthy lifestyle. The technology segment includes electrochemical biosensors, optical biosensors, piezoelectric biosensors, thermal biosensors, nanomechanical biosensors, and others. The electrochemical technology segment dominated the market, owing to the rising prevalence of chronic diseases, rising incidences of diabetes that is impacting the adoption of glucometers, and increasing use of electrochemical biosensors. Optical biosensors are expected to witness significant growth, owing to the growing advancements in optical biosensors. On the basis of application, the market is segmented into point of care, home diagnostics, research lab, biodefense, environmental monitoring, and food & beverages. The point of care application segment holds the largest market share, owing to increasing inclination towards rapid diagnostic testing, growing government support, rising private investments and venture funding, and increased adoption of PoC devices.
The factors influencing the market growth are growing awareness regarding the maintenance of a balanced and healthy lifestyle, increasing the use of biosensors in agriculture to provide specific and rapid detection of various fungus and rising concerns for detection of allergic components. The factors restraining the market growth are the high cost of product development, a slow commercialization rate, and a strict government scenario. High growth opportunities in the food industry, biodefense, environmental monitoring, and emerging market in developing countries will provide market growth opportunities. However, the government’s pricing pressure in the PoC market and long certification and approval cycles are the factors challenging market growth.
About the report:
The global Biosensors market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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