Global Biosensors Market – Overview
Over the past few years nanotechnology has becoming increasingly essential in the field of biosensors. The performance and sensitivity of biosensors is incredibly enhanced with the combination of nanomaterials into their construction. The biosensors works on various technologies which include biosensors, optical biosensors, thermal biosensors and piezoelectric biosensors. This report by MRFR majorly focuses on the biosensors which holds the largest market share among all others biosensor technologies. The biosensors plays a major role in the field of healthcare which include applications such as diagnosis, patient monitoring and many others. The end user such as point of care testing, diagnostics centers, research laboratories and various others influence the growth of the market.
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The global biosensors by applications is segmented into diagnosis, patient monitoring and others. Diagnosis segment accounted for the largest market by application. The major factor that influence the growth of the market are the need for analyses in the clinical area with reliable analytical methods and devices. Moreover biosensors offers various benefits over traditional diagnostic methods which include ease of use, quick results and accurate results, continuous monitoring with its portability. Moreover biosensors displays sensitivity, selectivity, and potential for application on real samples which is further influencing the growth of the market.
The global biosensors by end user is majorly segmented into point of care testing, diagnostics center, research laboratories and others. The point of care segment holds the largest market by end user in 2016. Biosensors are next generation analytical tools for point of care testing. Demand for point of care testing is increasing due to increasing requirement of portable and integrated devices. It helps to perform tests close to the patient and also provide immediate results outside the laboratory. It is an important tool used in intensive care units, clinics, emergency rooms and operating theatre. It also helps to improve patient care through remote patient care monitoring. Further, it helps clinicians to diagnose the cause of disease for immediate management. Thus, increasing demand for point of care testing would reduce the healthcare cost and helps to obtain precise and quick results of analytical tests.
Some of the key players in this market are: Abbott Laboratories Inc., F. Hoffmann-La Roche Ltd., Bayer Healthcare, Johnson & Johnson, Medtronic, Inc., and Siemens Healthcare, Nova Biomedical Corporation, LifeSensors Inc., TiaDoc Technology Corporation, I-SENCE Inc.
The Liquid Chromatography instruments market has been segmented on the basis of technique of as HPLC, UHPLC, LPLC, FPLC and others. Similarly on the basis of type the market has been segmented into instruments, consumables, and services. On the basis of end users the market has been classified as pharmaceutical and Biotechnology Company, academic and research institute, hospitals, agriculture industry and others.
The Global biosensors market, on the basis of regions is divided into North America, Europe, Asia Pacific and Middle East and Africa. North America is expected to command the largest market share due to advanced technologies continuously on rise in these countries. Europe accounts for the second largest. Asia Pacific with lots of opportunity and continuously growing economies, is expected to be the fastest growing segment. Majorly due to recent developments in healthcare and improving economies and disposable income per individual. Middle East and Africa with less economic developments and extremely low income accounts for least market share in 2015 but is expected to grow with the increasing investment in research and development in the countries.
The North America Biosensor market is majorly divided in two countries which include U.S and Canada. In North America, biosensor market is driven due to increasing health awareness, rising chronic and lifestyle diseases, technological developments in healthcare applications, and appropriate insurance coverage.
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Usage of biosensor technology in North America is high compared to other regions of the world due to technological advancements and broader application areas in different industries. Since, the healthcare expenditure is high in North America, biosensor devices are used extensively for accurate, reliable and quick results for early detection and prevention of diseases.
Similarly, according to European Federation of Pharmaceutical Industries and Associations, in 2012, the North American pharmaceutical market accounted for about 41% share of the total pharmaceutical market. This large market invests immensely in R&D of new drugs and thereby drives the demand for various biosensor devices for toxicity testing in the drug development process. Since, these biosensors devices are used in drug development and diagnoses, they are required to abide by certain regulations for efficacy and safety.
Europe holds the second largest market position in terms of market share of global biosensors market majorly due to rise in geriatric population, increase in lifestyle associated diseases, increasing awareness of various diseases and rise in diagnostic requirements. For instance, according to IDF in 2013, approximately 52 million people are suffering from diabetes in Europe.
The key findings of the report “Global Industry Insight: Global Biosensor Market Development and Forecast to 2020” include:
- Biosensor market expected to grow at CAGR of 9.6% during the period 2014-2020
- Geographically, North America has the largest share in global biosensors market, while Asia-Pacific has emerged as the fastest growing region
- Based on the technology, electrochemical biosensors has the largest market share in the biosensor market
- Security and biodefense are the most popular end user in the biosensors market
Key Questions Answered In This Report:
What will the market size and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?
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