Global Biosensors Market –Highlights
Biosensors have a wide range of diversified applications, from engineering and aeronautical, to military use and from environmental monitoring and agriculture to veterinary monitoring and healthcare sector. Biosensors are a complicated yet effective device capable of fast detection and measuring broad spectrum in various applications.
Among various key benefits of biosensors include the conversion of biological response into an electrical response, to identify the function and structure of multiple molecules. Biosensors used in medical devices offer higher sensitivity and accuracy with the help of nanomaterials incorporated in electrodes used in the sensor.
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Due to their advantages, biosensors are used in a number of healthcare applications for instance; in monitoring devices such as glucose level monitor used by in diabetes patients and devices used in the food analysis, environmental applications, wastewater treatment, protein engineering, and drug discovery applications.
The extensive applications of biosensors lead to increase its uptake and hence, its market size. Additionally, biosensors also find their applications in the field of point of care testing, diagnostics centers, and research laboratories among others.
Naturally, due to the extensive application areas, biosensors witness a colossal market demand which, in turn, escalate its market on the global platform.
Considering the phenomenal growth, the market is witnessing currently; Market Research Future (MRFR) in its recently published study report asserts that global biosensors market will aggrandize exponentially by 2020 registering a CAGR of 9.6% throughout the forecast period (2018 to2020).
Additional factors such as the increasing occurrences of chronic diseases like diabetes and lifestyle-induced disease boost the growth of the biosensors market. Furthermore, the growing demand for POCT fosters market growth, increasing application of biosensors in various industries.
Conversely, factors such as the stringent regulatory requirements and unfavourable reimbursement scenarios are obstructing the growth of the market. Nevertheless, factors such as the proliferation of nanotechnology and its integration with the biosensors are expected to support the market over the assessment period.
Global Biosensors Market – Segmentations
For ease of understanding, the market is segmented into four key dynamics: –
By Technology : Electrochemical Biosensors, Optical Biosensors, Thermal Biosensors, and Piezoelectric Biosensors among others.
By End-user : Point of Care, Home Diagnostics, Research Laboratories, Food Industry, Security and Biodefense among others.
By Application : Medical Testing, Food Toxicity, Industrial Process, Environmental Market, and Agricultural Testing, among others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Global Biosensors Market – Geographical Analysis
Well-developed regions – North America and Europe lead the global biosensors market. Factors such as the well-spread awareness towards health, technological developments in healthcare applications, and appropriately defined insurance coverage are acting as significant tailwinds driving the growth of the biosensors market in these regions.
Moreover, the increasing incidences of chronic and lifestyle diseases alongside the well-proliferated healthcare sector and high per capita healthcare expenses foster the growth of the biosensors market in these regions. Furthermore, the huge uptake of the medical devices developed with the built-in biosensors to gain accurate, reliable, and quick results for early diagnosis and prevention of diseases positively impacts the market growth in these regions.
The Asia Pacific biosensors market is rapidly emerging as a profitable market, globally due to the spreading awareness towards the clinical outcomes and technological advancement in medical devices & equipment. Moreover, factors such as the rising population, growing geriatric populaces, and an increase in patients with diabetic conditions foster the growth of the biosensors market in the region.
Global Biosensors Market – Competitive Analysis
The well-established biosensors market appears fiercely competitive and fragmented owing to the presence of a number of matured players. Agreement & partnership, product launch, acquisition, and expansion are few of the key strategies traced during the analysis of recent developments of the key companies.
Market players are focusing on developing their product portfolio with the help of advanced technologies. They are investing substantially in internal R&D activities to develop new products and to bring novelties to their existing products. Increasing government funding is motivating the key companies to develop new biosensors that can match the changing trends and needs of the patrons.
Key players leading the global biosensor market include F. Hoffmann-La Roche Ltd., Abbott Laboratories Inc., Bayer Healthcare, Medtronic, Inc., Johnson & Johnson, Siemens Healthcare, LifeSensors Inc., Nova Biomedical Corporation, TiaDoc Technology Corporation, and I-SENCE Inc. among others.
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Industry/ Innovation/ Related News
March 28, 2019 —- Eccrine Systems, Inc. (the US), a leading global company developing and commercializing non-invasive, electronic wearable systems announced its collaboration with Maxim Integrated (the US), a publicly traded company that designs, manufactures, and sells analog and mixed-signal integrated circuits to drive its sweat sensing platform.
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