Biosensors are devices used in detecting the presence or concentration of bioanalytes in the human body without the need for drawing blood. They can be placed inside the body for detecting the presence of bioanalytes as well. Their application in environmental monitoring, food safety standards, security, defense, biomedicine, and drug discovery is expected to widen its potential even further. The global biosensor market report by Market Research Future (MRFR) sheds light on the developments in different types of biosensors as well as its potential for the period of 2018 to 2025 (forecast period).
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Biosensors Market Scope
The global biosensor market size is slated to reach a value of USD 35,729.14 million by 2025. It can register 9.7% CAGR over the forecast period. Launch of new innovative products is the primary driver of the market. Huge demand for advanced diagnostic methods as well as need for point-of-care testing (POCT) will drive the market demand. The vital need for biosensors in various industries for a first-mover advantage will fuel its numbers. For instance, glucometers have gained prominence owing to sensors detecting oxygen or hydrogen peroxide levels. Recently, biosensors have their sensitivity increased by using aptamers, affibodies, and others for disrupting the healthcare monitoring sector.
Technical strategies by biosensor manufacturers used in detecting label and label-free compounds in samples will benefit the market. Changing approaches of electrical & electronic engineering and bioengineering can widen the global biosensor market scope in environmental science and medicine.
However, strict regulations pertaining to various sensors and lack of reimbursement policies can impede market growth.
Biosensors Market Segmentation
The global biosensor market has been segmented into technology, end user, and application.
Based on technology, the global market has been segmented into piezoelectric biosensors, electrochemical biosensors, thermal biosensors, and optical biosensors.
Based on end user, the global market has been segmented into food industry, point of care, home diagnostics, research laboratories, and security and biodefense.
Based on application, the global market has been segmented as environmental, industrial process, medical testing, food toxicity, and agricultural testing. The point of care testing segment accounted for a market value of USD 8,428 million in 2017.
Biosensors Market Regional Analysis
The global biosensor market, based on region, is segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America accounted for a major market share owing to prevalence of lifestyle and chronic diseases, increasing healthcare diagnostic kits for home use, the elderly populace, and awareness of health among the public. Technological developments and insurance coverage can facilitate regional market growth of biosensors.
Europe had accounted for the second-largest market share due to lifestyle diseases, awareness of diseases, elderly populace, and need for advanced and rapid diagnostic kits. In 2013, close to 52 million were diagnosed in Europe with diabetes.
APAC is projected to grow at a rapid pace owing to awareness of clinical outcomes, large diabetic pool, a huge elderly populace, and technological strides in medical diagnostic equipment and tools. India accounted for 13% of the regional market in 2017.
Biosensors Market Competition Outlook
i-SENS, Inc, TiaDoc Technology Corporation, Nova Biomedical, LifeSensors, Johnson & Johnson Services, Inc., Abbott, Siemens Healthineers AG, Medtronic, Bayer AG, and F. Hoffmann-La Roche Ltd are key players of the global biosensor market.
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