Biosensors are integrated devices that are capable to provide analytical information with the help of biological samples. The devices are used for identifying the function and structure of molecules, including protein and DNA, and in medical diagnosis. The biosensors are employed largely in applications including disease monitoring, micro-organisms causing diseases, drug discovery, and markers which are indicators of the diseases within body fluids including blood, urine, sweat, and saliva.
The global biosensors market is estimated to be valued at US$ 43,073.2 Mn by the end of 2027.
Global Biosensors Market: Drivers
Rising prevalence of chronic diseases is expected to drive the global biosensors market growth over the forecast period. For instance, as per the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, which was published in September 2019, within the journal Diabetes Research and Clinical Practice, over 463 Mn individuals are expected to be affected by diabetes worldwide in 2019 and this is expected to extend to 578 Mn till 2030 and 700 Mn till 2045.
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Moreover, rising geriatric populace is expected to drive the biosensor demand. For instance, as per the U.S. Census Bureau, geriatric population in the U.S. is expected to extend to 77 Mn till 2034.
North America, in 2019, accounted for a dominant share in the global biosensors market valuing for a share of 38.5% with respect to volume, preceding Europe along with Asia Pacific, respectively.
Global Biosensors Market: Restraint
Lack of awareness regarding diagnostic devices of point-of-care is expected to restrain the global biosensors market growth over the forecast period.
Furthermore, high costs of wearable biosensor devices are also expected to hamper growth of the global biosensors market over the forecast period.
Global Biosensors Market: Opportunities
Rising R&D for improving the electrical and mechanical properties of the biosensors is expected to provide opportunities for lucrative growth to companies in the global biosensors market over the forecast period. Carbon nanomaterials provide excellent biocompatibility, bioreceptor immobilization capability, as well as electrical properties for a transducer. It enables their application to create biocompatible, efficient biosensors.
Furthermore, adoption of conducting polymers and organic semiconductors in electrochemical biosensor is expected to drive growth of the global biosensors market over the forecast period. Conducting polymers and organic semiconductors are cheaper and greener alternative for transition metal-based electrodes or its oxides.
The global biosensors market accounted for US$ 20,501.1 Mn in 2019 and is projected to extend to a value of US$ 43,073.2 Mn by 2027 at a 9.7% CAGR from 2020 to 2027.
Market Trends/Key Takeaways
Key market players are focusing on expansion of their production capacity. For instance, Nemaura Medical, Inc., in March 2018, expanded its production facilities for manufacturing of its novel SugarBEAT CGM system on a large scale.
Rising prevalence of the cardiovascular diseases (CVD) is expected to drive the global biosensors market growth during the forecast period. For instance, as per the 2019 Update by American Heart Association’s Heart and Stroke Statistics, over 48% adults from the U.S., in 2016, affected some form of CVD.
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Global Biosensors Market: Competitive Landscape
Key players functioning in the global biosensors market are, Nemaura Medical, Inc., Integrity Applications Inc., MediWise Ltd., OrSense, Medtronic Plc, Philips Healthcare, GE Healthcare, Akers Biosciences, Inc., F. Hoffman-La Roche Ltd., Abbott Laboratories, Siemens AG, Acon Laboratories Inc., LifeScan, Inc., Universal Biosensors, Bio-Rad Laboratories Inc., Nova Biomedical Corp., Ercon, Inc., Sysmex Corporation, Biacore, FreeScale Semiconductors, Smiths Medical, Omnivision Technologies, Inc., Analog Devices, Inc., LifeSensors, Inc., Honeywell International, Inc., Johnson & Johnson, Smiths Detection, Bayer AG, TaiDoc Technology Corporation, I-SENS, Inc., and Efferent Labs.
Global Biosensors Market: Key Developments
Key players in the global biosensors market are focusing on adoption of partnership and collaboration strategies for expanding their portfolio of product. For instance, Efferent Labs, in August 2020, collaborated with the W. L. Gore & Associates, for Research & Development of implantable biosensing to manage long-term chronic diseases.
Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Global Biosensors Market Size Analysis from 2021 to 2027
11.6 COVID-19 Outbreak: Biosensors Industry Impact
Chapter 2 Global Biosensors Competition by Types, Applications, and Top Regions and Countries
2.1 Global Biosensors (Volume and Value) by Type
2.3 Global Biosensors (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Biosensors Sales, Consumption, Export, Import by Regions (2016-2021)
Chapter 5 North America Biosensors Market Analysis
Chapter 6 East Asia Biosensors Market Analysis
Chapter 7 Europe Biosensors Market Analysis
Chapter 8 South Asia Biosensors Market Analysis
Chapter 9 Southeast Asia Biosensors Market Analysis
Chapter 10 Middle East Biosensors Market Analysis
Chapter 11 Africa Biosensors Market Analysis
Chapter 12 Oceania Biosensors Market Analysis
Chapter 13 South America Biosensors Market Analysis
Chapter 14 Company Profiles and Key Figures in Biosensors Business
Chapter 15 Global Biosensors Market Forecast (2021-2027)
Chapter 16 Conclusions
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