Allied Market Research recently published a report, “Biosensors market by Product, and Technology: opportunity analysis and industry forecast, 2019–2026”. According to the report, the global biosensors market size is expected to reach $38.6 billion by 2026, registering a CAGR of 10.4% from 2019 to 2026, in terms of value.
Major factors driving the biosensor market include rise in chronic diseases such as diabetes, rise in biotechnology R&D, and growing demand for home care medical devices. Further, significant increase in the use of biosensors in glucose monitoring devices is driving the market growth. However, the high cost associated with these devices and the trend towards adoption of new treatment devices are the major factors hindering the market growth.
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By product, the non-wearable biosensor segment accounted for the majority of the market share in 2018, and is expected to exhibit a major growth rate in the future, as the use of these sensors increases in non-clinical applications for real-time on-site. Monitoring of various manufacturing processes.
By technology, the electrochemical biosensor segment is expected to maintain its dominance in the coming years due to its precise sensitivity and rapid response. Moreover, electrochemical biosensors can be easily integrated into lab-on-chips (LOCs) to obtain better point-of-care (POC) analytical platforms.
Asia-Pacific is expected to grow at the highest rate during the forecast period. This is attributed to the increase in biotechnology R&D in the region. Key factors driving the growth of the biosensor market in Asia-Pacific include rising per capita income in several countries, increasing government initiatives to improve the healthcare sector, and the focus of leading manufacturers on expanding their geographic presence among emerging manufacturers. Asia-Pacific countries to tap into high growth opportunities in the market.
Major Key Market Players in the Industry –
- Abbott Laboratories
- AgaMatrix Holdings LLC
- DowDupont Inc. (DuPont de Nemours, Inc.)
- Hoffmann-La Roche Ltd.
- General Electric (Biacore, Inc.)
- LifeScan, Inc.
- Medtronic Plc.
- Nova Biomedical
- PHC Holdings Co., Ltd. (Ascensia Diabetes Care Holdings AG)
- Siemens Healthcare
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Key findings of the study –
- By technology, the electrochemical biosensors segment accounted for the highest market share of 28% in 2018 and is anticipated to grow at the fastest rate during the forecast period.
- By product, the non-wearable segment dominated the market in 2018 and is anticipated to maintain its dominance during the forecast period.
- By region, North America was the major shareholder and accounted for the highest share of 42% in 2018.
- Asia-Pacific is expected to grow at a CAGR of 6.1% during the forecast period.
Important Questions Being Answered by This Market Report Are –
Q 1. Does the biosensor market report provide Value Chain Analysis?
Q 2. What are the key trends in the biosensor market report?
Q 3. What are the market values / growth % of emerging countries?
Q 4. Which market holds the maximum market share of the biosensor market?
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