Market Highlights
The Global Biosensors Market Size Is Expected to Have a Market Value Of USD 38,778.80 Million By 2027.
Biosensors are devices used to provide analytical information by biological samples, such Biosensors are devices used to track and monitor a particular biological parameter of the user’s health. Biosensors track the biological reactions going on inside the user’s body and convert certain predetermined markers into an electrical signal, acting as a warning system for the specific type of biomarker. Biosensors Market Growth are complicated devices and are also widely used in areas other than personal health tracking, including environmental monitoring and agriculture. However, the rising demand for biosensors from the healthcare sector is likely to remain the major driver for the global biosensors market over the forecast period. Developing biosensors capable of instant diagnosis is likely to be a major avenue for players in the global biosensors market over the forecast period.
The growing prevalence of diabetes and other chronic lifestyle conditions is likely to be a major driver for the global biosensors market over the forecast period. These conditions require continuous tracking and instant alerting in case of any deviation from the healthy biological pattern, which is a perfectly suited application for biosensors. The growing geriatric population is also likely to be a major driver for the global biosensors market, as the geriatric demographic prefers comfortable and convenient medical devices that can be used with minimum fuss. The rising demand for point of care testing, along with the growth of the geriatric demographic, is also likely to be a major driver for the biosensors market over the forecast period.
Key Players:
Some of the key players in the biosensors market are Johnson & Johnson (US), Abbott (US), Bayer AG (Germany), Siemens (Germany), Life Sensors, Inc. (US), Nova Biomedical Corporation (US), Medtronic plc (Ireland), F. Hoffmann Roche (Switzerland), i-Sens, Inc. (South Korea), and Pinnacle Technologies Pvt. Ltd. (US).
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Segment Analysis:
The global biosensors market size has been segmented into technology, application, and end user. The technology segment is segmented into electrochemical biosensors, optical biosensors, thermal biosensors, and piezoelectric biosensors. The applications segment is segmented into medical testing, food toxicity, industrial process, environmental, and agricultural testing. The end user segment is categorized into point-of-care, home diagnostics, research laboratories, food industry, security, and biodefense.
Regional Analysis:
The global biosensors market size, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World
The North American market accounted for the largest share in 2019 and is expected to increase at a CAGR of 8.10% during the forecast period. This is due to increasing health awareness, rising chronic and lifestyle diseases, technological developments in healthcare applications, and appropriate insurance coverage.
Europe showed for a market size of USD 1,438.04 million in 2019and is expected to exhibit a CAGR of 7.42% during the forecast period. The market growth is attributed to the rise in the geriatric population, increased lifestyle-associated diseases, growing public awareness of various diseases, and diagnostic requirements. The growing cases of diabetes is one of the key factors affecting market growth. For instance, according to the International Diabetes Federation (IDF), in 2018, approximately 32.7 million people had diabetes in Europe.
The biosensors market in the Asia-Pacific has been segmented into China, India, Japan, South Korea, Australia, and the Rest of Asia-Pacific. Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2020to 2027 at a CAGR of 9.02%. Factors such as increasing awareness of clinical outcomes, large population base, rise in geriatric population, increased diabetic population, and rising environmental pollution concerns drive the regional market growth here.
The Rest of the World is categorized into the Middle East, Africa, and Latin America. The market growth is less due to slowly improving economies. In the Middle East and Africa, the growing aging population, rise in the diabetic population, and increasing prevalence of lifestyle-associated diseases drive the growth of the biosensors market. Furthermore, rising awareness about food toxicity and environmental pollution, improving healthcare facilities, and rising disposable income are likely to boost the market growth.
Key Findings of the Study:
- The global biosensors market size is estimated to reach USD 38,778.80 million by 2027 at a CAGR of 7.95% during the assessment period of 2020to 2027.
- North America reported the largest share of the global biosensors market due to the presence of prominent players in the US, increasing health awareness, rising chronic and lifestyle diseases, technological developments in healthcare applications, and appropriate insurance coverage.
- Based on technology, the electrochemical biosensors segment accounted for the largest market share of 61.42% in 2019.
- On the basis of application, the medical testing segment held the highest share of 27%, while the agricultural testing segment is expected to be the fastest-growing segment during the forecast period at a CAGR of 8.96%.
- Based on end user, the point-of-care segment dominated the market with a share of 61.27%in 2019
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Biosensor Market Research Report: Information By Technology (Electrochemical Biosensors, Optical Biosensors, Thermal Biosensors and Piezoelectric Biosensors), By End User (Point of Care, Home Diagnostics, Research Laboratories, Food Industry and Security and Biodefense), By Application (Medical Testing, Food Toxicity, Industrial Process, Environmental and Agricultural Testing) - Forecast till 2027Biosensors are analytical devices composed of biological detecting elements like sensor system and a transducer for providing analytical information.
To recognize the function and structure of different molecules, these devices help convert the biological response into an electrical response.
When compared with any other existing diagnostic devices, the biosensors are much more advanced in terms of selectivity and sensitivity.
Its effective capability of prompt detection and measuring wide spectrum across different applications make it a highly beneficial device.
In the agricultural and food industries, its use involves the checking of ecological pollution control.
According to the in-depth research conducted by Market Research Future (MRFR), the global biosensor market is expected to grow at a moderate pace due to a number of factors.
The Report "Biosensors Market by Type (Sensor patch and embedded device), Product (Wearable and nonwearable), Technology (Electrochemical and optical), Application (POC, Home Diagnostics, Research Lab, Food & Beverages), and Geography - Global Forecast to 2024", is expected to grow from USD 21.2 billion in 2019 to USD 31.5 billion by 2024, at a CAGR of 8.3%.
Factors such as continuous technological advancements in biosensors ecosystem, increase in the use of biosensors for nonmedical applications, lucrative growth in POC diagnostics, and rise in demand for glucose monitoring systems are driving the growth of the biosensors market.
Browse 75 market data Tables and 44 Figures spread through 184 Pages and in-depth TOC on "Biosensors Market - Global Forecast to 2024"Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=798Embedded device held larger size of biosensor market during forecast periodThe growth of embedded devices is attributed to its implementation in environment monitoring, biodefence, and food & beverages to detect and remove contaminants, whether nonliving or living entities.
Detection of lower or higher limits of glucose in body, microbial invasion in body and food, heavy metals detection in soil and water, air-borne microbes and pesticides in water and soil, and various harmful chemicals produced by body can be easily and timely monitored with precision using the different types of embedded biosensors.Wearable segment to grow at higher CAGR during forecast periodWearable biosensors can be considered as among the major developments in healthcare technology.
Wearable devices monitoring health consist of different types of miniature biosensors capable of measuring physiological parameters, such as vital signs (heart rate, respiration rate, body and skin temperature, and oxygen saturation), skin conductance, blood pressure, electrocardiogram (ECG), electroencephalography (EEG), acceleration, and rotation.North America held largest size of biosensors market in 2019North America held the largest size of the biosensor market in 2019.
According to the US Census Bureau, the number of individuals over the age of 65 was 39.6 billion in 2009, which is expected to reach 72.1 billion by 2030.Key players operating in the biosensor market include Abbott Point of Care Inc. (US), Medtronic Inc. (US), LifeScan Inc. (US), Universal Biosensors Inc. (Australia), F. Hoffman-La Roche Ltd. (Switzerland), DuPont (US), Sysmex Corporation (Japan), Bio-Rad laboratories Inc. (US), Pharmaco-Kinesis Corporation (PKC) (US), Nova Biomedical Corp. (US), ACON Laboratories, Inc. (US), LifeSensors Inc. (US), Biacore (Sweden), and Biosensors International Pte.
To recognize the function and structure of different molecules, these devices help convert the biological response into an electrical response.
When compared with any other existing diagnostic devices, the biosensors are much more advanced in terms of selectivity and sensitivity.
Its effective capability of prompt detection and measuring wide spectrum across different applications make it a highly beneficial device.
In the agricultural and food industries, its use involves the checking of ecological pollution control.Request Sample Copy:https://www.marketresearchfuture.com/sample_request/1228According to the in-depth research conducted by Market Research Future (MRFR), the global biosensor market is expected to grow at a moderate pace due to a number of factors.
The market is forecasted to grow at a rate of 9.6% during the review period between 2014 to 2020.Market SegmentationThe global biosensor market segmentation is done on the basis of technology, application, and end-user.By technology, the market divides into thermal biosensors, electrochemical biosensors, piezoelectric biosensors, optical biosensors, and others.
The piezoelectric biosensors hold the largest share in this market segment.By application, the market includes industrial process, agricultural testing, medical testing, environmental market, into food toxicity, and others.By end-user, the market comprises research laboratories, security and biodefense, food industry, point of care, home diagnostics, and others.
