Increasing awareness about healthy lifestyle has stimulated the demand for wearable biosensors that are meant to monitor the health parameters. This, along with increasing adoption of wearables amongst youth is propelling the biosensor market growth. This resonates the findings of a recent business intelligence study from IndustryARC, which evaluated the global biosensors market value at $19 billion as of 2018. And, the demand for biosensors is ballooning at an impressive compound annual growth rate (CAGR) of 9.6% during the forecast period of 2019 to 2025.
The IndustryARC’s freshly complied business intelligence report is titled “Biosensors Market: By Product (Wearable & Non-Wearable); By Technology (Electrochemical, Piezoelectric, Optical, Thermal); By Application (Medical, Agriculture, Environment); By End-User (Point-of-Care, Home Diagnostics) & Geography – Forecast (2019 – 2025).” The analyst highlights that even non-medical applications such as environmental monitoring, biodefense, the agriculture, and food industry have started to adopt the biosensors. Additionally, the advanced products are facilitated by the advancement in nanotechnology such as noninvasive biosensors. The increase in demand for POC diagnostics and increasing geriatric population are the key factors driving the growth of the global biosensors market.
Global Biosensors Market: Leading Segments
North America contributed the largest revenue share in the global biosensors market as of 2018 at 43%. The United States has numerous opportunities in the biosensors marketplace and will keep growing in the coming years. North America’s biosensor market is growing due to raising awareness about clinical outcomes, increasing diabetic population, huge population, and technological advancement in the medical equipment and devices. Moreover, the growing concerns regarding life-threatening diseases and the existence of many research and development activities are the factors that boost the biosensors market in North America.
Furthermore, according to the application analysis in the report, home healthcare is the key segment of the biosensors market. The fastest growing segment is the home monitoring kits such as glucose monitors that are used by diabetics. The MedTech companies are trying to develop such kits that can be used anywhere. The application is expected to grow at a healthy CAGR of 8.5% during the aforementioned forecast period.
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Global Biosensors Market: Market Trends and Growth Drivers
· Label-Free Biosensors
The electrical biosensor methodologies are currently underpinning as they are easy-to-use devices for a huge range of applications. Also, electrochemical methods are being widely used in label-free assays of protein. This is a common trend that has affected the biosensors market.
· Personalized Medicine
In this changing era, health concerns are also increasing owing to which people are becoming more particular and focus more on personalized medication as they tend to lessen the pressure of an individual. The personalized medicine is targeting preventive care as individualized as the disease.
· Emerging of Vivo Biosensors
Vivo biosensor is an amazing and powerful tool in biomedical research and medicine. Vivo biosensors are basically designed for continuous and long-term monitoring in real biological systems of target based. This will lead to significant developments in the biosensor market.
· Increasing Demand for POC Testing
The growing geriatric population is driving the point-of-care (POC) testing in the biosensor market rapidly. Due to the increasing demand for personalized medicine, the need for point of care is also increasing owing to technological advancement.
Global Biosensors Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global biosensors market Biosensors International, DuPont Biosensors Materials, Ercon, Gwent Group, Abbott Laboratories, Bio-Rad International, Innovative Biosensors, Johnson & Johnson, Molecular Devices Corp, Pinnacle Technology, Siemens Healthcare, TE Connectivity Corporation, Thermo-Fisher Scientific, QTL Biosystems, Roche Diagnostics, and SDIX, LLC
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A. Glucose Biosensors Market
What can you expect from the report?
The Biosensors Market is Prepared with the Main Agenda to Cover the following 20 points:
1. Biosensors Market Size by Product Categories & Application
2. Biosensors Market trends & Relevant Market Data
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End-user Analysis
7. Product Benchmarking
8. Product Developments
9. Mergers & Acquisition Analysis
10. Patent Analysis
11. Biosensors Market Demand Analysis (Revenue & Volume)
12. Country-level Analysis
13. Competitor Analysis
14. Biosensors Market Shares Analysis
15. Value Chain Analysis
16. Supply Chain Analysis
17. Biosensors Market Strategic Analysis
18. Biosensors Market Current & Future Market Landscape Analysis
19. Opportunity Analysis
20. Biosensors Market Revenue and Volume Analysis
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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.