Market Overview
The ongoing trends for the biosensors market is valued at USD 25.5 billion during the period that had ended in 2019 and is projected to reach USD 36.7 billion by the end of the current period in 2028. The global market trends suggest that it is expected to grow at a CAGR of 7.5%.
Some of the key driving factors of the global biosensors market are the emergence of nanotechnology-based biosensors, significant technological advancements in the last few years, followed by others like increasing use of biosensors to monitor glucose levels in individuals with diabetes, surging demand for home-based point of care devices due to the COVID-19 pandemic, and rising government initiatives toward diagnostics.
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Wearable biosensors are in the trend and they have attracted considerable attention because of their potential to change classical medical diagnostics and continuous health monitoring concepts. Wearable biosensor applications help change centralized hospital-based care systems to home-based personal medicine and reduce healthcare costs and time for diagnosis. Nowadays, we can see that wearable biosensors are bringing out a wave of innovation in society. For human society, wearable biosensors may help in the early detection of health events and avoid hospitalization.
The Biosensors market is dominated by players such as the ones mentioned below:
- Abbott (US)
- DuPont (US)
- Roche (Switzerland)
- Bio-Rad Laboratories, Inc. (US)
- Medtronic (Ireland)
Market Segmentation
The market segmentation is mentioned as follows:
By Type
The type segment of the market is home to Sensor Patchs and Embedded Devices.
By Product
The product segment of the market includes Wearable Biosensors and Non-wearable Biosensors.
By Technology
The technology segment of the biosensor market includes Electrochemical Biosensors, Optical Biosensors, Piezoelectric Biosensors, and others like Thermal Biosensors and Nanomechanical Biosensors.
By Application
The application segment of the market includes POC Home Diagnostics, followed by others like Research Labs, Environmental Monitoring, and Food & Beverages, Biodefense.
Industry News
In January 2021, one of the prominent companies – Roche signed a Global Business Partnership Agreement (GBP) with Sysmex to deliver hematology testing solutions. The new agreement helps to utilize the IT systems to lead to improved clinical decision-making and customer experience. The successful, long-running partnership continues to evolve and bring global hematology testing innovations to laboratories.
In December 2020, another market company – Abbott internationally announced its next-generation, sensor-based glucose monitoring technology, FreeStyle Libre 2, which received approal by Health Canada for adults and children (4 years and older) with diabetes.
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Regional Analysis
The APAC region is expected to experience the highest growth rate in the biosensors market during the forecast period. The presence of a large population base and increasing incidents of different lifestyle diseases are the main factors for the market’s growth in APAC. In 2019, new raw materials for the production of vaccines and medical institutions were newly added to the 2019 National Encouraged List, based on the information. It indicates that China is now encouraging investments across the healthcare sector and unlocking opportunities for foreign investors to access preferential policies and tax rates. Such terms and policies are expected to attract several opportunities for the biosensors market in the APAC region.
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