Newark, NJ, Sept. 28, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global biosensors market is expected to grow from USD 21.5 billion in 2019 and to reach USD 41.29 billion by 2027, growing at a CAGR of 8.5% during the forecast period 2020-2027.
The global biosensors market is witnessing significant growth from recent years. This growth is attributed to sensitivity and performance of biosensors improved by using nanomaterial for their construction, significant technological advancements in the field of biosensors, increasing demand for point of care testing that is important for rapid detection of analytics close to the patients, rising demand for disposable, user, friendly, and cost-effective devices. The increasing prevalence of chronic and lifestyle diseases, increasing biosensors' application in various industries, and the increasing diabetic population will propel the market for biosensors.
A biosensor is defined as an investigative device composed of a biological element and transducer to provide analytical information. Biosensors help in converting the physiological response into an electrical response to recognize the function of various molecules. These devices are cost-efficient, easy to use, movable, fast result delivery, and lead to biosensors' quick adoption in various areas like agriculture, medicine, and environment monitoring. Biosensors consist of a component that recognizes the analytic & produces a signal, a signal transducer, and a reader device. It is a highly valuable device for measuring a wide range of analytes, including gases, ions, organic compounds, and bacteria.
The global biosensors market is expected to witness significant growth, owing to the growing awareness regarding the maintenance of a balanced and healthy lifestyle, increasing use of biosensors in agriculture to provide specific and rapid detection of various fungus and rising concerns for detection of allergic components. Safety concerns regarding biosensors used in research laboratories, strict regulatory government, and high costs for biosensors' initial development will hamper the market growth. High growth opportunities in the food industry, biodefense, environmental monitoring, and emerging market in developing countries will provide market growth opportunities. However, the government's pricing pressure in the PoC market and long certification and approval cycles are the factors challenging market growth.
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The key players operating in global biosensors market are Medtronic Inc., F. Hoffman-La Roche Ltd., Abbott Point of Care Inc., Pharmaco-Kinesis Corporation, ACON Laboratories, Inc., Nova Biomedical Corp., Universal Biosensors Inc., Bio-Rad laboratories Inc., LifeSensors Inc., LifeScan Inc., Sysmex Corporation, DuPont, Biacore, and Biosensors International Pte. Ltd. To gain a significant market share in the global biosensors market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. Abbott Point of Care Inc., Medtronic Inc., and Bio-Rad Laboratories Inc. are some of the key manufacturers of biosensors.
- For instance, in May 2018, the launch of the Afinion test system in the U.S. (Afinion 2 analyser) was announced by Abbott. Afinion 2 analyser is a multi-assay platform, compact rapid that streamlines and simplifies the delivery of accurate measurements, actionable of hemoglobin A1c and albumin to creatinine ratio that results at the point of care.
- In February 2018, the FDA approved Medtronic from a new arm indication for Guardian Sensor 3. This approval enabled patients to wear the sensor on the upper arm, enhanced performance for users, improved accuracy and delivering more flexibility.
Non-wearable biosensors dominated the market and holds the largest market share of 52.9% in the year 2019
On the basis of type, the global biosensors market is segmented into wearable and non-wearable. Non-wearable biosensors dominated the market and holds the largest market share of 52.9% in the year 2019. This growth is attributed to the high accuracy and efficiency provided by non-wearable biosensors, and continuous development in the product has highly impacted the segment. The wearable biosensors are anticipated to witness significant growth, owing to the advantages offered like the ease of use and convenience, and high adoption rates of wearable biosensors.
Electrochemical segment dominated the market and held the largest market share of 21.4% in the year 2019
On the basis of technology, the global biosensors market is segmented into electrochemical biosensors, optical biosensors, piezoelectric biosensors, thermal biosensors, nanomechanical biosensors, and others. Electrochemical segment dominated the market and held the largest market share of 21.4% in the year 2019. This growth is attributed to the rising prevalence of chronic diseases, rising incidences of diabetes that is impacting the adoption of glucometers, and increasing use of electrochemical biosensors. The optical biosensors segment is expected to witness significant growth due to continuous innovations in optical biosensing technology.
Point of Care segment dominated the market and held the largest market share of 25.7% in the year 2019
On the basis of applications, the global biosensors market is segmented into point of care, home diagnostics, research lab, biodefense, environmental monitoring, and food & beverages. Point of Care segment dominated the market and held the largest market share of 25.7% in the year 2019. This growth is attributed to the advancements and improvements integrated into the biosensor devices, increasing incidences of infectious diseases.
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Regional Segment of Biosensors Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global biosensors market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America holds the major share of 36.4% in the year 2019. This growth was attributed to the increase in the addressable patient population. In the region, the U.S. holds the largest share, owing to the rising preference for wearable biosensors, rising investment in research and development, and growing geriatric population base. The Asia-Pacific region market is expected to witness a significant growth, owing to an increasing number of clinical outcomes, a growing geriatric population, an increase in the diabetic population, a large population base, and technological advancement in medical devices. The market in Europe is witnessing significant growth in Germany due to the high adoption rate of advanced technology across the nation, innovation in biosensing devices, and various research institutes in Germany collaborating to increase biosensor research development.
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About the report:
The global biosensors market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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