Biosensors Market Size & Share Analysis by Type and Region, Forecast Report, 2020

31st March 2020 - The global Biosensors Market is anticipated to reach 21.2 billion by 2020 owing to the rise in technological developments in all the sectors of the biosensors industry. The Biosensors are the medical devices that provide analytical information with the help of the given biological responses available in micro-volumes. The biosensors include three components namely the bio elements, biological recognition unit and the transducers. The biological recognition unit deals with the given biological responses, bio-elements that establishes enzymes, antibiotics, living tissues and transducers. The biosensors market is expected to grow at a CAGR of 7.9% in the forecast period.

They transform the signals produced with the contact of bio-elements with biological recognition unit into electric signal. Biosensors are advanced and innovative technological medical devices that are used in ultra-microanalysis providing high level output, accuracy, specification, sensitivity within reasonable rates. The biosensors are indispensable devices that feature quick detention ability, easy usage, low cost and have portable solutions. The rising prevalence of lifestyle-induced and chronic diseases are demanding the point-of-care testing (POCT), rise in the geriatric population and biosensors for nanotechnology is expected to fuel up the growth of biosensors industry.

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The increasing popularity of medical equipment, personalized medications and wider acceptability of user-friendly Biosensors are expected to grow the biosensors market. In spite of these driving factors, the market is sensing to face restrictions emerging from complicated reimbursement policies and strict regulatory requirements implemented in the global healthcare industry. Additionally, the adoption speed of these regulatory requirements to advanced technologies is slower due to which the global market is expecting hindrances.

Furthermore, the present lifestyle disorders and the prevalent chronic diseases are stimulating the consumers to adopt the biosensors for early detection of unhealthy viruses in the body. Also the rising geriatric population and increasing acceptance of nanotechnology is again expanding the application of Biosensors in terms of their affordability and accessibility. The other industrial applications of Biosensors are in the food analysis, monitoring of microbial activities, and imaging operations.

Since maintaining or preserving the normal glucose levels is crucial for the patients suffering from diabetics, the development of the suitable glucose biosensor has been introduced to support the patients with this very common disorder. However, rising requirement of self-monitoring devices is enlarging the use of biosensors especially in handy forms. These sensors are presently available in minimal level and are least effective to the glucose levels in the patient. The examination of glucose level in the diabetic patient’s body is required at regular intervals to manage the disease. Due to this, several technical enhancements are being approved for the improved manufacturing of sensors. However, the manufacture of reliable and accurate biosensors is predicted to be one of the major challenges for the market players.

The biosensors industry is categorized on the grounds of application, technology, product type and geography. On the grounds of application, the market is divided into food toxicity detection, industrial process control, agriculture, medical, environmental monitoring, drug abuse prevention, defense, etc. The technologies mentioned here comprise electrochemical biosensors, thermal biosensors, optical sensors, piezoelectric sensors, etc. On the grounds of product type, the market is divided into wearable Biosensors and non-wearable Biosensors. The wearable biosensors can be further categorized into wrist wear, eye wear, foot wear, body wear, wear, etc.

Geographically, the market is divided into four regions namely, Europe, North America, Asia Pacific and LAMEA. One of the strategies accepted by the players of the market is collaboration. North America is projected to hold the maximum share of the entire biosensors market. Point of care (POC) diagnostics is the widely emerging applications for biosensors in North America. The key reason behind the POC sector growth is the rise in the patient population base. Approval from Clinical Laboratory Improvement Amendments (CLIA) for certain POC diagnostic devices such as coagulation, glucose monitoring, and hematology devices is further driving the growth of the biosensors industry in North America.

The prominent players profiled here are Abbott Laboratories, Aga Matrix, Life Scan, Siemens Healthcare, Bayer, Johnson and Johnson, Nova Biomedical Corporation, Medtronic, Animas Corporation and Hoffmann-La Roche.

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