Biosensors Market Forecast to CAGR 8.0% by 2030 in New Research Reports by Emergen Research
Innovation in nanotechnology-based nano-biosensors and growing consumer demand for EMRs are some of the key factors driving the market revenue growth
— Emerging research
VANCOUVER, BC, CANADA, July 21, 2022 /EINPresswire.com/ — The Global Biosensors market the size was USD 25.5 billion in 2021 and is expected to register a CAGR of 8.0% during the forecast period, according to the latest analysis from Emergen Research. Growing application of biosensors in agriculture and healthcare sectors and emergence of nanotechnology-based biosensors are factors that are expected to support the market revenue growth between 2021 and 2030. In addition, the growing prevalence chronic diseases such as diabetes, cardiovascular and other diseases in the world and the growing acceptance of biosensors by diabetics for blood glucose monitoring are factors contributing to the market revenue growth.
Significant advances in biosensor technology have facilitated the process of monitoring blood glucose levels in patients, especially in the elderly, which has helped in the management of diabetes mellitus. Other advantages of biosensors include point-of-care (POC) blood glucose testing and non-invasive glucose monitoring systems, among others, which are expected to drive the market growth over the forecast period. Biosensors are also used in maternity and fertility testing, and biosensor-based in vitro diagnostic (IVD) devices are rapidly becoming excellent alternative tools due to the various benefits they offer. This approach offers a major advantage over conventional detection systems in drugs for early diagnosis, allows proper screening of the target population, and also to assess the efficacy of a specific therapy.
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The main companies studied in the report are:
Abbott, Medtronic, Bio-Rad Laboratories, Inc., Cytiva, LifeScan IP Holdings, LLC, Nova Biomedical, Universal Biosensors, AgaMatrix, PHC Holdings Corporation, ACON Laboratories, Inc.
Diabetes is a very significant cause of concern for an increasing number of individuals, and is not limited to one or more specific age groups. In 2019, the prevalence was 37.3 million Americans, or 11.3% of the population. About 1.9 million Americans have type 1 diabetes, including about 244,000 children and adolescents. Of the 37.3 million adults with diabetes, 28.7 million have been diagnosed and 8.5 million have been undiagnosed. The prevalence in the elderly is relatively higher with Americans aged 65 and over at 29.2%, or 15.9 million elderly (diagnosed and undiagnosed). New cases continue to add up and approximately 1.4 million Americans are diagnosed with diabetes each year. Additionally, in 2019, prediabetes was diagnosed in 96 million Americans aged 18 and older. The growing need for more effective and non-invasive modes of diagnosis, monitoring and treatment of various diseases and conditions are key factors that are expected to continue to support the market revenue growth.
However, some disadvantages of biosensors include relatively low sensitivity for many clinically relevant targets and qualitative or semi-quantitative results. In addition, high initial R&D costs are a major factor hampering market revenue growth. Large companies may allocate budgets for biosensor development due to drastically high costs, while small companies would face constraints in this regard. Additionally, the need for more time and sustained investment in the development of technologically advanced biosensors and the low commercialization and approval rate are key factors expected to hamper the market revenue growth.
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Some highlights of the report
The wearable segment is expected to account for the largest share of revenue during the forecast period. Wearable biosensors are increasingly used to monitor patients, their health and well-being and have major potential to change health monitoring and traditional medical diagnostic concepts. Advances in wearable biosensors may drive a shift from centralized hospital care systems to personal home medicine, which also reduces diagnostic time and healthcare costs, while improving convenience for patients.
Home diagnostics segment revenue is expected to lead in terms of revenue share contribution to the global biosensors market during the forecast period owing to the increasing developments of new diagnostic devices and concepts in the healthcare industry. health. Home medical devices are convenient to use and are an ideal option for the elderly, as they allow for the provision of personalized care and do not require patients to make frequent trips to the hospital.
The Asia-Pacific market is expected to register the fastest revenue growth rate during the forecast period. The growing demand for biosensors in the agriculture and healthcare sectors is a key factor that is expected to drive the market revenue growth over the forecast period. In addition, the increasing prevalence of chronic and lifestyle diseases and the expansion of the elderly population in need of diagnosis, treatment and monitoring of age-related diseases and conditions, the widening patient pool for treatment of other ailments are key factors contributing to the market revenue growth.
In December 2020, Abbott launched FreeStyle Libre 2, which is a next-generation sensor-based glucose monitoring technology used for patients with diabetes. It has received Health Canada approval and is suitable for adults and children over 4 years of age.
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Emergen Research has segmented the global biosensor market on the basis of product, technology, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2019-2030)
Technology Outlook (Revenue, USD Billion; 2019-2030)
Application Outlook (Revenue, USD Billion; 2019-2030)
End-Use Outlook (Revenue, USD Billion; 2019-2030)
Point of Service (POC)
Food and drinks
Regional Outlook (Revenue, USD Billion; 2019-2030)
The rest of Europe
Rest of APAC
Rest of LATAM
Middle East and Africa
United Arab Emirates
Rest of MEA
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Key Benefits of Purchasing Global Biosensor Report:
Complete analysis of the changing competitive landscape
Assistance with business decision-making processes as well as detailed strategic planning methodologies
The report offers an 8-year forecast and assessment of the global biosensor market
Helps in understanding the key product segments and their estimated growth rate
In-depth analysis of market drivers, restraints, trends and opportunities
Comprehensive Regional Analysis of the Global Biosensors Market
In-depth profiling of key business stakeholders
Detailed analysis of factors influencing the growth of the global biosensors market
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About Emergen Research
At Emergen Research, we believe in advancing with technology. We are a growing market strategy consulting and research firm with an extensive knowledge base on cutting-edge and potentially market-disrupting technologies that are expected to become more prevalent over the next decade.
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