Global Biosensors Market revenue is poised to beat USD 29 billion by 2024; as per a new research report by Global Market Insights, Inc. Integration of advanced technology in the newly developed biosensors will propel business growth. Growing adoption of biosensors in medical diagnostics due to accuracy and efficiency provided by newly developed biosensors will further boost biosensors market growth over the forecast timeframe.
Increasing prevalence of diabetes has been a major growth factor driving the biosensors industry. Increasing sedentary lifestyle and changing food habits around the world have resulted in obesity and hormonal disorders that lead to high prevalence of diabetes. Increasing demand for glucose biosensors that enable accurate detection of blood sugar levels has stimulated industry growth.
Electrochemical segment will witness 8.5% growth over the forecast timeframe owing to increasing preference for such technology that enables quick and efficient diagnosis. Biosensors integrated with electrochemical technology also enables clear analysis and helps in minimizing errors thereby assisting in diagnostic decisions and improving overall surgical performance will drive biosensors market growth.
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U.S. biosensors Market was over USD 5.5 billion in 2017. The market growth will be driven by rising prevalence of chronic diseases such as diabetes and cancer that require continuous critical monitoring. Rising usage of portable biosensors will increase the demand and stimulate the business growth. Furthermore, extended applications of biosensors in various other fields will also enhance overall industry growth significantly.
Germany biosensors market will witness 8.2% growth over the forecast period due to development of new biosensor devices that have advanced technology integrated within them delivering improved surgical performance along with assisting in critical decisions about patient’s health. Increasing use of biosensors in medical as well as research laboratories will fuel biosensors market growth significantly.
Wearable biosensors attributed to more than 55% of the industry revenue in 2017 and is expected to grow significantly during the forecast period, owing to growing awareness amongst the adult population in developed as well as developing countries for sustaining healthy lifestyles along with rising incidences of diabetes. Industry players are focused on developing devices that will help individuals to monitor their health on various parameters.
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Pregnancy testing segment will show considerable growth during the upcoming years owing to growing number of teenage pregnancies escalating demand for pregnancy testing biosensors. In 2015, around 229,715 babies were born to women in age group of 15-19 years in the United States which has resulted in considerable increase in demand.
Home healthcare diagnostics segment will witness more than 8.5% growth over the coming years. High growth rate can be accounted to the adoption of wearable biosensors for home use. The geriatric population that suffers for various health issues prefer portable biosensors over other conventional medical procedures due to its ease of use and convenience.
Major industry players operating in biosensors market are Abbott Laboratories, Bio-Rad International, Biosensors International, DuPont Biosensors Materials, Ercon, Gwent Group, Innovative Biosensors, Johnson & Johnson, Molecular Devices Corp, Pinnacle Technology, QTL Biosystems, Roche Diagnostics, SDIX, LLC, Siemens Healthcare, TE Connectivity Corporation, Thermo-Fisher Scientific. Stiff competition among manufacturers have encouraged industry players to undertake some strategic initiatives to improvise their product offerings coupled with consolidating their market position.
Strategic merger and acquisition as well as new product development are some of the strategic initiatives that render companies with competitive advantage to survive in stiff competitive market. In June 2014, Johnson & Johnson developed new technology that is integrated within the biosensors that helps in monitoring critical and chronic conditions such as Alzheimer’s disease. Development of such new technologies will strengthen company’s product portfolio thereby generating profits for the company.
Browse key industry insights spread across 150 pages with 220 market data tables & 9 figures & charts from the report, “Biosensors Market” in detail along with the table of contents:
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