The global Biosensors Market size is anticipated to reach USD 41.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.9% from 2021 to 2028. AZUR Environmental, Abbott Laboratories, Biosensor BV, Bayer AG are some of the key players in this industry. The rising prevalence of chronic conditions such as diabetes and obesity and the growing demand for early and accurate detection of any associated condition are the key driving factors for the market.
As per the
WHO report, in 2016 over 1.9 billion individuals were overweight, out of which
nearly 650.0 million were obese. This has increased the sales of testing and
monitoring kits used as medical sensors in the home as well as
healthcare settings, thus, boosting the market growth.
Furthermore,
the outbreak of COVID-19 has drastically spurred the demand for point-of-care
testing devices. FDA is giving fast-track approvals to the companies owing to
the shortage of these devices globally. For instance, in May 2020, Philips
secured 510k FDA clearance for its wearable biosensor, which helps in managing
confirmed and suspected cases of COVID-19 in hospitals, promoting biosensors
technology and product development.
Moreover,
rapid technological advancements are expected to be a significant factor for
market growth over the forecast period. For instance, in June 2020, Abbott
received the U.S. FDA clearance for its next-generation, integrated glucose
monitor system- FreeStyle Libre 2 intended to measure diabetes in individuals
aged 4 years and above and has an optional real-time alarm.
Related Press Release@ Biosensors Market
Report
Biosensors
Market Report Highlights
- On the basis of
application, the medical segment dominated the market in 2020 with a
revenue share of 66.6%. The device is considered an essential tool in the
detection and monitoring of a wide range of medical conditions, such as
diabetes and cancer
- Based on technology,
the electrochemical segment dominated the market in 2020 with a revenue
share of 70.9% owing to its widespread applications for analysis in
biochemical and biological processes
- The home healthcare
diagnostics segment is expected to witness the fastest growth rate over
the forecast period owing to the high prevalence of chronic disease
globally
- North America
dominated the market in 2020 with a revenue share of 39.9% owing to the
presence of a highly developed healthcare infrastructure and favorable
reimbursement policies in this region
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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