The Global Biosensor Market is expected to reach US$ 30 Billion by 2024 at a CAGR of 8.5% in the given forecast period of 2019 – 2024.
The biosensor is a chemical sensing equipment in which a biologically derived recognition is coupled to a transducer, to allow the quantitative development of some complex biochemical parameters. These instruments have a broad range of applications ranging from clinical to environmental and agricultural. The devices are also used in the food industry. The most popular biosensors are home pregnancy tests and glucose detectors.
Recent Developments:
Over the years, the appropriate formulation and procedures have been developed to ensure the efficient roll-out and long-term effectivity of biosensing mechanisms. Nowadays, nano-electronic biosensors are employed in the treatment and diagnosis of various human medical conditions, including cancer, brain diseases, and cardiovascular diseases.
The development of Graphene-based biosensors has attracted significant scientific and technological interests due to the exceptional characteristics, such as low production cost, excellent biocompatibility, high electrical conductivity, and outstanding electrochemical stability.
Market Drivers and Restraints:
Recent enhancements in biosensor instrumentation and increasing applications of engineering science area unit have led to the growth of the biosensors market. The increase in the need for point-of-care diagnostics and the growing prevalence of diabetes are also the key factors that would enhance the growth of global biosensor business.
Factors restraining the market growth are safety matters regarding biosensors used in research labs, harsh regulatory environment, biodefense, and home healthcare diagnosis.
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Report Segmented as:
By Technology
• Thermal
• Optical
• Electrochemical
• Others
By Type
• Wearable
• Non-Wearable
By End-Use
• PoC
• Food and Beverages
• Home Diagnostics
• Others
Geographical Segmentation:
North America held the largest portion of the global market with around 40% in 2018 and will keep its leading position in the forecast period. Presently, the Asia-Pacific region is expected to show the fastest growth in the biosensors market in the forecast period.
Key market players:
1. Abbott Laboratories
2. Johnson & Johnson
3. Pinnacle Technologies
4. Biosensor BV
5. Bayer AG
6. AZUR Environmental
7. Ercon, Inc.
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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along with this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level.
Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategic activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.
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