Biosensors Market and its Future Outlook and Trends

Posted April 30, 2020 by PSMarketResearch12

The global biosensors market was valued at $14,169.5 million in 2015, and it is expected to grow at a CAGR of 9.8% during 2016-2022.
The diabetic population across the globe is surging and the disease has become one of the leading causes of death and increased the risk of developing numerous serious health problems. It is further a primary cause of kidney diseases, stroke, cardiovascular diseases, and eye disorders. As per the World Health Organization, about 108 million people suffered from diabetes in 1980 and the number has risen to 422 million in 2014. In addition to this, approximately 9 billion people across the globe are projected to suffer from diabetes in 2040, according to the International Diabetes Federation. Due to this, the requirement for biosensors is growing for the effective diagnosis of diabetes.

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The different applications of biosensors are food toxicity, environment, medical testing, industrial process, agricultural testing, and others. The highest demand for biosensors was created for the medical testing application during 2012–2015. Biosensors are utilized in this application for diagnosing and monitoring different diseases as they are cost effective, reduce errors during the diagnosis, and are easy to use. Furthermore, medical biosensors help in assessing the progression of diseases and monitoring the treatment outcome. Some of the test for which biosensors are mostly used include cerebrospinal, pathogen detection, and cholesterol. Attributed to these reasons, the demand for biosensors for medical testing is projected to be the largest in the near future as well.

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Research laboratories, food industry, point of care testing (POCT), security and bio-defense, and home diagnostics are some of the primary end users of biosensors. Out of these, the largest demand for biosensors was created by POCT during 2012–2015 and the situation is going to be the same in the coming years as well. Biosensors play a significant role in POCT and are utilized in clinics, operating theater, intensive care units, and emergency rooms. These device help improve patient care by remote patient care monitoring. In the near future, the fastest growth in demand for biosensors is projected to be witnessed by security & bio-defense.

Report Description:

The surging demand for personalized medicine is expected to result in an increased requirement for biosensors in the near future. Personalized medicine involves the provision of appropriate drug at the right time to the patient, and the information obtained can be utilized in the future for maintaining the health and treating diseases of the patient by customizing healthcare using molecular analysis. This will decrease healthcare cost by preventing diseases, reducing trial-and-error therapies, minimizing drug toxicity and side effects, and improving outcomes. Personalized medicine needs biosensor technology to monitor biomarkers, which are indicators for diseases before the symptoms present themselves. Hence, as the adoption of personalized medicine increases, the biosensors market will expand as well.
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Contact Email [email protected]
Issued By Pramod Kumar
Country United States
Categories Medical , Reports , Research
Tags Biosensors Market , Biosensors Market size , Biosensors Market Share , Biosensors Market Demand , Biosensors Market Trends , Biosensors Market Applications
Last Updated April 30, 2020