Biosensor Market 2022-2031
The Biosensor Market is bound to grow on a gracious note in the next 10 years. The healthcare vertical is shifting to “value” from “production”. This shift concerning collaboration (in place of competition) is expected to set new benchmarks in the Biosensor Market. This fast-moving environment is expected to take the healthcare vertical by storm in the next decade.
According to a new market report published by Persistence Market Research “Global Market Study on Biosensor: Asia-Pacific to Witness Highest Growth by 2027,” the global biosensor market was valued at USD 12,963.6 million in 2022 and is expected to grow at a CAGR of 9.7% from 2022 to 2027, to reach an estimated value of USD 22,551.2 million in 2027.
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Globally, the biosensors market is witnessing significant growth due to increasing demand of point of care testing. In addition, rising prevalence of chronic and lifestyle associated diseases, growing geriatric population, increasing application of biosensors in various industries and growing application of nanotechnology in healthcare are also driving the growth of the market.
In addition, emergence and demand of personalized medicine and non-invasive biosensors would also drive the growth for the market. However, strict regulatory requirements and reimbursement policy issues in healthcare system hamper growth of the global biosensors market. In addition, the regulatory process is not keeping pace with the rapid development of new medical technologies.
Some of the major players in the biosensors market:
- Abbott Laboratories, Inc.
- Siemens Healthcare.
- Nova Biomedical Corporation.
- Bayer AG.
- Johnson and Johnson.
- Medtronic, Inc.
- Hoffmann-La Roche, Ltd.
- Other.
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In North America, growing aging population, increasing health awareness, rising chronic and lifestyle diseases, technological developments for various home use applications, and appropriate insurance coverage are driving the use of biosensor devices in the market.
In Europe, the biosensors device market is driven by rising diagnostic requirements due to increasing lifestyle associated diseases, aging population and improving healthcare infrastructure. On the other hand, increasing healthcare costs has shifted the focus of healthcare from hospitals to home, which would increase the use of biosensors devices in the region.
However, Asia is becoming one of the most attractive markets for medical device companies. The growth for biosensor devices in Asia is much higher than developed countries due to widening health insurance penetration, large population base and up-gradation of health care systems.
The biosensors market is segmented as follows:
Biosensors market, by technology
- Electrochemical biosensors
- Optical biosensors
- Piezoelectric biosensors
- Thermistor biosensors
Biosensors market, by application
- Medical diagnostics
- Food toxicity detection
- Industrial process control
- Environmental
- Agricultural testing
Biosensors market, by end user
- Point-of-care testing
- Home healthcare diagnostics
- Research laboratories
- Security and bio-defense
Biosensors market, by geography
- North America
- Europe
- Asia
- Rest of the World (RoW)
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Key Questions Answered in the Biosensor Market Report
How is the Biosensor market expected to grow over the projected period?
What direction is the Biosensor market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Biosensor market in future?
What are the key market drivers in the Biosensor market?
What are significant opportunities and improvement areas for Biosensor manufacturers?
What are the key developments and trends taking over the Biosensor market?
Which are the emerging countries that are expected to create significant growth opportunities in the Biosensor market?
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