Biosensor Market 2022
The healthcare vertical has always prioritized indigenous patients’ experiences. One of the aspects is that several providers are going to value-based care (which was volume-based care initially). With improvement in technology, medical professionals are into provision of better records in the form of EHRs (Electronic Health Records), bundle packages, and likewise. In other words, the future of the healthcare vertical would be along these digitized lines, with assimilation of modern-day technologies. So, more power to healthcare future!
According to a new market report published by Persistence Market Research “Global Market Study on Biosensor: Asia-Pacific to Witness Highest Growth by 2022,” the global biosensor market was valued at USD 12,963.6 million in 2014 and is expected to grow at a CAGR of 9.7% from 2014 to 2022, to reach an estimated value of USD 22,551.2 million in 2022.
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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.The global biosensors market is anticipated to grow from an estimated USD 12,963.6 million in 2014 to USD 22,551.2 million in 2020 at a CAGR of 9.7% during the forecast period.
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.
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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.
Abbott Laboratories, Inc, Siemens Healthcare, Nova Biomedical Corporation, Bayer AG, Johnson and Johnson, Medtronic, Inc. and Hoffmann-La Roche, Ltd. are some of the major players of biosensors market.
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)
These market players have been profiled on the basis of attributes such as company overview, recent developments, growth strategies, sustainability and financial overview.
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Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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