Innovation in nanotechnology-based nano biosensors and rising consumer demand for EMRs are some of the key factors driving market revenue growth
VANCOUVER, BC, CANADA, July 21, 2022 /EINPresswire.com/ -- The Global Biosensors Market size was USD 25.5 Billion in 2021 and is expected to register a revenue CAGR of 8.0% during the forecast period, according to latest analysis by Emergen Research. Increasing application of biosensors in agriculture and healthcare sectors and emergence of nanotechnology-based biosensors are factors projected to support market revenue growth between 2021 and 2030. In addition, rising prevalence of chronic disease such as diabetes, cardiovascular disease, and others globally and growing acceptance of biosensors by diabetics for glucose monitoring are factors contributing to revenue growth of the market.
Significant advancements in biosensor technology have eased the process of blood glucose level monitoring in patients, especially in older adults, which has helped in the management of diabetes mellitus. Other benefits of biosensors include Point of Care (POC) glucose testing and non-invasive glucose monitoring systems among others, which are expected to boost growth of the market during the forecast period. Biosensors are also being used in maternity and fertility testing, and Biosensor-based In-Vitro Diagnostic (IVD) devices are fast becoming excellent alternative tools due to the various advantages this offers. This approach offers a major advantage over conventional detection systems in medicines for an early diagnosis, enables proper screening of targeted population, and also for assessing the efficiency of a specific therapy.
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The key companies studied in the report are:
Abbott, Medtronic, Bio-Rad Laboratories, Inc., Cytiva, LifeScan IP Holdings, LLC, Nova Biomedical, Universal Biosensors, AgaMatrix, PHC Holdings Corporation, ACON Laboratories, Inc.
Diabetes is a very major cause for concern among an increasing number of individuals, and is not restricted to a specific age group or groups. In 2019, prevalence was 37.3 million Americans, or 11.3% of the population. Around 1.9 million Americans have type 1 diabetes, including approximately 244,000 children and adolescents. Of the 37.3 million adults with diabetes, 28.7 million were diagnosed, and 8.5 million were undiagnosed. Prevalence in seniors is relatively higher with Americans aged 65 and older at 29.2%, or 15.9 million seniors (diagnosed and undiagnosed). New cases continue to be added and around 1.4 million Americans are diagnosed with diabetes every year. Also, in 2019, prediabetes was diagnosed at 96 million Americans aged 18 and older. Increasing need for more effective and non-invasive modes of diagnosis, monitoring, and treatment of various diseases and conditions are some key factors expected to continue to support market revenue growth.
However, some disadvantages of biosensors include relatively poor sensitivity for many of the clinically relevant targets and qualitative or semi-quantitative results. In addition, high initial costs for R&D is a major factor hampering revenue growth of the market. Larger companies can allocate budgets for development of biosensors owing to significantly high costs, while smaller companies would face restraints in this regard. Also, need for more time and sustained investment in development of technologically advanced biosensors and slow rate of commercialization and approval are key factors expected to hamper market revenue growth.
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Some Key Highlights From the Report
Wearable segment is expected to account for largest revenue share during the forecast period. Wearable biosensors are increasingly being used to monitor patients and health and wellness and have major potential to change health monitoring and concepts of traditional medical diagnostics. Advancements in wearable biosensors can result in a shift from centralized hospital-based care systems to home-based personal medicine, which also reduce diagnosis time and healthcare costs, as well as enhance convenience for patients.
Home diagnostics segment revenue is expected to lead in terms of revenue share contribution to the global biosensors market over the forecast period owing to increasing developments in new diagnostic devices and concepts in the healthcare sector. Home-based medical devices are convenient to use and an ideal option for older adults as these enable provision of personalized care and do not require patients to make frequent hospital trips.
Asia Pacific market is expected to register fastest revenue growth rate during the forecast period. Increasing demand for biosensors in agriculture and healthcare sectors are key factors expected to drive market revenue growth over the forecast period. In addition, increasing prevalence of chronic and lifestyle diseases and expanding elderly population with need for diagnosis, treatment, and monitoring of age-related diseases and conditions expanding patient pool for treatment of other conditions are key factors contributing to revenue growth of the market.
In December 2020, Abbott launched FreeStyle Libre 2, which is a next-generation, sensor-based glucose monitoring technology used for patients suffering from diabetes. It received approval from Health Canada and is suitable for adults and children above 4 years of age.
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Emergen Research has segmented the global biosensors market on the basis of product, technology, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2019–2030)
Wearable Biosensors
Non-wearable Biosensors
Technology Outlook (Revenue, USD Billion; 2019–2030)
Electrochemical Biosensors
Optical Biosensors
Piezoelectric Biosensors
Thermal Biosensors
Nanomechanical Biosensors
Application Outlook (Revenue, USD Billion; 2019–2030)
Healthcare
Agriculture
Bioreactor
Food Toxicity
Others
End-use Outlook (Revenue, USD Billion; 2019–2030)
Point of Care (POC)
Home Diagnostics
Research Labs
Environmental Monitoring
Food & Beverages
Biodefense
Others
Regional Outlook (Revenue, USD Billion; 2019–2030)
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
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Key Benefits of Buying the Global Biosensors Report:
Comprehensive analysis of the changing competitive landscape
Assists in decision making processes for the businesses along with detailed strategic planning methodologies
The report offers an 8-year forecast and assessment of the Global Biosensors Market
Helps in understanding the key product segments and their estimated growth rate
In-depth analysis of market drivers, restraints, trends, and opportunities
Comprehensive regional analysis of the Global Biosensors Market
Extensive profiling of the key stakeholders of the business sphere
Detailed analysis of the factors influencing the growth of the Global Biosensors Market
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About Emergen Research
At Emergen Research, we believe in advancing with technology. We are a growing Marketresearch and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.
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