The technological advancements in the bioelectronics has paved pathways for the development of novel biosensing technologies. The successful development of biosensing technologies has resulted in prolific employment of biosensors in the field of medical diagnosis. Additionally, technological advancements in the fields of microfabrication and microfluids have facilitated the batch production of biosensors and aided MedTech companies in meeting massive industry demand. The, rising burden of chronic diseases are elevating the requirement for continuous diagnostic devices, which is significantly impacting the clinical laboratory process management. Therefore, to sustain in the highly competitive market, biosensors is gradually becoming an indispensable survival tool in wide range of fields, including drug, agribusiness, nourishment wellbeing, country security, bioprocessing, natural and mechanical observing
Moreover, growing prominence of point of care testing services, aided by rising geriatric population has resulted in massive demand for the point of care testing devices. Besides reducing turn-around time, biosensors also decreases the risk of human-error with extensive dependency on skilled laboratory professionals. Furthermore, healthcare reforms incorporated by several nations to promote patient-centric care, has been bolstering the growth of global biosensors market.
According to a new market intelligence report by BIS Research, titled “Global Biosensors Market - Analysi…recast, 2018-2027”, the global biosensors market was estimated $1.46 billion in 2017, and is estimated to grow over $3.90 billion by 2027.
The global biosensors market is expected to grow at a double-digit compound annual growth rate between the years 2018 and 2027, aided by the growing prominence of the point of care testing services.
North America is the leading contributor to the global biosensors market. The contribution of North America to the global biosensors market was valued to be approximately 40% in 2017. The factors, such as burgeoning geriatric population, growing prominence for point of care testing, and high prevalence rates of several chronic diseases are consequentially promoting the growth of the North America biosensors market. However, Asia Pacific is expected to grow at an impressive 12.37% CAGR in the forecast period from 2018 to 2027. Moreover, the Asia Pacific market contributed approximately 15% of the total global market value in 2017.
- The emergence of point of care solutions based on biosensing technologies has enabled continuous monitory of disease and has alleviated the physical stress on the patients caused due to the invasive nature of the traditional laboratory diagnostic procedures
- The point of care testing industry is the leading consumer of the global biosensors market. The market for biosensors pertaining to point of care applications, was valued to be $671.2 million in 2017 and is anticipated to reach $1.72 billion by 2027.
Source: BIS Research Analysis
Key questions answered in the report:
- What are the major market drivers, challenges and opportunities in the global biosensors market?
- What was the market value of the leading segments and sub-segments of the global biosensors market in 2017?
- How will each segment of the global biosensors market grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2027?
- How will the industry evolve during the forecast period 2018- 2027?
- What are the key developmental strategies that are being implemented by the key players to sustain in this market?
- How has the market been segmented on the different types of biosensing technology? Which type of biosensing technology is being adopted extensively by the users and why?
- Who are the key players in the biosensors market and what are their contributions?
- What are the major benefits of the implementation of biosensors in different field of applications including point of care, environmental, research laboratories, home diagnostics, biodefence, and process industries?
- What will be the growth rate of the Point of Care application during the forecast period?
- Which geographical location will contribute to the highest sales of the biosensors during the forecast period?
- What is the scope of biosensors in the emerging economies of Asia and Latin America?
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