“Biosensors market to grow at CAGR of 8.3% from 2019 to 2024”
The biosensors market is estimated to grow from USD 21.2 billion in 2019 to USD 31.5 billion by 2024, at a CAGR of 8.3%. The biosensors market for PoC diagnostics applications is growing at a significant rate due to increasing incidences and prevalence of lifestyle diseases, such as diabetes. However, slow rate of commercialization act as a major restraint for the growth of the market.
“Sensor patch segment to witness highest CAGR during forecast period”
The market for sensor patches is estimated to grow at a higher CAGR during the forecast period. Sensor patches offer unique opportunities for condition/activity monitoring, feedback and actuation/delivery services, such as drug delivery or stimulation, localization, identification, personal contextual notifications, information display, and virtual assistance. In simpler terms, these devices can monitor, document, and augment lives, and they can be used to assist people in specialized professional and personal activities.
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“Nonwearable biosensor segment to witness higher CAGR from 2019 to 2024”
Nonwearable biosensor segment to witness a higher CAGR from 2019 to 2024. Nonwearable biosensors offer real-time on-site monitoring of production processes. Apart from on-site monitoring, these biosensors help the food industry in addressing challenges, such as meeting food quality guidelines, by providing analytical accuracy within complex food matrices.
“APAC to witness highest CAGR of biosensors market from 2019 to 2024”
The market in APAC is expected to witness the highest CAGR of the biosensors market during the forecast period. Major factors contributing to the growth of the biosensors market in APAC include the development of healthcare systems and increasing number of lifestyle diseases in the region. The biosensor market in APAC is the amalgamation of a few leading markets, such as China, Japan, and India.
Moreover, the adoption of POC devices in a view to address lifestyles diseases and enhance general health of people has led to the increased use of biosensors. Also, rising glucose levels in individuals with diabetes and increasing demand for disposable, as well as the growing demand for cost-effective user-friendly devices, are the factors driving the growth of the global biosensors market. Furthermore, there are various initiatives taken for food safety in APAC. Food and waterborne pathogens are among the leading causes of illnesses and death in developing economies. In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary
interviews have been conducted with key industry people.
The breakup of the profile of primary participants has been given below:
- By Company Type: Tier 1 = 30%, Tier 2 = 38%, and Tier 3 = 32%
- By Designation: C-Level Executives = 44%, Directors = 38%, and Others = 18%
- By Region: North America = 30%, Europe = 25%, APAC = 26%, and RoW = 19%
F. Hoffman-La Roche Ltd. (Switzerland), Bio-Rad laboratories Inc. (US), Sysmex Corporation (Japan), Nova Biomedical Corp. (US), ACON Laboratories, Inc. (US), Medtronic Inc. (US), LifeScan Inc. (US), LifeSensors Inc. (US), Universal Biosensors Inc. (Australia), Abbott Point of Care Inc. (US), DuPont (US), Pharmaco-Kinesis Corporation (PKC) (US), Biacore (Sweden), and Biosensors International Pte. Ltd. (US) are the major players operating in the biosensors market.
- Major type in biosensors are embedded device and sensor patch
- By product, the biosensors market is segmented into wearable biosensor and nonwearable biosensor
- By technology, the biosensors market is segmented into electrochemical biosensor, optical biosensor, piezoelectric biosensor, thermal biosensor, nanomechanical biosensor, and others (ion-sensitive biosensors and resonant biosensors)
- By application, the biosensors market is segmented into point of care, home diagnostics, research lab, biodefense, environmental monitoring, and food & beverages
- Geographic analysis is done with regard to 4 regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons To buy this report:
From an insight perspective, this research report has focused on various levels of analysis?industry analysis (industry trends), market ranking analysis of top players, value chain analysis, company profiles, which discuss basic views on competitive landscape, emerging and high-growth segments of biosensors market, and high-growth regions, as well as drivers, restraints, challenges, and opportunities pertaining to the biosensors market.
The report provides insights on the following pointers:
- Market penetration: Comprehensive information on biosensors offered by top players in the overall biosensors market
- Product development/innovation: Detailed insights regarding R&D activities, emerging technologies, and product launches in the biosensors market
- Market development: Comprehensive information about lucrative emerging markets?the report analyzes the markets for biosensors across regions
- Market diversification: Exhaustive information about untapped geographies, recent developments, and investments in the overall biosensors market
- Competitive assessment: In-depth assessment of market ranking analysis, strategies, products, and manufacturing capabilities of leading players in the biosensors market