Overview:
The Global Biosensors Market getting significant traction owing to impacts from advanced biotechnologies, and the healthcare sector where the quick diagnosis is of utmost importance. The global biosensor market can expect to grow with CAGR 9.6% during the forecast period (2014-2020), reveals Market Research Future (MRFR) in a detailed analysis of the same market. Biosensor’s popularity is on the rise due to its ability to provide a precise diagnosis of diseases in a simple, quick, cost-efficient, and user-friendly manner. It has been considerable accolades from the chemical industry and nanotechnology sector as well. Furthermore, lifestyle changes have triggered the need for constant health regarding updates, a need that has been buttressed well by biosensors. In addition, the biosensors market can experience benefits from industries related to food analysis, imaging operations, and monitoring of microbial activities.
However, strict regulatory measures and complex reimbursement policies can bottleneck the biosensors market during the forecast period. Sluggish approval pace compared to innovations can pile on more worries. But the preference for personalized drugs and medical equipment can steer the biosensors market away from any such long-time impacts.
Industry Trend:
Researchers at the Harbin Institute of Technology, China have developed a simple yet efficient, and cost-effective method to get light on microdisk resonator which can then be used to detect temperature disturbance and presence of nanoparticles. This can benefit cancer researchers by helping in early detection of changes in the cell construction.
New research, published in Biosensors and Bioelectronics published by Elsevier, has revealed that a 3D technology is now enabling researchers to monitor the real-time oxygen level in organ-on-a-chip systems. This can revolutionize drug and toxicity testing.
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Segmentation:
The biosensors market can be segmented by technology, end-user, and application.
Technology-wise, the biosensor market comprises electrochemical biosensors, optical biosensors, thermal biosensors, piezoelectric biosensors, and others.
Based on end-user, the biosensor market is segmented into point of care, home diagnostics, research laboratories, food industry, security and biodefense, and others.
Application-wise, the biosensors market is segmented into medical testing, food toxicity, industrial process, environmental market, agricultural testing, and others.
Market Insight:
The market is gaining more from strategies implemented by different companies than anything else. Merger, acquisition, collaboration, product launch, and other ways are impacting the growth significantly. For instance, Siemens bought Mendix to better their digital platform in biotechnology which can improve their market stance.
Some of the key players in this market are Abbott Laboratories Inc., F. Hoffmann-La Roche Ltd., Bayer Healthcare, Johnson & Johnson, Medtronic, Inc., Siemens Healthcare, Nova Biomedical Corporation, LifeSensors Inc., TiaDoc Technology Corporation, I-SENCE Inc.
Regional Analysis:
Region-specific analysis of the biosensors market includes the Americas, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA).
The Americas is the current market topper owing to their huge revenue income. The region is investing heavily in the healthcare sector which consequently, is boosting the demand for biosensors market. Infrastructural superiority is another major factor that is contributing substantially to the growth of the biosensors market. At the same time, many investors, both government and private, are showing a keen interest in the field and are eager to participate in launching innovations which are proving beneficial for the market.
Europe is expected to witness substantial growth as its features are quite similar to that of the Americas. Huge geriatric population and growing health awareness are further triggering the biosensors market growth.
The APAC is expected to grow with the fastest CAGR during the forecast period. Healthcare sector is getting a huge boost from various investors which is helping the market grow. Meanwhile, the MEA market can expect a steady growth as the region lacks infrastructural benefits.
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