Global prevalence of diabetic disorders will influence developments in the biosensors market. Rising adaption to sedentary lifestyles and change in eating patterns have led to increased instances of obesity and hormonal disorders, indicating a spike in diabetic conditions.
Global prevalence of diabetic disorders will influence developments in the biosensors market. Rising adaption to sedentary lifestyles and change in eating patterns have led to increased instances of obesity and hormonal disorders, indicating a spike in diabetic conditions.
Also, application of biosensors in pregnancy testing will amass significant traction through the next few years with the surge in teenage pregnancies. As per statistics, women aged between 15-19 years in the U.S. delivered more than 229,715 babies in 2015.
Estimates reveal that the global biosensors market size will reach more than USD 29 billion with regards to yearly remuneration by 2025.
Higher demand for wearable biosensors
Market value of wearable biosensors was close to 55% of the global share in 2017 and is expected to foresee a substantial rise through the coming years. This can be attributed towards the rise in consumer awareness, mainly in the adult population base regarding unhealthy lifestyles and the consistent prevalence of diabetes in the developed and developing economies.
Solution providers in biosensor technology segment are coming up with devices to help individuals in monitoring their health on various parameters. The present COVID-19 pandemic has also called for innovations in biosensors to tend to the detection of the virus. For instance, Philips launched the Biosensor BX100 in May 2020 to assist in the monitoring of COVID-19 patients across hospitals. This wireless, wearable biosensor device is specifically designed to detect early deterioration in the affected patients.
Extensive use for disease diagnosis
Annual revenue from electrochemical biosensors market is likely to record an 8.5% CAGR up to 2025 due to the increased deployment of this technology to help in the quick and efficient patient diagnosis. Electrochemical biosensor technology is witnessing high popularity as it facilitates an accurate analysis of diagnostic decisions while reducing the errors incurred, thereby enhancing the overall surgical performance.
Continuous usage of various types of biosensors across home healthcare diagnostics is expected to strike a growth rate of more than 8.5% over the next few years. There is an elevated adoption of wearable biosensors at homes. Portable biosensors are also observing demand owing to their ease of use and convenience in comparison to conventional medical devices to cater to multiple health issues in the older population.
U.S. and Germany as key markets
U.S. is a major producer of biosensors and the regional market crossed over USD 5.5 billion in global revenue in 2017. This can be owed to the consistent prevalence of chronic conditions like diabetes and cancer that necessitate continuous critical monitoring of the affected individuals. This has led to an inclined demand for portable biosensors across the region. Also, excessive use of the device across various industrial verticals will drive regional development.
On the other hand, Germany biosensors market is pegged to register an 8.2% CAGR through 2025 with the advent of novel biosensor devices incorporated with the latest technologies to offer an enhanced surgical performance. The product also renders support in critical decision making concerning a patient's health. There is an extensive demand for biosensors in the medical field and research laboratories in the country.
To access sample pages of this report titled, “Biosensors Market Size By Type (Wearable, Non-wearable), By Technology (Electrochemical, Optical, Thermal, Piezoelectric), By Medical Application (Blood Glucose Testing, Cholesterol Testing, Blood Gas Analysis, Pregnancy Testing, Drug Discovery, Infectious Disease Testing), By End-use (Point of Care Testing, Home Healthcare Diagnostics, Research Laboratories) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents, please click on the link below:
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Competitive biosensors market landscape to urge innovations
Firms operating in biosensors and bioelectronics sector are focused on strategic frameworks to enhance their business and product portfolio, to sustain market competition while generating significant profits. For instance, Johnson & Johnson, in 2014, incorporated a novel technology in the biosensors to assist in the accurate monitoring of critical and chronic conditions like Alzheimer's disease.
Bio-Rad International, Thermo-Fisher Scientific, Pinnacle Technology, DuPont Biosensors Materials, Biosensors International, Ercon, Innovative Biosensors, Gwent Group, Molecular Devices Corp, LLC, Siemens Healthcare, Roche Diagnostics, TE Connectivity Corporation, QTL Biosystems, and SDIX are some of the other biosensor suppliers.
There is a significant influx of advanced technology in the recently developed biosensors to offer accuracy and efficiency of use in medical diagnostics. Besides, there is a jump in the adoption of glucose biosensors to aid in the accurate inspection of blood sugar levels. These components will witness increased adoption across developing nations in the coming years.
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