The global biosensors market was valued at $17,500.0 million in 2018, and is expected to reach $38,600.2 million by 2026, registering a CAGR of 10.4% from 2019 to 2026. Significant rise in chronic diseases such as diabetes across the globe, surge in biotechnology R&D, and increased demand for home care devices are the major factors that drive the biosensors market growth. In addition, considerable increase in preference of biosensors in glucose monitoring devices contributes to the market growth. Biosensors are medical devices that are primarily used to sense or detect the presence or concentration of biological substances, such as a biomolecule or a microorganism. They are analytical devices that can convert a biological response into an electrical signal. Biosensors majorly comprise three parts, including a component that identifies an analyte and produces signal, a signal transducer, and a reader device. Biosensors find their applications in food & beverages, environmental monitoring, home care diagnostics. and various nanomechanical biosensors. In addition, biosensor applications are also widely dominant in the field of plant biology to study metabolic processes.
However, high cost associated with these devices and lack of inclination toward adoption of new treatment devices are the major factors anticipated to hamper the market growth. On the contrary, technological advancements in biosensors to make them portable and easy to handle is anticipated to create lucrative opportunities in the future.
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The market is segmented on the basis of product, technology and region. Based on product, the global biosensors market is divided into wearable biosensors and nonwearable biosensors. Based on technology, the market is classified into electrochemical biosensors, optical biosensors, piezoelectric biosensors, thermal biosensors and nanomechanical biosensors. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Prominent players in the market have adopted various strategies such as product approval and partnership for maintaining their share in the global biosensors market, thereby addressing the evolving healthcare needs among patients and healthcare providers.
The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
KEY BENEFITS FOR STAKEHOLDERS
? The study provides an in-depth analysis of the market along with the current trends and future estimations to elucidate the imminent investment pockets.
? It offers a quantitative analysis from 2018 to 2026, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
? Comprehensive analysis of all geographical regions is provided to determine the prevailing opportunities.
? Key players are profiled, and their strategies are analyzed thoroughly to understand the competitive outlook of the global market.
LIST OF KEY PLAYERS PROFILED IN THE REPORT
– Abbott Laboratories
– AgaMatrix Holdings LLC
– DowDupont Inc
– F. Hoffmann-La Roche Ltd.
– General Electric
– LifeScan, Inc.
– Medtronic Plc
– Nova Biomedical
– PHC Holdings Co., Ltd
– Siemens Healthcare
KEY MARKET SEGMENTS
By Product
– Wearable Biosensors
– Non- Wearable Biosensors
By Technology
– Electrochemical Biosensors
– Optical Biosensors
– Piezoelectric Biosensors
– Thermal Biosensors
– Nanomechanical Biosensors
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By Region
– North America
o U.S.
o Canada
o Mexico
– Europe
o Germany
o France
o UK
o Italy
o Rest of Europe
– Asia Pacific
o Japan
o China
o India
o Rest of Asia-Pacific
– LAMEA
o Brazil
o Saudi Arabia
o South Africa
o Rest of LAMEA
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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- And so forth of the fundamental players, which assists the peruses with distinguishing the indispensable contenders and profoundly know the opposition instance of the market.
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