23-Jul-2021 | Facts and Factors
According to a Facts and Factors market research report, the global biosensors market was USD 21.96 Billion in 2020; further, this revenue is expected to reach around USD 34.08 Billion by the end of 2026, increasing at a CAGR of around 7.6% from 2021 to 2026.
North America dominated the biosensors market and accounted for the largest revenue share while the Asia Pacific is expected to exhibit the fastest growth during the forecast period. The high unmet medical needs for severe diseases, such as cancer, diabetes, and other infectious diseases, increasing patient awareness levels, and consistently improving healthcare expenditure in the region, are some of the key factors to the growth of the market in the Asia Pacific.
In January 2021, Roche signed a Global Business Partnership Agreement (GBP) with Sysmex to deliver hematology testing solutions. The new agreement aims to utilize the IT systems to lead to improved clinical decision-making and customer experience. This successful, long-running partnership continues to evolve and bring hematology testing innovations to laboratories globally.
In December 2020, Abbott announced its next-generation, sensor-based glucose monitoring technology, FreeStyle Libre 2, which received approval by Health Canada for adults and children (4 years and older) with diabetes.
In December 2020, Bio-Rad Laboratories announced the expansion of its joint marketing agreement with Siemens Healthineers, in which Bio-Rad will provide quality control products and Unity Quality Control data management solutions for Siemens Healthineers’ Atellica Solution platforms.
In November 2020, Medtronic launched InPen integrated with real-time Guardian Connect CGM data. InPen is the first and only FDA-cleared smart insulin pen on the market for people on multiple daily injections (MDI).
In October 2020, Bio-Rad Laboratories announced the global launch of its CFX Opus 96 and CFX Opus 384 Real-time PCR Systems, along with BR.io, cloud-based instrument connectivity, data management, and analysis platform.
Emergence of nanotechnology-based biosensors drives the biosensors market
Nanotechnology-based biosensors are made from nanomaterials and have dimensions varies from 1 nm to 100 nm. These biosensors play a crucial role in the sensing mechanism of biosensing technology. Integrating devices of nanomaterials with electrical systems has led to the development of nanoelectromechanical systems. Several nanomaterials have been explored for electronic and mechanical properties for use in improving biological signaling and transduction mechanism, which involves the conversion of one form of energy to another. These kinds of materials that are widely employed incorporate nanotubes, nanowires, nanorods, nanoparticles, and thin films made up of crystalline matter. Such sensors can be used in wide applications from amperometric devices for the enzymatic detection of glucose to the use of quantum dots as fluorescence agents for the detection of binding and bio-conjugated nanomaterials for biomolecular detection.
The key players in the biosensors market are Cytiva, Dexcom, Inc., Lifescan IP Holdings, LLC, Masimo, Nova Biomedical, Universal Biosensors, Conductive Technologies, EarlySense, Innovative Sensor Technology IST AG, LifeSignals, NeuroSky, Pinnacle Technology Inc., SD Biosensor, INnc., VitalConnect, Abbott, Roche, Medtronic, Bio-Rad Laboratories, Inc., DuPont and Biosensors International Group, Ltd., among others.
High-growth opportunities in the wearable device market
Wearable biosensors find increasing opportunities for the continuous monitoring of vital signs of patients, premature infants, children, athletes or fitness buffs, and individuals in remote areas far from medical and health services. Wearable and connected biosensors enable remote monitoring to allow patients to avoid hospitalization or leave earlier. By enabling telemedicine (monitoring and transmitting physiological data from outside the hospital), wearable biosensors can ease the burden on healthcare personnel and free up hospital space for more responsive care. Smart textiles with sensors in the fabric can provide a simple, more convenient system to monitor vital signs. Biosensor patches or tattoos, leverage conformal, printed electronics, can better enable physicians to collect data on a patient for long periods. Such sensors dovetail with the quantified self-trend to track one’s biological data to optimize one’s health. Moreover, disposable patches can allow analyzing key biomarkers such as sodium, potassium, and glucose, in sweat or other substances.
Biosensors market across the home diagnostic applications to grow at the highest rate in the forecast period
The market for home diagnostics applications is expected to grow at the highest rate during the forecast period. The market growth can be attributed to increasing developments in the healthcare sector, the high rate of adoption of new diagnostic methods, and convenience in terms of using home-based medical devices. The novel coronavirus outbreak has led to an increase in demand for home diagnostics. Hence, manufacturers in the home diagnostics market are expanding their production capacities. Moreover, there is an increased demand across the wearable devices segment, and as lifestyle diseases become more prevalent, there is huge potential for the biosensors market across the home diagnostics segment.
APAC is expected to experience the highest growth rate in the biosensors market, during the forecast period. The presence of a large population base and increasing incidents of different lifestyle diseases are the main factors for the growth of the market in APAC. In terms of foreign investments, the healthcare industry in China has been steadily opening to foreign participation, both in terms of removal of items in the National Negative List, and the addition of items on the National Encouraged List. In 2020, new raw materials for the production of vaccines and medical institutions were newly added to the 2020 National Encouraged List. This indicates that China is now encouraging investments across the healthcare sector and unlocking opportunities for foreign investors to access preferential policies and tax rates. Such policies are expected to attract several opportunities for the biosensors market in APAC.
Browse the full report “Biosensors Market By Application (Medical, Bioreactor, Agriculture, Environment and Others), By Technology (Thermal, Electrochemical, Piezoelectric, and Optical), By End-Use (Home Healthcare Diagnostics, PoC Testing, Food Industry and Research Laboratories, and Security & Bio-Defense): Global & Regional Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 – 2026” at https://www.fnfresearch.com/biosensors-market
The global Biosensors Market is segmented as follows:
By End Use:
- Home Healthcare Diagnostics
- PoC Testing,
- Food Industry
- Research Laboratories
- Security & Bio-Defense
- North America
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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