Biosensors Market to Procure USD 38,778.80 Million Revenue by 2027 at 7.95% CAGR - Report by Market Research Future (MRFR)

Biosensors Market Insights and Industry Analysis by Technology (Electrochemical Biosensors, Optical Biosensors, Thermal Biosensors and Piezoelectric Biosensors), By End User (Point of Care, Home Diagnostics, Research Laboratories, Food Industry and Security and Biodefense), By Application (Medical Testing, Food Toxicity, Industrial Process, Environmental and Agricultural Testing), and Region, Competitive Market Size, Share, Trends, and Forecast till 2027

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New York, US, July 22, 2021 (GLOBE NEWSWIRE) -- Biosensors Market Overview:

According to a Comprehensive Research Report by Market Research Future (MRFR), Biosensors Market Information by Technology, Application, End User, and Region - Forecast till 2027”, the market is forecasted to reach USD 38,778.80 Million by 2027 at 7.95% CAGR.

Market Scope:

Biosensors are devices that detect the presence or concentration of a biological analyte, such as a biomolecule, a biological structure, or a microorganism, in the environment. A component that detects the analyte and generates a signal, a signal transducer, and a reader device make up a biosensor. In the fields of drug development, biomedicine, food safety standards, military, security, and environmental monitoring, the use of biosensors has become critical. Called a result, precise and powerful analytical instruments incorporating biological sensing elements as biosensors have been developed. Overall, a better integration of biosensing and biofabrication with synthetic biology methodologies based on electrochemical, optical, or bio-electronic principles, or a mix of all of these, will be the key to developing powerful biosensors for the modern day.

Market Drives

In the next years, the medical biosensors market is expected to grow due to the enormous demographic base of the ageing population and the rising diabetes population, particularly in developed countries throughout the world. The increasing prevalence of long-term and lifestyle-related disorders necessitates continuous monitoring to keep track of changing health markers. This factor is expected to encourage biosensor manufacturers to release products that meet this demand.

Clinicians can identify several diseases in less time thanks to the faster diagnosis turnaround time. As a result, these advancements will change the way healthcare is monitored, increasing the use of biosensors in the future. The biosensor market is predicted to develop due to the increasing number of product innovations. To meet shifting biosensor industry demands, rising product improvement in biosensors is expected to assist medical device manufacturing organisations in developing novel items for progressive diagnostic solutions.

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Competitive Landscape:

The notable players of the market are:

  • Abbott (US)
  • Siemens Healthineers AG (Germany)
  • LifeSensors (US)
  • Nova Biomedical (US)
  • Johnson & Johnson Services, Inc. (US)
  • Medtronic (US)
  • Bayer AG (Germany)
  • F. Hoffmann-La Roche Ltd (Switzerland)
  • i-SENS, Inc. (South Korea)
  • TiaDoc Technology Corporation (Taiwan)

COVID-19 Analysis

The detection of coronavirus at the point-of-care level using biomarkers and indicators is critical for symptom correction. The evolution of biosensing technology may increase the likelihood of early detection and therapy choices for COVID-19 management over the world. In addition, various biosensor-based technologies are used in clinical diagnostics in hospitals, with some of them already being established to identify COVID-19 pneumonia. Sensors can detect chemical compounds being sought for and combine with a biological element with a physicochemical detector when used in conjunction with a systematic device. COVID-19's rapid spread has disrupted society's normal operations, with specialists unable to define a specific time limit for its elimination. As human workforce in hospitals becomes weary due to rising patient loads around the world, this development may contribute to the growth of the global biosensors market.

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Market Restraints:

The biosensor market's growth is anticipated to be limited by the severity of regulatory requirements and compensation plans.

Market Segmentation:

The electrochemical biosensors market size is expected to grow at a faster rate than the technology segment during the projected period.

The point of care testing category accounted for USD 8,428 million in market value in 2017 and is expected to continue to lead during the projection period.

The medical testing segment is expected to drive industry growth in the forecast period, based on application.

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Regional Analysis:

In the international market, North America had the largest market share. Growing health awareness, an ageing population, an increase in chronic and lifestyle illnesses, and technology progress for a variety of home uses and appropriate insurance coverage are driving the biosensor industry in North America.

The European market for molecular biosensors has the second-largest share. A rise in the senior population, rising lifestyle-related disorders, greater awareness of various conditions, and sophisticated diagnostic requirements are driving the biosensors market in Europe.

The Asia Pacific regional market is growing at a rapid pace, accounting for the third largest market share. The Asia Pacific biosensors market is expanding due to a better awareness of clinical outcomes, a large population base, an ageing population, an increase in diabetics, and technical advancements in medical devices and equipment. In addition, India had a 13 percent market share in 2017.

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