$37+ Billion Global Biosensors Market is Expected to Grow at a CAGR of over 7.2% During 2022-2028 | Vantage Market Research

WASHINGTON, May 30, 2022 (GLOBE NEWSWIRE) -- Recently, Some of the important factors that are boosting the Biosensors Market are the emergence of nanotechnology-based biosensors, increasing improvements in technology over the years and growing use of biosensors to monitor glucose level in patients suffering from diabetes, has developed surge in the market in the forecast years.

The Global Biosensors Market revenue stood at a value USD 25.1 Billion in the year 2021. The Global Biosensors Market size is expected to reach USD 38 Billion by the year 2028 and is forecasted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period.

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Market Dynamics:

Driver: Rising Demand for Biosensors and Growth in Technological Advancements

Rising concerns towards maintaining balanced and healthful life-style is accelerating the demand for biosensors. Tracking various fitness parameters such as pulse charge, blood pressure, heartbeats, body temperature and others are further increasing the demand for this technology. Improvements in manufacturing biosensor (wearable and non-wearable) will significantly amplify the growth in the forecast period.

The new biosensor technology supplies innovative, user-friendly and flexible products. This tech is a mixture of internet of things (IoT), smartphones, smart cloths, cloud computing and among few different technologies. The improvement and cognizance on lab on chip version in biosensors is gaining pace for factor of patientcare diagnostics which will definitely have an impact on Biosensors Market in the coming years.

Key Insights & Findings from the Report:

• According to our primary respondents’ research, the Biosensors market is predicted to grow at a CAGR of roughly 7.2% during the forecast period.
• The Biosensors market was estimated to be worth roughly USD 25.1 Billion in 2021 and is expected to reach USD 38 Billion by 2028; based on primary research.
• On the basis of region, Asia Pacific is projected to dominate the worldwide Biosensors market.
  

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Segmentation of the Global Biosensors Market:

• Type
  • Sensor Patch
  • Embedded Device
• Product
  • Wearable Biosensors
  • Non-Wearable Biosensors
• Technology
  • Electrochemical Biosensors
  • Optical Biosensors
  • Piezoelectric Biosensors
  • Thermal Biosensors
  • Nanomechanical Biosensors
• Application
  • POC
  • Home Diagnostics
  • Research Labs
  • Environmental Monitoring
  • Food & Beverages
  • Biodefense
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
    

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Restrain: Price of biosensors is considered to be a major restraint for the market

The cost of biosensors is significantly high, which is being taken into consideration and is the largest restraint of the market. In addition, the maintenance cost and the limited variety of the sensors hampers the boom of the market. The life of biosensors is normally for 2 to 3 years and over that time the servicing of biosensors is necessary. For instance, if the sensor faulty, they are able to provide errors in results. Moreover, the life span of the biosensor is most effective for 3 years and after every 3 years the sensors should be modified in an effort to provide suitable results. This are some of the restraining factors that might hinder the market growth.

COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.

Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long Term Dynamics
5. Short Term Dynamics

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The report on Biosensors Market highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates and Forecast
• Company Profiles
• Global and Regional Dynamics
  

Regional Analysis:

North America Dominates the Global Biosensors Market

North America held the largest market share in 2021. Increasing Diseases and presence of key players in APAC is the most important factor for Biosensors Market to grow. Increasing FDI, and rise of healthcare industry in China has significantly leverage the demand for Biosensors Market in this region

Furthermore, noval raw materials for the manufacturing vaccines and growing healthcare infrastructure has been added to the National Encouraged List (NEL). This suggests that China is now encouraging investors for investment 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.

List of Prominent Players in Biosensors Market:

• Abbott (US)
• Roche (Switzerland)
• Medtronic (Ireland)
• Bio-Rad Laboratories Inc. (US)
• DuPont (US)
• Biosensors International Group Ltd. (Singapore)
• CYTIVA (UK)
• Dexcom Inc. (US)
• LIFESCAN IP Holdings LLC (US)
• Masimo (US)
• Nova Biomedical (US)
• Universal Biosensors (Australia)

Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "Biosensors Market Size, Share & Trends Analysis Report by Type (Sensor Patch, Embedded Device), by Product (Wearable Biosensors, Non-wearable Biosensors), by Technology (Electrochemical Biosensors, Optical Biosensors, Piezoelectric Biosensors, Thermal Biosensors), by Application (POC, Home Diagnostics, Research Labs, Environmental Monitoring), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/biosensors-market-404003

Recent Developments:

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, Free Style Libre 2, which received approval by Health Canada for adults and children (4 years and older) with diabetes.

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?
• Which are the top five players of the Biosensors Market?
• How will the Biosensors Market change in the upcoming six years?
• Which application and product will take a lion’s share of the Biosensors Market?
• What is the Biosensors market drivers and restrictions?
• What will be the CAGR and size of the Biosensors Market throughout the forecast period?

This market titled “Biosensors Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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