Continuous technical developments in the environment of biosensors, increasing usage of biosensors for non-medical uses, lucrative growth in POC diagnostics, and increased demand for glucose monitoring systems are likely to drive the market development.
Vancouver, BC -- (SBWIRE) -- 01/20/2021 -- The increasing focus of the food industry on the identification of undesirable pollutants in food products, including pathogenic bacteria, biological toxins, food allergens, pesticides and antibiotic residues, increases the demand for biosensors to analyze the authenticity of the nutritional constituents of food products. Demand for biosensors is motivated by the rise in the number of diabetic patients, an increase in demand for miniature devices or diagnostic purposes, and rapid advancement in technology.
Key participants include Thermo-Fisher Scientific, Abbott Laboratories, Biosensors International, TE Connectivity Corporation, Molecular Devices Corp., Pinnacle Technology, Siemens Healthineers, Bio-Rad International, DowDuPont Inc., and Roche Diagnostics, among others.
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Biosensors Market Drivers
The global market for biosensors is expected to rise from USD 19.19 billion in 2019 to USD 33.85 million in 2027 at a CAGR of 7.3%. There are a wide range of applications for biosensors, from medical, food & beverage, healthcare, to agricultural and other industries.
For different control instruments, biosensors are used in cameras, pressure monitors, gyroscopes, accelerometers, optical and image monitors, microfluidics, temperature sensors, and flow meters. In addition, the adoption in the healthcare industry of artificial intelligence technology, IoT, and cloud-based computing, coupled with the continued development of the optical quantum market, favors customer growth.
Technology Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Thermal
Electrochemical
Optical
Others
End-Use Outlook (Volume, Kilotons; 2017-2027, Revenue, USD Billion; 2017-2027)
Home Healthcare Diagnostics
POC Testing
Food Industry
Research Laboratories
Security & Bio-Defense
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Medical
Food Toxicity
Bioreactor
Agriculture
Others
The North America dominated the market for Biosensors in 2019. The region's consistent focus on cost-effective and innovative procedures that are adopted in the area is driving the market. The North America region held approximately 38.7% of the market, followed by the Asia Pacific, which contains around 27.9% market in the year 2019
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Biosensors Market: Regional Outlook
North America led the market in terms of sales, with a 38% share in 2019. Technology development involving the unveiling of miniaturized diagnostic devices that allow rapid, reliable and growing customer demand testing of EMR is driving market growth over the forecast period.
It is expected that Latin America and the Asia Pacific region will experience the highest growth rate in the forecast period. Significant factors driving market growth in the Asia Pacific and Latin America are the high unmet healthcare needs associated with disease prevention, such as diabetes and other communicable diseases, growing awareness among patients, and rapidly increasing medical costs in the region.
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Biosensors Market Segmentation & Impact Analysis
4.1. Biosensors Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Growing applications of biosensors in the medical field
4.2.2.2. Rising prevalence of diabetes globally
4.2.2.3. Technological advancements
4.2.3. Market restraints analysis
4.2.3.1. Stringent regulatory scenario
4.2.3.2. High cost of product development
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter's Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Biosensors Market By Technology Insights & Trends, Revenue (USD Million)
5.1. Technology Dynamics & Market Share, 2019 & 2027
5.1.1. Thermal
5.1.2. Electrochemical
5.1.3. Optical
5.1.4. Others
Chapter 6. Biosensors Market By End-Use Insights & Trends Revenue (USD Million)
6.1. End-Use Dynamics & Market Share, 2019 & 2027
6.1.1. Home Healthcare Diagnostics
6.1.2. POC Testing
6.1.3. Food Industry
6.1.4. Research Laboratories
6.1.5. Security & Bio-Defense
To Be Continued…!
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