Potential Opportunities in Biosensors Market Key Players: Kalila Medical, Bio-Rad Laboratories, Biosensors International Group, Ltd

The Biosensors Market is set to exceed USD 29 billion by 2024; according to a new research report by Global Market Insights. Increasing prevalence of diabetes has influenced industry growth positively. As per WHO, number of diabetic patients globally in 2014 were around 422 million that have escalated demand for glucose biosensors. Growing awareness regarding diabetes self-management has enabled integration of advanced technology in the glucometers driving the market growth. For instance, newly developed glucometers have embedded microchips that allows accurate and quick detection of sugar levels at home.

Rising preference for such technology variant diabetic biosensors have boosted the industry growth significantly.
Extended use of biosensors in various industries such as medical diagnostics, agricultural and food diagnostic industry has stimulated the demand for biosensors. Wide ranging applications of biosensors in diagnosis of various diseases such as diabetes, cholesterol, haemophilia will impact the industry demand positively. American population suffers from around 7000 rare diseases driving the demand for biosensors.

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With the growing popularity of portable, affordable, and user-friendly devices, biosensors market is witnessing a plethora of opportunities in the point of care (PoC) testing sector. As per estimates, biosensors industry size from PoC testing is forecast to register a CAGR of 8.3% over 2018-2024. One of the most pivotal factors responsible for the growth of this end-use segment is the technological advancements incorporated in biosensor devices used in hospitals. The efficiency of these sensors has a marked impact on surgical procedures leading to an increased demand for these devices in the PoC testing domain.

Being at the forefront pertaining to technological advancements, U.S. led the regional biosensors industry in 2017, accounting for 80.9% of North America share. Besides technological developments, the increasing prevalence of chronic ailments coupled with the heavy R&D investments and a favorable regulatory scenario are the other pivotal factors driving the regional biosensors industry share.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Kalila Medical
• Bio-Rad Laboratories
• Biosensors International Group, Ltd
• Innovative Biosensors, Inc.
• Molecular Devices
• Pinnacle Technology Group, Inc
• Roche Diagnostics Middle East
• SDIX LLC - An OriGene Company
• Thermo Fisher Scientific

The government initiatives are certain to play a significant role in the overall expansion of the biosensors market. The recent developments in the field of proteomics and genomics are likely to offer a huge set of opportunities to the overall industry. The technological intervention in this space is also providing a significant impetus to the biosensors market. Major IT companies such as IBM, TCS, and Infosys are heavily investing in this space to explore the untapped prospects.

Electrochemical technology segment generated revenue of more than USD 11 billion in 2017. The segment dominates biosensors industry due to high efficiency and accuracy provided by the electrochemical biosensors. Increased use of electrochemical biosensors in food analysis and diagnosis of diseases has driven the segment growth significantly during the forecast period. Moreover, rising number of chronic diseases have elevated the demand for electrochemical biosensors to aid accurate diagnosis.

Optical biosensors segment is anticipated to grow at CAGR of 8.9% throughout the forecast period due to increasing demand for optical biosensor. Optical fibre biosensors are used in optical biosensing devices in critical care and surgical monitoring. Benefits offered by optical biosensor are specificity, real-time measurement, remote sensing, fast, compact design that helps in minimally invasive detection; which in turn, drive the market growth.

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Some of the key industry players operating biosensors market are Abbott Laboratories, Bio-Rad International, Biosensors International, DuPont Biosensors Materials, Ercon, Gwent Group, Innovative Biosensors, Johnson & Johnson, Molecular Devices Corp, Pinnacle Technology, QTL Biosystems, Roche Diagnostics, SDIX, LLC, Siemens Healthcare, TE Connectivity Corporation, Thermo-Fisher Scientific.

Major industry players have been undertaking strategic decisions such as collaborations and acquisitions that have enabled them to maintain their brand value. In January 2018, Abbott laboratories developed new hematology testing system that enables examining blood on various parameters. Such new product development strategies enhance company’s product portfolio thereby generating revenue for the company.

Global Market Insights Inc. is a global market research and management consulting company catering to leading corporations, non-profit organizations, universities and government institutions. Our main goal is to assist and partner organizations to make lasting strategic improvements and realize growth targets. Our industry research reports are designed to provide granular quantitative information, combined with key industry insights, aimed at assisting sustainable organizational development.

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