Biosensors Market- Future Trends and Forecast 2016-2024| Key Players: Kalila Medical, Bio-Rad Laboratories, Biosensors International Group, Ltd

Global Biosensors Market is set to exceed USD 29 billion by 2024; according to a new research report by Global Market Insights. Technological upgradations in the biosensing devices has positively influenced adoption rate of biosensors that are being used in medical field. Increasing applications in diagnosis of various diseases will stimulate growth of biosensors industry significantly. The newly developed biosensors are applicable in detection of blood sugar levels, pulse rate and body temperature that show highest accuracy. The industry growth is also driven by increasing prevalence of chronic diseases in the geriatric population, increasing preference for point of care testing provided by the biosensors.

High preference for portable miniature biosensor devices will escalate the industry growth. These portable biosensor devices are highly preferred by the geriatric population which is susceptible to suffer from chronic diseases and require continuous critical monitoring. Moreover, rising prevalence of diabetes due to sedentary lifestyle in urban and metropolitan areas have increased the demand for portable biosensors that help in sustaining the health of individuals. However, high costs associated with the biosensors may restrict the industry growth.

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Diabetes management is becoming a potentially lucrative vertical all by itself, a fact that is certain to augment biosensors industry share from blood glucose testing applications. The urgent requirement of addressing sugar control has also been recognized by medical companies, on the grounds of which they have been attempting to manufacture highly advanced devices to combat diabetes. Recently, the U.S. Food and Drug Administration approved the Eversense Continuous Glucose Monitoring system that can be used in patients above 18 years of age, afflicted with diabetes. Incidentally, this is the first FDA-approved CGM system that incorporates a fully implantable sensor for glucose detection.

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.

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

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.

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.

Some of the major biosensors industry players are Abbott Laboratories, Bayer Healthcare, Ercon Inc., EG & G IC Sensors, Strategic Diagnostics, Lifescan, Inc. Johnson & Johnson, and Sysmex Corporation. Pricing is one of the major parameters defining the hierarchy of these participants on the competitive scale. The industry is characterized by heavy R&D investments for the development of highly-efficient and compact biosensors, which are in sync with the robust technology advancements in this space.

Analyzing the current scenario and the fast-paced penetration of biosensors across myriad sectors, this industry is certain to witness a phenomenal growth trajectory over the years to come. Global Market Insights, Inc. forecasts the biosensors market to surpass a revenue of USD 29 billion by 2024.

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Biosensors Market by Type

Wearable
Non-wearable

Biosensors Market by Technology

Electrochemical
Optical
Thermal
Piezoelectric

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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