Biosensors Market 2021 by Top Industry Players Abbott Laboratories, Bio-Rad International, DowDuPont Inc, Ercon Inc., Gwent Group, Johnson & Johnson
Rising incidences of several serious disorders among the global population has evoked the need to detect these at early stages in order to obtain appropriate treatment on time. This has also urged the development of novel therapeutic solutions which majorly requires diagnostic tools. One such important tool is biosensor which finds extensive application across research and healthcare institutions. This is likely to provide lucrative growth prospects to biosensors market over the ensuing years. According to Global Market Insights, Inc., biosensors market size was valued at more than USD 25 billion in 2020 and is projected to register a robust CAGR of 7.4% through 2027.
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Technological advancements in biosensors such as compact size, lightweight and patient-friendly features are opening new opportunities for the industry. For instance, in 2020, an awardee of ATTRACT projects, AquAffirm announced the launch of eChem-Goldtm which are thin-film planar gold electrodes designed for Covid-19 biosensor research. For the records, ATTRACT is a pioneering initiative which unites fundamental research and industrial communities across Europe to develop next generation detection and imaging technologies. Such initiatives will enhance the business space over the foreseeable future.
An overview of some of the major segments that are propelling the industry growth is as under:
Based on the product type, wearable biosensors segment is projected to observe a notable CAGR of 9.3% through 2027 owing to increasing investment towards these biosensors as they offer superior features as compared to the traditional ones. Wearable biosensing technologies facilitate continuous monitoring of several parameters with greater convenience which does not hamper the daily activities. Growing fitness trend amongst the population coupled with the introduction of innovative wearables products is expected to augment the business space further. Citing an instance, in 2020, Philips launched its next generation wearable biosensor designed especially for patient deterioration detection at earlier stages, including clinical surveillance for COVID-19.
Based on medical application bifurcation, drug discovery segment is expected to grow exponentially over time. The growth can be attributed to increasing application of biosensors as they help in understanding the complexity of drug interactions and drug specificity. For instance, enzyme-based biosensors enable quantifying of drug interactions and pharmacokinetics which enhances the overall drug discovery process. In addition, increasing pervasiveness of chronic and rare diseases has urged the biopharmaceutical companies to focus on new drug development which is offering lucrative opportunities for biosensors business. For the records, in 2020, segment had recorded substantial revenue of over USD 900 million.
In terms of the technology bifurcation, thermal segment had secured a notable revenue share of 9.0% in 2020 and is anticipated to register substantial gains over the coming years. Thermal biosensors which are developed by assimilating biosensor materials into a physical transducer are massively used in enzyme activity, clinical monitoring, determination of multianalyte, environmental monitoring, hybrid sensing, process monitoring, etc. These factors are positively influencing the business growth.
Based on end-use bifurcation, research laboratories segment is expected to register an appreciable valuation of more than USD 4.5 million by 2027. This can be credited to increasing application of biosensors for drug discovery, infection control as well as monitoring the side effects caused by certain drug. Adoption of biosensors in tissue engineering, medicine and nano technology is also instigating the product demand which is opening new growth avenues for the segment.
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In terms of regional outlook, Asia Pacific biosensors industry is estimated to observe a significant CAGR of 9.5% through 2027 owing to increasing elderly patient population with diabetes in the region. This is majorly due to extensive usage of biosensors in diabetes care for monitoring the level of blood glucose. Besides, rising prevalence of cardiovascular diseases in the region due increasing adoption of unhealthy lifestyle and eating habits is fostering the demand for biosensors for various diagnostic tests. Considering the present COVID-19 situation, need to effectively monitor the infection control and side effects of drug or vaccine has evoked the product demand in the region to a great extent.
Partial Chapter of the Table of Content
Chapter 4 Biosensors Market, By Type
4.1 Key segment trends
4.2.1 Market size, by region, 2016 – 2027 (USD Million)
4.3.1 Market size, by region, 2016 – 2027 (USD Million)
Chapter 5 Biosensors Market, By Technology
5.1 Key segment trends
5.2.1 Market size, by region, 2016 – 2027 (USD Million)
5.3.1 Market size, by region, 2016 – 2027 (USD Million)
5.4.1 Market size, by region, 2016 – 2027 (USD Million)
5.5.1 Market size, by region, 2016 – 2027 (USD Million)
5.6.1 Market size, by region, 2016 – 2027 (USD Million)
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Related Report - https://www.gminsights.com/industry-analysis/viscosupplementation-market
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