Biosensors Market Growth in Future Scope 2021-2028 | Acon Laboratories Inc., Universal Biosensors, Nova Biomedical Corp., Bio-Rad Laboratories Inc.

Biosensors Market to Reach US$ 43,073.2 Million By 2027

Biosensors comprises of the biological recognition unit, having the ability of interacting with bioelements, including living tissue, antibodies, enzymes, as well as a transducer that is used for changing the bioelement property into electrical signal. This recordable signals are evaluated for a range of applications. The biosensor devices are highly beneficial to measure a wide range of analytes, including bacteria, gases, ions and organic compounds, in fields of medical diagnosis, food testing, as well as environmental monitoring.

Statistics:

The global biosensors market is estimated to be valued at US$ 22,551.2 Mn by the end of 2020.

Global Biosensors Market: Drivers

Launch and approval of novel products are expected to drive the global biosensors market growth over the forecast period. For instance, Nanomedical Diagnostics, in February 2018, introduced the Graphene Biosensor- FLEX that can be integrated easily with the Agile R100 protein assay system of the company for increasing efficiency in process of drug discovery process.

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Global Biosensors Market: Opportunities

R&D in transistors of field-effect is expected to provide opportunities for lucrative growth to companies in the global biosensors market. The field-effect transistor biosensors provide high sensitivity, low power operation, rapid response, and label-free working environment, along with feasibility in commercialization.

Global Biosensors Market: Restraints

Issues of reimbursement policy within healthcare systems is expected to restrain the global biosensors market growth over the forecast period. Reimbursement policies widely differ from region to region. Patient access for healthcare does vary usually within a nation as well. Within developing countries, including China and India, the burden of the disease is high. Maximum population doesn’t have access for services of primary healthcare, attributable to health insurance absence and poverty. Moreover, rising costs of healthcare in such countries along with lack of approvals for biosensing devices in reimbursements are hindering healthcare facilities affordability among geriatric population.

Key Takeaways:

The global biosensors market accounted for US$ 20,501.1 Mn in 2019 and is projected to extend to a value of US$ 43,073.2 Mn by 2027 at a 9.7% CAGR from 2020 to 2027. Rising incidence of chronic diseases is expected to fuel growth of the global biosensors market over the forecast period,

The electrochemical segment accounted for the highest share in 2019, in the global biosensors market, valuing a share of 76.9%, rising launch and approval of novel products is expected to drive the segment growth over the forecast period.

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Market Trends

Usage of AI within biosensors are expected to drive growth of the global biosensors market over the forecast period. For instance, the U.S. Dept. of Veterans Affairs backed study, in March 2018, reported that the AI wearable biosensor-based analytics could provide precise early detection for impending rehospitalization equivalent to the implanted devices.

Furthermore, R&D for biosensors is expected to drive the global biosensors market growth over the forecast period. For instance, scientists at The University of New Mexico and the Autonomous University of Madrid (UAM), in August 2020, in Spain, reported investigation of the lattice resonances fueled by arrays of bipartite nanoparticle. Researchers stated that the nanophotonics can potentially improve the light-based biosensors.

Global Biosensors Market: Competitive Landscape

Key players functioning in the global biosensors market are, Nemaura Medical, Inc., Integrity Applications Inc., MediWise Ltd., OrSense, Medtronic Plc, Philips Healthcare, GE Healthcare, Akers Biosciences, Inc., F. Hoffman-La Roche Ltd., Abbott Laboratories, Siemens AG, Acon Laboratories Inc., LifeScan, Inc., Universal Biosensors, Bio-Rad Laboratories Inc., Nova Biomedical Corp., Ercon, Inc., Sysmex Corporation, Biacore, FreeScale Semiconductors, Smiths Medical, Omnivision Technologies, Inc., Analog Devices, Inc., LifeSensors, Inc., Honeywell International, Inc., Johnson & Johnson, Smiths Detection, Bayer AG, TaiDoc Technology Corporation, I-SENS, Inc., and Efferent Labs.

Global Biosensors Market: Key Developments

Key players in the global biosensors market are focusing on adoption of M&A strategies for expanding their portfolio of products. For instance, Smiths Detection, in August 2020, completed the PathSensors acquisition, a company of bio- environmental-testing and technology solutions, based on Baltimore, MD, U.S.

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