Press release
Biosensor Market to Cross USD 22,551.2 million in 2027|Key Players are Abbott Laboratories, Inc, Siemens Healthcare and more
Biosensor Market 2022-2027
The Biosensor Market is expected to grow on a vigorous note shortly. Though telemedicine has turned out to be an easily accessible service, proper amalgamation with therapy decisions is of utmost importance. At-home lab tests are a good by-product of telehealth. Remote monitoring and diagnosis are cost-effective. It also saves on downtime. So, saving on time and investing in convenience would be one of the trends of the healthcare vertical in the years to come.
According to a new market report published by Persistence Market Research "Global Market Study on Biosensor: Asia-Pacific to Witness Highest Growth by 2027," the global biosensor market was valued at USD 12,963.6 million in 2022 and is expected to grow at a CAGR of 9.7% from 2022 to 2027, to reach an estimated value of USD 22,551.2 million in 2027.
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Globally, the biosensors market is witnessing significant growth due to increasing demand of point of care testing. In addition, rising prevalence of chronic and lifestyle associated diseases, growing geriatric population, increasing application of biosensors in various industries and growing application of nanotechnology in healthcare are also driving the growth of the market.
In addition, emergence and demand of personalized medicine and non-invasive biosensors would also drive the growth for the market. However, strict regulatory requirements and reimbursement policy issues in healthcare system hamper growth of the global biosensors market. In addition, the regulatory process is not keeping pace with the rapid development of new medical technologies.
Some of the major players in the biosensors market:
Abbott Laboratories, Inc.
Siemens Healthcare.
Nova Biomedical Corporation.
Bayer AG.
Johnson and Johnson.
Medtronic, Inc.
Hoffmann-La Roche, Ltd.
Other.
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In North America, growing aging population, increasing health awareness, rising chronic and lifestyle diseases, technological developments for various home use applications, and appropriate insurance coverage are driving the use of biosensor devices in the market.
In Europe, the biosensors device market is driven by rising diagnostic requirements due to increasing lifestyle associated diseases, aging population and improving healthcare infrastructure. On the other hand, increasing healthcare costs has shifted the focus of healthcare from hospitals to home, which would increase the use of biosensors devices in the region.
However, Asia is becoming one of the most attractive markets for medical device companies. The growth for biosensor devices in Asia is much higher than developed countries due to widening health insurance penetration, large population base and up-gradation of health care systems.
The biosensors market is segmented as follows:
Biosensors market, by technology
Electrochemical biosensors
Optical biosensors
Piezoelectric biosensors
Thermistor biosensors
Biosensors market, by application
Medical diagnostics
Food toxicity detection
Industrial process control
Environmental
Agricultural testing
Biosensors market, by end user
Point-of-care testing
Home healthcare diagnostics
Research laboratories
Security and bio-defense
Biosensors market, by geography
North America
Europe
Asia
Rest of the World (RoW)
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Major Highlights of Biosensor Market Report:
Biosensor Market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
The report dives deeper into the market and explains the dynamic factors bolstering market growth.
The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
The report analyzes Biosensor Market presence across major regions of the world.
It determines the production & consumption capacities and demand & supply dynamics of each regional market.
The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
It provides company overview and SWOT analysis of each of the market players.
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About PersistenceMarketResearch:
PersistenceMarketResearch is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against rep/uted organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.
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