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Biosensors Market : Top Key Vendors, Segmentation, And SWOT Analysis

06-16-2022 12:22 PM CET | IT, New Media & Software

Press release from: Transparency Market Researc

Biosensors Market : Top Key Vendors, Segmentation, And SWOT

The biosensors market stood at US$ 23.31 Bn in 2020. The global market is likely to expand at a CAGR of 7.2% during the forecast period, from 2021 to 2031. The global biosensors market is anticipated to surpass the US$ 48.49 Bn mark by 2031. Due to expanding applications in numerous industries, including healthcare, pharmaceuticals, food, healthcare, agriculture, and the environment, the global biosensors market is likely to witness substantial growth possibilities during the forecast period.

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Rising government expenditures on healthcare industry and incidences of cardiovascular illnesses, diabetes, and other disorders is likely to drive the global biosensors market during the forecast period. In addition, the growing trend of self-monitoring is also expected to support the growth of the global market in the near future. In order to overcome hurdles in the global biosensors market, players are strengthening their efforts and focusing on R&D activities.

Due to rising prevalence of life-threatening disorders, North America is predicted to hold major share of the global biosensors market. The biosensors market in North America is likely to be driven by technological advancements in the medical diagnostics industry. The profitable involvement of healthcare organizations and pharmaceutical R&D companies in North America is estimated to trigger market expansion in the region. In North America, greater awareness about health problems, food toxicity, and environmental risks is likely to fuel the demand for biosensors. In the region, the biosensors market is also being driven by technological advancements in the realm of diagnostic devices.

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Key Findings of Market Report

The global biosensors market is expected to grow rapidly in the upcoming years, owing to the growing popularity of wearable biosensors. Wearable biosensors come with the ability to revolutionize traditional medical diagnostics and provide continual health monitoring, which is likely to gather interest.

Companies in the global biosensors market are concentrating on the development of nanotechnology-based biosensors. Rapid improvements in biological receptors and transducers are also expected to drive the demand for biosensors. Due to ongoing expansion and improvement in the field of genetic engineering and nanotechnology, market participants in developing countries are aggressively pushing for product development. These factors are likely to generate revenue for the global biosensors market.
Market participants are investing in and adopting biosensors to identify toxins in the environment as a result of growing environmental concerns. Use of electrochemical biosensors in environmental monitoring has proven to be profitable. Biosensors have emerged as an important component of environmental monitoring systems for detecting toxins in the air, on the ground, and in the water.

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Biosensors Market: Growth Drivers

Biosensors based on nanotechnology have a broad spectrum of applications, ranging from amperometric devices for enzymatic glucose determination to the utilization of quantum dots as fluorescent agents for binding detection and bio-conjugated nanomaterials for biomolecular sensing. As a result, introduction of nanotechnology-based biosensors is projected to drive sales of biosensors in the near future.
Due to growing use of biosensors in medical applications, demand for biosensors is likely to increase. Small size of electronic instruments and technological advancements have resulted in reduction in size as well as cost of biosensors, which is projected to open up new prospects for the global market in the years to come.

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Biosensors Market: Key Competitors

Dynamic Biosensors GmbH
Biosensors International Group, Ltd.
InterAx Biotech AG.
Agilent Technologies, Inc.
ACON Laboratories, Inc.
SD Biosensor, Inc.

Biosensors Market: Segmentation

Product Type

Wearable Biosensors
Non-wearable Biosensors

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Technology

Electrochemical Biosensors
Optical Biosensors
Piezoelectric Biosensors
Thermal Biosensors
Nanomechanical Biosensors

Application

POC
Home Diagnostics
Research Labs
Environmental Monitoring
Drug Discovery
Others

End User

Healthcare
Food & Beverages
Others

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Transparency Market Research Inc.
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About Transparency Market Research

Transparency Market Research is a global market research reports company providing business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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