Biosensors Market Overall Study Report 2023-2030 | Nemaura Medical, Inc., MediWise Ltd., Integrity Applications Inc

The Biosensors Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Biosensors are analytical devices that combine a biological recognition element and a physico-chemical transducer. They help detect changes in various physiological conditions and improve the diagnosis and monitoring of diseases such as cancer, diabetes, and cardiovascular diseases.

Market Dynamics:

The biosensors market is witnessing high growth owing to increasing demand for point-of-care diagnostics and remote patient monitoring. Point-of-care testing helps physicians deliver immediate medical care outside the traditional clinical laboratory setting. It provides quick diagnostic results to assist in clinical decisions at the time and place of patient care. Moreover, remote patient monitoring biosensors help manage chronic diseases through wireless transmission of physiological data to healthcare providers, thereby avoiding unnecessary hospital visits. This trend is expected to continue during the forecast period, driving the growth of the biosensors market.

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** Note - This Report Sample Includes:

‣ Brief Overview to the research study.

‣ Table of Contents The scope of the study's coverage

‣ Leading market participants

‣ Structure of the report's research framework

‣ Coherent Market Insights' research approach

Major companies in Biosensors Market are:

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

Note: Major Players are sorted in no particular order.

Increasing prevalence of chronic and lifestyle diseases driving demand for biosensors"

The rising prevalence of chronic diseases such as diabetes, cancer, cardiovascular diseases coupled with changing lifestyle is a major growth driver for the biosensors market. According to the WHO, chronic diseases account for around 60% of total reported deaths globally. Diabetes prevalence has nearly quadrupled since 1980, rising from 108 million to 422 million adults today according to the International Diabetes Federation. Biosensors play a critical role in monitoring blood glucose levels for diabetes patients with continuous glucose monitors providing real-time data to manage their condition. Similarly, cardiovascular disease remains the leading cause of death globally with 17.9 million deaths annually as per the WHO. Wearable health trackers and ECG biosensors help in monitoring heart rates, blood pressure and detecting abnormalities. With sedentary lifestyles and unhealthy diets on the rise, demand for self-monitoring devices that can provide timely health insights is growing significantly. This is driving increased adoption of wearable biosensors.

"Advancements in biosensor technologies expanding applications in new areas"

Continuous technological advancements and refinements in biosensor technologies are expanding their applications into new promising areas. Researchers are developing novel nanomaterial and printed electronics-based biosensors that are more sensitive, accurate and affordable. Miniaturization of components is enabling the development of wearable and flexible biosensors in forms of patches and tattoos for continuous health monitoring. Advances in data processing capabilities are supporting the development of 'smart biosensors' that can not only detect biomarkers but also provide diagnostic and treatment recommendations to the user. Point-of-care testing is another area that is being revolutionized with the development of lab-on-a-chip biosensors and microfluidic devices for rapid pathogen detection and disease diagnosis outside of traditional labs. Applications are expanding to new fields like food quality testing, environmental monitoring and biodefence with the potential to address large unmet needs. This ongoing expansion into new application areas is expected to be a major growth driver.

"High product development costs acting as a major constraint"

While the market potential of biosensors is immense, high costs associated with product development remain a key restraint to widespread adoption. Developing a biosensor involves intricate processes like biomarker immobilization, electrode functionalization and signal processing that require extensive research and testing. Ensuring high sensitivity, stability and shelf life adds to costs. Clinical validation also involves lengthy approval processes with regulatory agencies which is a major expense. Manufacturing biosensors often involves cleanroom facilities and advanced nanofabrication techniques that have high capital investment requirements. The integration of MEMS, CMOS and other electronic components to enable connectivity and data processing in 'smart biosensors' increases bill of material costs significantly. These high development costs act as a entry barrier, especially for startups, unless subsidies or partnerships can lower financial risks. Mature biosensor technologies like glucose monitors may see steady sales but commercializing newer diagnostic applications becomes challenging without significant R&D investments. This cost factor currently limits the scope of applications that can be viably addressed.

"Growing investments and collaborative R&D expanding commercial opportunities"

There is sizable governmental and private funding flowing into biosensor research given their potential to revolutionize healthcare and address unmet clinical needs. Several initiatives aim to support work across academic institutes and startups to mature technologies. For example, in the US, the National Institutes of Health invests over $100 million annually into biosensor research under its National Institute of Biomedical Imaging and Bioengineering program. The European Commission has sanctioned over Euro 300 million in biosensor projects under its Horizon 2020 program. Numerous venture capital funds have also emerged that focus specifically on digital health and biotech investing. Moreover, large medical device companies are forming R&D partnerships to leverage their manufacturing expertise and market access channels. Such alliances help de-risk technology commercialization efforts of startups. Increased access to funding and partnerships is opening up more commercial pathways for biosensor innovations. It enables venturing into new applications and global markets at a more rapid pace than going solo, translating to brighter prospects overall for the industry.

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Highlights of the global Biosensors Market report:

→ This analysis provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2023-2030), using 2021 as the base year. It also covers the global Biosensors Market in-depth.

→ It offers enticing investment proposition matrices for this sector and explains the likely future growth of key revenue streams.

→ Additionally, this study offers crucial insights into market forces, limitations, opportunities, new product introductions or approvals, market trends, regional perspective, and competitive tactics used by top rivals.

→ Based on the following factors: company highlights, product portfolio, significant highlights, financial performance, and strategies, it covers key players in the global Biosensors Market.

→ Marketers and company leaders will be able to make wise decisions about next product launches, type updates, market expansion, and marketing strategies thanks to the insights from this research.

→ A wide spectrum of industry stakeholders are covered by the global Biosensors Market research, including investors, vendors, product producers, distributors, new entrants, and financial analysts.

→ The many strategy matrices used in researching the global Biosensors Market will aid stakeholders in making decisions.

The research was developed through the synthesis, analysis, and interpretation of data gathered from multiple sources on the parent market. Additionally, analysis has been done of the economic circumstances and other economic indicators and factors to evaluate their respective impact on the Biosensors Market, along with the present impact, so as to develop strategic and informed projections about the scenarios in the market. This is mostly due to the developing countries' unmet potential in terms of product pricing and revenue collection.

Key Questions Answered In The Report:

• Which regional market will experience the greatest and most rapid growth?

• Who are the top five Biosensors Market players?

• How will the Biosensors Market evolve over the next six years?

• What application and product will dominate the Biosensors Market?

• What are the market drivers and constraints for Biosensors Market?

• What will be the Biosensors Market's CAGR and size during the forecast period?

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This release was published on openPR.