Global Biosensors Market: Overview
Biosensors, short form for biological sensors, are essentially analytical devices. They transform biological responses into electrical signals. They are typically comprised of a transducer and a biological element that could be an antibody, an enzyme, or a nucleic acid. The bioelement interacts with the analyte that is being tested and the biological response is transformed into an electrical signal by the transducer. The different types of biosensors available in the market are glucometers, optrodes, immunosensors, chemical canaries, resonant mirrors, biochips, and biocomputers. They can be both wearable as well as non-wearable.
Global Biosensors Market: Key Trends
The global market for biosensors is expanding at a healthy clip driven by a number of factors. At the forefront are the rising instances of diabetes and the growing pool of elderly people. Other factors bolstering the market are the rising instances of chronic and other lifestyle-related diseases, growing demand for point of care testing, and rising applications of biosensors in different industries.
Proving counterproductive to the market, on the other hand, are the stringent norms and issues pertaining to reimbursement policies.
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Global Biosensors Market: Market Potential
The global market for biosensors holds a lot of potential and is predicted to expand at a good pace in the foreseeable future. It finds application in home diagnostics, environmental monitoring, point of care, research labs, food and beverages industry, and in biodefense. Among them, the point-of-care is a key application segment which can be further divided into infectious diseases, glucose monitoring, pregnancy and fertilizer testing, cardiac markers, blood gas and electrolytes, cholesterol tests, etc. Of them, cardiac markers are most sought after and will see several developments on account of numerous innovations making them more effective. The rising instances of cardiovascular diseases (CVDs) which need to be diagnosed promptly, will also drive growth in the market.
Besides, glucose biosensors that help to track changes in glucose concentration and thus maintain normal blood glucose levels, hold out a lot of potential on account of the increasing prevalence of diabetes. With more cutting-edge glucose biosensors, the market potential is slated to grow further.
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Apart from the existing applications, extensive research and development are revealing new uses of biosensors which are primed to revolutionize the market. Doctors, for example, are trying to leverage wearable biosensor technology to predict behavioral patterns in autistic people and thus prevent them from doing harm to themselves as well as others.
Global Biosensors Market: Regional Outlook
Geographically, the key segments of the market are Asia Pacific, Europe, North America, and the Rest of the World. Among them, Asia Pacific is slated to expand at a cracking pace on account of the rising number of people afflicted with diabetes and efforts by governments in the nations to boost healthcare infrastructure in their respective countries. Glucose monitors, in which biosensors are used, enjoy maximum demand in Asia Pacific.
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North America is another key biosensor market in terms of size on account of alarming increase in instances of obesity, diabetes, and various lifestyle-related diseases.
Global Biosensors Market: Competitive Analysis
In order to gauge the competition prevailing in the global market for biosensors, the report profiles players such as Abbott Point of Care Inc., Medtronic, Inc., F. Hoffman-La Roche Ltd., Siemens AG, LifeScan, Inc., LifeSensors Inc., Nova Biomedical Corp., Acon Laboratories Inc., Universal Biosensors, Pharmaco-Kinesis Corporation (PKC), Bayer Healthcare AG, Biacore, Bio-Rad Laboratories Inc., Biosensors International Ltd., Ercon, Inc., DuPont, and Sysmex Corporation. The report analyses their product offerings, key strategies, sales and revenues, and prospects going forward.