The global biosensor market report declares that the market has a possibility of reaching a valuation of around USD 35,729.14 million by the end of 2025. This would occur with the market scoring a 9.7% CAGR during the forecast period (2019-2025). Market Research Future (MRFR), in their latest report also deciphered various dynamics that can trigger better growth possibilities.
Among the major factors, technical advancement, better funding for research and development, developing healthcare infrastructure in several countries, and others can ensure a hike in the growth rate.
It is also going to benefit from the rising registered cases of diabetes and other lifestyle-related diseases. But the regulations for the biosensor market growth are quite strict owing to which new products are finding it difficult to get a proper footing. Also, the reimbursement policies regarding this are not providing ample support to the market.
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Competitive Landscape:
Several companies in the global market for biosensors are launching several strategies to make sure that the market gains better focus. These companies are Abbott (US), Siemens Healthineers AG (Germany), LifeSensors (US), Johnson & Johnson Services, Inc. (US), Nova Biomedical (US), Medtronic (US), F. Hoffmann-La Roche Ltd (Switzerland), Bayer AG (Germany), TiaDoc Technology Corporation (Taiwan), and i-SENS, Inc (South Korea). Their strategic moves often include plans involving mergers, acquisitions, product launches, collaborations, and others.
Segmentation:
The global market for biosensors would find a proper analysis in the MRFR report on the same that has a detailed segmentation. This segmentation includes end users, technology, and application.
- By technology, the global report on the biosensors market includes thermal biosensors, optical biosensors, electrochemical biosensors, and piezoelectric biosensors.
- By end user, the global report on the biosensors market encompasses a detailed study of home diagnostics, point of care, food industry, research laboratories, and security and biodefense. The home diagnostics segment is going to profit substantially from the market.
- By application, the global market report includes a segmental discussion where it includes food toxicity, industrial process, environmental, medical testing, and agricultural testing. The point of care testing segment was valued at USD 8,428 million in 2017.
Regional Analysis:
The global market for biosensors has been discussed in the MRFR report for its various growth pockets and demographic challenges. Proper knowledge of that would give the market players ample scope to move forward with various strategic decisions.
The Americas have the opportunity to make sure they continue their superlative position in the market during the forecast period. This would witness the contributions of countries like the US and Canada. Their healthcare infrastructure, better inclusion of various technologies, growing investment for research and development, increasing support from companies taking part in the market, and others would help in establishing the market further. In Europe, the market would get proper support from various companies who are showing interest in operating from the region. Government supports are also going to help the market substantially.
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In the Asia Pacific region, various players are trying to take benefits of the opportunities to ensure their market stand. The region is benefiting from the research-related funding in countries like China, Japan, and South Korea. In emerging countries, changing healthcare system would support the growth of the market.
Industry News:
In January 2020, Profusa launched a biosensor that is wearable and wireless and it has received support from the European Union. Its CE mark would give it ample support in growing forward. This would make it easier to check the oxygen level in the blood.
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