Biosensors Market : Industry Trends and Technology Update 2024
The biosensors market is
estimated to grow from USD 21.2 billion in 2019 to USD 31.5 billion by 2024, at
a CAGR of 8.3%. The growth of the biosensors market can be attributed considering
continuous technological advancements in the biosensors ecosystem, increase in
the use of biosensors for nonmedical applications, lucrative growth in PoC
diagnostics, and rise in the demand for glucose monitoring systems.
The market in APAC is expected to
grow at the highest CAGR during the forecast period. Major factors contributing
to the growth of the biosensors market in APAC include the development of
healthcare systems and the rise in lifestyle diseases in the region. The
biosensors market in APAC is the amalgamation of a few leading markets, such as
China, Japan, and India. Moreover, the adoption of POC devices in a view to
address lifestyles diseases and enhance general health of people has led to the
increased use of biosensors. Also, rising glucose levels in individuals with
diabetes and increasing demand for disposable, as well as the growing demand
for cost-effective user-friendly devices, are the factors driving the growth of
the global biosensors market. Furthermore, there are various initiatives taken
for food safety in APAC.
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Key companies operating in the
global biosensor market are Abbott Point of Care Inc. (US), Medtronic Inc.
(US), LifeScan Inc. (US), Universal Biosensors Inc. (Australia), F. Hoffman-La
Roche Ltd. (Switzerland), DuPont (US), Sysmex Corporation (Japan), Bio-Rad laboratories
Inc. (US), Pharmaco-Kinesis Corporation (PKC) (US), Nova Biomedical Corp. (US),
ACON Laboratories, Inc. (US), LifeSensors Inc. (US), Biacore (Sweden), and
Biosensors International Pte. Ltd. (US). These companies have operations worldwide and provide
a wide range of products and services. They rely on their R&D capabilities
and product innovations to gain a larger market share.
Roche
(Switzerland) held the leading position in the overall biosensors market, with
a share of about 28%, in 2015. The company focuses on product launches and
developments as part of its key business strategy to ensure its growth in the
biosensors market. For instance, in August of 2016, the company launched an
innovative blood glucose monitoring systems named Accu-Chek. The system offers an
easy assessment of the blood glucose level as it incorporates multiple
features, such as spill resistance, to help avoid spillage and contamination.
Abbott Point-of-Care Inc., a subsidiary of Abbott Laboratories (US)
manufactures patient point-of-care testing and diagnostic technology products
for the medical sector, including i-STAT systems, which are advanced handheld
diagnostic tools that provide real-time data for patient point-of-care testing.
The company has adopted product launches and developments as its key strategies
to ensure growth; it has been mainly focusing on product launches to increase
its product offerings and market share. For instance, in January 2017, the
company introduced the new EnSite precision cardiac mapping system and the
Advisor FL circular mapping catheter for the treatment of complex arrhythmias.
In addition, Abbott focuses on the development of next-generation instrument
platforms and other advanced technologies to expand in emerging markets. Abbott has also adopted mergers and acquisitions to ensure growth,
increase its product offerings, and enhance its market share.
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USA : 1-888-600-6441
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