Future Opportunities and Key Players of Biosensors Market

 The biosensors market is valued at USD 25.5 billion in 2021 and is projected to reach USD 36.7 billion by 2026; it is expected to grow at a CAGR of 7.5% from 2021 to 2026.The emergence of nanotechnology-based biosensors, significant technological advancements in the last few years, increasing use of biosensors to monitor glucose levels in individuals with diabetes, surging demand for home-based point of care devices due to the COVID-19 pandemic, and rising government initiatives toward diagnostics are driving the growth of the biosensors market.

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Extensive R&D activities are being carried out in the biosensors technology space. This involves a high cost for developing application-specific advanced biosensors. Due to the slow rate of commercialization and low sales volume, companies in this market find it difficult to deliver products at a low price. This affects the overall revenue of companies. Instances such as product recall also create pressure to develop strong R&D facilities to deliver high-quality products—ensuring reliability among end users. Apart from this, stringent government regulations have led to the rise in R&D expenses as companies need to adhere to the norms and accordingly develop products to enter a region.

 

Wearable biosensors are usually a combination of wearable electronics and biosensors. The wearable biosensor is among the recent technologies in the field of health that provides the monitoring of vital signs in patients; athletes; the elderly; children, premature infants; as well as people requiring long-term care. Advantages provided by wearable biosensors help reduce healthcare costs in aging communities, as well as aid in the improvement of wearable biosensor systems that potentially transform the healthcare future.

The wearable biosensor ecosystem comprises companies from different verticals, including IT, such as Google (US); consumer electronics, such as Apple (US), Samsung Electronics (South Korea), LG Electronics (South Korea), Sony Corporation (Japan), and others; and fitness and sport, such as Nike (US), Adidas (Germany), Reebok (US), and others.

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