Biosensors market set to explode, driven by growing demand for personalized medicine
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.
Emerging biosensor technology has completely changed how we detect and keep track of biological molecules. These instruments can be used for a number of purposes in healthcare, food safety, and environmental monitoring since they are capable of detecting specific biological molecules, such as proteins, DNA, and enzymes.
Based on their transduction mechanisms, biosensors can be divided into a number of groups, including optical, electrochemical, and thermal biosensors. Depending on the application and target analyte, each type of biosensor has advantages and drawbacks.
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The development of wearable biosensors is one of the key trends in the biosensors industry. In comparison to conventional diagnostic instruments, wearable biosensors provide a number of benefits, including the ability to collect data in real-time and remotely. Since constant monitoring is essential for the management of chronic diseases like diabetes and cardiovascular conditions, these devices are especially pertinent in those situations.
The integration of biosensors with smartphones and other mobile devices is another trend in the market for biosensors. This integration makes it possible to create point-of-care testing equipment that patients can utilise at home or in outlying locations. Additionally, especially in low- and middle-income nations, the integration of biosensors with mobile devices might increase the availability and affordability of diagnostic instruments.
Abbott (US), Roche (Switzerland), Medtronic (Ireland), Bio-Rad Laboratories, Inc. (US), DuPont (US), Biosensors International Group, Ltd. (Singapore), Cytiva (UK), Dexcom, Inc. (US), Lifescan IP Holdings, LLC (US), Masimo (US), Nova Biomedical (US), Universal Biosensors (Australia), ACON Laboratories, Inc. (US), CARDEA BIO INC., (US), Conductive Technologies (US), EarlySense (Israel), Innovative Sensor Technology IST AG (Switzerland), LifeSignals (US), NeuroSky (US), Pinnacle Technology Inc. (US), SD Biosensor, INC. (South Korea), VitalConnect (US), and Xsensio (Switzerland) are a few of the key players in the biosensors market.
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