Selbyville, Delaware, Feb. 07, 2021 (GLOBE NEWSWIRE) --
According to latest report “Biosensor Market by Type (Wearable, Non-wearable), Technology (Electrochemical, Optical, Thermal, Piezoelectric), Medical Application (Blood Glucose Testing, Cholesterol Testing, Blood Gas Analysis, Pregnancy Testing, Drug Discovery, Infectious Disease Testing), End-use (Point of Care Testing, Homecare Diagnostic, Research Laboratories), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights, Inc., the market valuation of biosensors will cross $42 billion by 2027. Rising number of cost-effective novel product introductions with enhanced detection and portability features will foster the market growth.
Adoption of sedentary lifestyle and unhealthy habits such as smoking, excess consumption of sugar-rich diet and alcoholism are the major factors leading to diabetes and several other chronic diseases. As conventional methods of detecting blood sugar levels are time consuming, inconvenient and less reliable, preference towards the use of biosensors is robustly increasing. Furthermore, early and precise disease diagnosis is essential for the timely prognosis and the survival of the patient. In recent years, the demand for disposable, cost-efficient, and user-friendly devices with fast response time has extensively increased. Thus, with growing target population pool, the market will foresee significant growth potential during the forecast timeframe.
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Innovations in biosensors, leading to introduction of novel, convenient and wearable devices will pave the way for the market expansion. Existing and new players are focusing on developing small, lightweight and patient-friendly devices that facilitate in superior patient diagnosis. Advantages associated with biosensors and rising need for continuous, real-time and non-invasive monitoring of health indicators will boost product acceptance. Such innovations will increase customer preference, further impacting the market value.
Wearable biosensor market is estimated to witness 9.3% growth rate till 2027 led by rapidly increasing investment in wearable biosensor devices, offering superior features compared to traditional monitoring devices. Wearable biosensors enable continuous monitoring of various parameters with greater convenience and without hampering daily activities, thereby propelling its usage. Moreover, growing awareness amongst the population to maintain a healthy lifestyle coupled with launch of innovative and novel wearables products will fuel the segment growth.
Thermal segment held around 9% of the biosensor market share in 2020. Thermal biosensors or calorimetric biosensors are developed by assimilating biosensor materials as mentioned before into a physical transducer. Owing to various applications such as enzyme activity, determination of multianalyte, clinical monitoring, environmental monitoring, process monitoring, hybrid sensing and others, the segment is anticipated to showcase lucrative growth during the forecast timeline.
Biosensor market for Drug discovery accounted for more than USD 900 million in 2020. Enzyme-based biosensors help in quantifying drug interactions and pharmacokinetics, thus enhancing the drug discovery process. Biosensors help in understanding the complexity of drug interactions and drug specificity. As a result of growing number of various chronic and rare diseases, biopharmaceutical companies are investing in new drug development. Thus, this will offer attractive growth opportunities to the market in the coming years.
Research laboratories segment in the biosensor market is expected to reach USD 4.5 million by 2027 impelled by growing use of biosensors in drug discovery and infection control. Acceptance of biosensors in tissue engineering, nano technology and medicine will drive customer preference. It also helps in the monitoring of side effects caused by a specific drug, thus fostering the segment revenue.
Asia Pacific biosensor market is predicted to attain a CAGR of 9.5% through 2027. Growing geriatric patient pool diagnosed with diabetes and entry of major market participants will positively impact the market size. Also, rising pervasiveness of cardiovascular disorders due to growing obesity and adoption of smoking will influence the demand for biosensors. Additionally, increasing number of COVID-19 patients, requiring monitoring of infection control and side effects caused by any drug or vaccine will spur the regional expansion over the coming years.
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Major leaders operating in the market include Johnson & Johnson, DowDuPont, Roche Diagnostics, Abbott Laboratories, and Thermo Fisher Scientific Inc. Established companies are broadening their market presence by adopting several strategies such as augmentation of their product portfolio and business expansion.
Table of Contents (ToC) of the report:
Chapter 3 Biosensor Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By type
3.4.2 By technology
3.4.3 By application
3.4.4 By end-use
3.5 COVID-19 impact analysis
3.6 Biosensors manufacturing overview
3.7 Porter's analysis
3.8 Competitive landscape, 2020
3.9 PESTEL analysis
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https://www.gminsights.com/toc/detail/biosensors-market
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.