Chicago, Oct. 06, 2022 (GLOBE NEWSWIRE) -- According to a research report "Biosensors Market with COVID-19 Impact by Type, Product (Wearable, Non-wearable), Technology, Application (POC, Home Diagnostics, Research Lab, Environmental Monitoring, Food & Beverages, Biodefense) and Region - Global Forecast to 2026", published by MarketsandMarkets, 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 markets in developing countries, high-growth opportunities in the food industry and environmental monitoring applications, and high-growth opportunities in the wearable device market are projected to offer lucrative opportunities for the players operating in the biosensors market during the forecast period.
Market Leaders - Top Biosensors Companies
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).
- Expected Market - $36.7 Billion by 2026
- Projected to grow from - $25.5 Billion in 2021
- At a CAGR – 7.5%
- Year of Considered – 2017-2026
- Base Year – 2017
- Forecast Period – 2021-2026
- Segments Covered - Type, Product, Technology and Region
- Geographic regions covered - North America, APAC, Europe, and RoW
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Browse in-depth TOC on "Biosensors Market"
150 – Tables
51 – Figures
228 – Pages
Abbott was ranked first in the biosensors market in 2020, with an approximate share of 9–11%. It is a global, diversified healthcare company devoted to the discovery, development, manufacturing, and marketing of pharmaceuticals, nutritional products for children and adults, and medical products such as devices, diagnostic tests, and instruments. In the molecular diagnostic segment, the company offers molecular diagnostics polymerase chain reaction (PCR) instrument systems, including Alinity m and m2000, which automate the extraction, purification, and preparation of DNA and RNA from patient samples and detect and measure infectious agents, including HIV, hepatitis, HPV, and SARS-CoV-2. In point of care testing, the company offers the i-STAT and next-generation i-STAT Alinity and cartridges for testing blood gas, chemistry, electrolytes, coagulation, and immunoassay. Abbott also offers continuous glucose and blood glucose monitoring systems under the FreeStyle brand. The company focuses on building country-specific portfolios made of high-quality products that meet the needs of people in emerging markets. Over the next several years, Abbott plans to expand its product portfolio in key therapeutic areas. In addition, Abbott continues to expand existing brands into new markets, implement product enhancements that provide value to patients, and acquire strategic products and technology through licensing activities. The acquisition of companies such as Veropharm (Russia) and CFR Pharmaceuticals (Chile) has strengthened Abbott Point of Care Inc.’s commercial, research, and manufacturing infrastructure in Russia and Latin America, respectively.
Roche held the second position in the biosensors market in 2020 with an approximate share of 8–10%. The company offers the industry’s most comprehensive in-vitro diagnostics solutions, covering clinical chemistry and immunoassays, molecular and digital diagnostics, point of care testing, patient self-testing, next-generation sequencing, laboratory automation and IT, and decision support. Roche serves customers spanning the entire healthcare spectrum from hospitals, commercial laboratories, and research institutions to physicians and patients. Roche Diabetes Care helps people with diabetes and healthcare professionals through innovative Accu-Chek products and impactful solutions for convenient, efficient, and effective diabetes management. This includes blood glucose meters, lancing devices, insulin delivery systems, and digital solutions for data management, advice, coaching, and education. Acquisitions and partnerships have been a prominent move throughout the company’s strategy to cover emerging markets and increase its global footprint. In September 2019, BioMedX completed its first research collaboration with Roche Diagnostics in the field of nanomaterial-based biosensors for near-patient testing. Moreover, the wide use of biosensors in diagnostics devices will help propel the biosensors market with the increase in demand for diagnostics devices.
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Wearable biosensors find increasing opportunities for the continuous monitoring of vital signs of patients, premature infants, children, athletes or fitness buffs, and individuals in remote areas far from medical and health services. Wearable and connected biosensors enable remote monitoring to allow patients to avoid hospitalization or leave earlier. By enabling telemedicine (monitoring and transmitting physiological data from outside the hospital), wearable biosensors can ease the burden on healthcare personnel and free up hospital space for more responsive care. Smart textiles with sensors in the fabric can provide a simple, more convenient system to monitor vital signs. Biosensor patches or tattoos, leverage conformal, printed electronics, can better enable physicians to collect data on a patient for long periods. Such sensors dovetail with the quantified self-trend to track one’s biological data to optimize one’s health. Moreover, disposable patches can allow analyzing key biomarkers such as sodium, potassium, and glucose, in sweat or other substances.
Despite the high demand for biosensors for medical applications, manufacturers are facing several regulatory barriers due to multilayered regulations mandated by the FDA and the laboratory regulations under the Clinical Laboratory Improvement Amendments of 1988 (CLIA) (for the premarket approval of POC testing kits). For the approval of any new POC device in the US, manufacturers are required to submit performance data to the FDA. This data should demonstrate that healthcare professionals and patients can use devices and can obtain results like clinical laboratory tests.
Biosensors technology has witnessed a slow rate of commercialization in recent years due to the high price of biosensors and the demand emanating only from the healthcare industry. Commercializing biosensors for nonmedical applications, such as military, biodefense, fermentation control, and environment monitoring is a challenge for industry players due to limited R&D and positive outcomes. The biosensors market is also witnessing slow commercialization, primarily due to price sensitivity; acceptance from end users; and concerns related to the quality, authenticity, and reliability of the products.
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