Persistence Market Research Blog

Posts tagged ‘Biosensor Market’

Biosensor Market Will Reach US $22,551.2 million in 2020

According to a new market report published by Persistence Market Research “Global Market Study on Biosensor: Asia-Pacific to Witness Highest Growth by 2020,” the global biosensor market was valued at USD 12,963.6 million in 2014 and is expected to grow at a CAGR of 9.7% from 2014 to 2020, to reach an estimated value of USD 22,551.2 million in 2020.
Globally, the biosensors market is witnessing significant growth due to increasing demand of point of care testing. In addition, rising prevalence of chronic and lifestyle associated diseases, growing geriatric population, increasing application of biosensors in various industries and growing application of nanotechnology in healthcare are also driving the growth of the market. In addition, emergence and demand of personalized medicine and non-invasive biosensors would also drive the growth for the market. However, strict regulatory requirements and reimbursement policy issues in healthcare system hamper growth of the global biosensors market. In addition, the regulatory process is not keeping pace with the rapid development of new medical technologies.The global biosensors market is anticipated to grow from an estimated USD 12,963.6 million in 2014 to USD 22,551.2 million in 2020 at a CAGR of 9.7% during the forecast period.
In North America, growing aging population, increasing health awareness, rising chronic and lifestyle diseases, technological developments for various home use applications, and appropriate insurance coverage are driving the use of biosensor devices in the market.
In Europe, the biosensors device market is driven by rising diagnostic requirements due to increasing lifestyle associated diseases, aging population and improving healthcare infrastructure. On the other hand, increasing healthcare costs has shifted the focus of healthcare from hospitals to home, which would increase the use of biosensors devices in the region.
However, Asia is becoming one of the most attractive markets for medical device companies. The growth for biosensor devices in Asia is much higher than developed countries due to widening health insurance penetration, large population base and up-gradation of health care systems.
Abbott Laboratories, Inc, Siemens Healthcare, Nova Biomedical Corporation, Bayer AG, Johnson and Johnson, Medtronic, Inc. and Hoffmann-La Roche, Ltd. are some of the major players of biosensors market.
Advertisements

Biosensor Market: Global and Asia-Pacific to Witness Highest Growth by 2020

Biosensors are integrated devices which are capable of providing analytical information using biological samples. Biosensors consists of a biological recognition unit, which has the ability to interact with bio-elements, such as living tissue, enzymes, and antibodies, and a transducer, which is used to change the property of bio-elements into an electrical signal. Biosensors have applications in medical testing, food toxicity detection, industrial processing and monitoring, agricultural applications, and environmental pollution control. Biosensors are essentially devices capable of fast detection and are ideal for applications that demand low-cost, quick and easy, portable solutions. Biosensors are used to ensure quality and safety of products and detection of microbial pathogens and toxins in food cost-efficiently. Point-of-care testing (POCT) is the most proficient area for biosensor application. Biosensors help clinicians by providing essential information for proper clinical management immediately. Increasing demand for point-of-care testing (POCT), rising prevalence of chronic and lifestyle-induced diseases, growing geriatric population, and increasing application of nanotechnology are the key driving factors for the biosensors market. In future, non invasive biosensors and emergence and growth of personalized medicine would provide opportunities to new entrants, which would further propel the growth of the biosensors market.

Read Complete Report at: http://www.persistencemarketresearch.com/market-research/biosensor-market.asp

Tag Cloud