The Biosensor Market to Grow On a Digitally Irrevocable Note

The Biosensor Market is likely to grow stupendously in the subsequent decade. With IoT in the picture, the complex medical equipment could be monitored, that too, all at a time and under one umbrella. As such, costly downtime could be avoided and predictive maintenance could be fostered. Plus, increased spending could be facilitated for disposable items like syringes, gloves, and masks.

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.

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Globally, the biosensors market is witnessing significant growth due to the increasing demand of point of care testing. In addition, the rising prevalence of chronic and lifestyle-associated diseases, the growing geriatric population, increasing application of biosensors in various industries and the growing application of nanotechnology in healthcare are also driving the growth of the market.

In addition, the emergence and demand of personalized medicine and non-invasive biosensors would also drive the growth of the market. However, strict regulatory requirements and reimbursement policy issues in the healthcare system hamper the growth of the global biosensors market. In addition, the regulatory process is not keeping pace with the rapid development of new medical technologies.

Some of the major players in the biosensors market:

Abbott Laboratories, Inc.
Siemens Healthcare.
Nova Biomedical Corporation.
Bayer AG.
Johnson and Johnson.
Medtronic, Inc.
Hoffmann-La Roche, Ltd.
Other.

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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.

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The biosensors market is segmented as follows:

Biosensors market, by technology

Electrochemical biosensors
Optical biosensors
Piezoelectric biosensors
Thermistor biosensors

Biosensors market, by application

Medical diagnostics
Food toxicity detection
Industrial process control
Environmental
Agricultural testing

Biosensors market, by end user

Point-of-care testing
Home healthcare diagnostics
Research laboratories
Security and bio-defense

Biosensors market, by geography

North America
Europe
Asia
Rest of the World (RoW)

Access Related Reports-

Care Management Solutions Market: https://www.persistencemarketresearch.com/market-research/care-management-solutions-market.asp

Digital Intraoral Sensors And Consumables Market: https://www.persistencemarketresearch.com/market-research/digital-intraoral-sensors-and-consumables-market.asp

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This release was published on openPR.