Press release
Biosensors Market - Competitive Insight, Forecast by 2031
Transparency Market Research delivers key insights on the global biosensors market. In terms of revenue, the global biosensors market is estimated to expand at a CAGR of 7.2% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global biosensors market.The global biosensors market is broadly affected by several factors, including rising demand from the wearable healthcare devices.
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A biosensor is an analytical device used for the detection of a chemical substance that integrates a biological component with a physicochemical detector. The sensitive biological element, e.g. tissue, microorganisms, organelles, cell receptors, enzymes, antibodies, nucleic acids, etc.
The global biosensors market is foreseen to achieve high demand during the forecast years, due to the increasing penetration of wearable biosensors devices. Wearable biosensors have the potential to change classical medical diagnostics and it offers continuous health monitoring, which gathers considerable attention. Wearable biosensors direct change centralized hospital-based care systems to home-based personal medicine, and it also lessens the cost and time for diagnosis. Nowadays, wearable biosensors are bringing about a wave of innovation to society.
Moreover, the wearable devices market offers high growth opportunities to the global biosensors market. Wearable health monitoring devices find lucrative opportunities for the constant monitoring of vital signs of patients, children, athletes or fitness buffs, and individuals and premature infants, in remote areas far from medical services. Thus, growing trends toward wearable health monitor devices is expected to fuel the biosensors market.
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The biosensors market in North America is expected to expand during the forecast period, owing to the presence of key market players, technological advancements, and countries, such as the U.S. and Canada are offering ample and lucrative opportunities for manufacturers on a long-term basis, owing to rising healthcare sector in the region. North America held the highest share due to increasing government initiatives and growing count of research institutes.
The healthcare industry expansion coupled with the presence of a well-established supply chain network catering to a wide range of end users is expected to propel the demand for sensor signal conditioner (SSC) IC; consequently, driving the global biosensors market. The United States accounted for a prominent share, in terms of value, among all countries. The biosensors market in North America is expanding at the highest CAGR during the forecast period, owing to the presence of a large number of players manufacturing biosensors in the region.
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Key players operating in the global biosensors market are Abbott, ACON Laboratories, Inc., Biosensors International Group, Ltd., MediaTek Sensio, Dynamic Biosensors GmbH, Agilent Technologies, Inc., Nanowear, Inc., AerBetic, BioDot, SD Biosensor, Inc., and InterAx Biotech AG.
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