Global Medical Biosensors Market Report 2021: Market was Valued at US$ 9.9 Billion in 2020 - Forecast to 2029
DUBLIN, June 22, 2021 /PRNewswire/ -- The "Medical Biosensors Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029" report has been added to ResearchAndMarkets.com's offering.
New technology assessment in the medical biosensors market to exhibit significant growth during the forecast period
The global Medical biosensors market is growing productively, was valued at US$ 9.9 Bn in 2020
New technology assessment in the biological and electronic component of a biosensor in the portable devices is enhancing the overall growth significantly. Advancement in point-of-care testing, environmental monitoring and nanotechnology shows promising growth in near future.
High prevalence of chronic diseases along with diabetes, cardiovascular and cancer provides major opportunity in the global market. Blood glucose monitoring medical biosensors play a vital role in the global market, growing diabetic population in the urban areas is enhancing the demand for blood glucose monitoring biosensors.
Biosensor applications are boosting the demand in medical diagnostic field mainly, cholesterol monitoring, pregnancy testing, and drug discovery. For instance, as indicated by International Diabetes Federation statistics, the diabetic population is projected to influence more than 550 million people in 2030.
Moreover, the demand for portable and user friendly devices is gaining traction in the home healthcare diagnostics segment. Major factors driving the global demand of medical biosensors include, increasing popularity in the personalized medicine segment, higher inclination towards non-invasive medical biosensors, new product launches in the wearable medical biosensors industry, and wide usage of applications in the home diagnostics (blood glucose monitor, blood pressure, cholesterol, lead), genomics industry (clinical microsensor arrays), research laboratories, pain management and imaging operations.
Factors restraining the market growth include stringent regulatory environment in the developed nations, safety & security concerns in home care and point of care. Moreover, low awareness, less or no investment in R&D, and unmet need in the developing countries is restraining the overall growth of the market.
Electrochemical technology type segment is expected to register higher growth by the end of 2029
In 2020, electrochemical biosensors holds maximum market share, have greater advantages over thermal or optical detection. The penetration is high in the applications segment due to its higher stability, low limits of detection and wide response range.
Wearable biosensors show promising growth during the forecast period. Rising prevalence for diabetes and cardiovascular diseases along with demand for instant diagnostics globally is generating maximum revenue share. Other major factors driving the growth include development of nanotechnology-based medical biosensors, high demand for point-of-care devices, and public funding for development of genomics and proteomics.
Additionally, increasing population with chronic diseases and launch of new medical biosensors in the optical and electrochemical technology segment is driving the growth of the market.
Medical diagnostics segment dominated the market with a significant CAGR
Growth & development of the medical biosensors in the medical field is gaining traction during the forecast period. The medical diagnostics application section includes high usage of medical biosensors in the field of blood glucose monitoring, cholesterol testing, blood gas analyzer, drug discovery, pregnancy testing, and various infectious diseases. Medical biosensors are now considered as an important tool in the monitoring and detection of a wide range of medical or therapeutic conditions, majorly diabetes and cancer.
The rise in usage of biosensor technology in cardiac care and homecare testing is generating significant revenue share. A noteworthy development in the drug delivery applications (transdermal/iontophoresis), administrations of medical biosensors in lab on chip, biochip, clinical proteomics and advanced usage of medical biosensors for pain free diagnostics show significant growth in the market. Other major applications include high usage of blood glucose monitoring in the home care settings is also generating maximum revenue share in the global, market.
Increasing applications along with new technology launch, presence of top players holds North America in dominant position
In 2020, North America contributed maximum revenue share in the global medical biosensors market attributed to the rising technology advancement in the field of microelectronics and biotechnology. Increasing market penetration of electronic medical records, growing patient awareness levels, enhanced applications in the cardiac care and point of care segment is further going to spur revenue growth in the North America region.
Major external factors contributing to the growth include increasing R&D in the genomics segment, nanotechnology, increasing adoption of personalized technologically advanced products and expansion of miniaturized diagnostic equipment in developing economies is increasing significantly.
Nevertheless, in low economic countries such as South Africa, China, India, Brazil, and others, the accessibility of advanced equipment and facilities is inadequate. Less investment in R&D, unwillingness toward the implementation of latest treatment models, slow rate of exploitation and low awareness are few factors restraining the growth of the market. Increasing development of disposable biosensors by small or medium sized manufacturers in the Asia Pacific region and shifting interest towards home care is gaining traction in the global market.
Key Topics Covered:
Chapter 1. Preface
Chapter 2. Executive Summary
Chapter 3. Global Medical Biosensors (MB) Market: Market Dynamics and Future Outlook
Chapter 4. Global Medical Biosensors (MB) Market, by Technology Type, 2019 - 2029 (US$ Mn)
Chapter 5. Global Medical Biosensors (MB) Market, By Application, 2019 - 2029 (US$)
Chapter 6. Global Medical Biosensors (MB) Market, by Geography, 2019 - 2029 (US$ Mn)
Chapter 7. Company Profiles
- Pinnacle Technology Inc.
- Polestar Technologies Inc.
- Eastprint Incorporated
- DuPont Biosensor Materials
- Medical biosensors International Group Ltd.
- Surfix BV
- World Precision Instruments Inc.
- Ercon Inc.
- ACON Laboratories Inc.
- Siemens Healthcare Diagnostics Inc.
- Innovative Medical biosensors Inc.
- EG & IC Sensors Inc.
- Molecular Devices LLC.
- Abbott Laboratories Inc.
- Nova Biomedical Corporation
- ACCESS BIO Inc.
- Silicon Kinetics
- Bio-Rad Laboratories Inc.
For more information about this report visit https://www.researchandmarkets.com/r/3ifk2
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