Global Medical Biosensors Market to Record a CAGR of more than 8% | Bayer and Abbott Laboratories Among Key Vendors | Technavio

The global medical biosensors market is expected to grow steadily during the forecast period and register a CAGR of more than 8% by 2021.

Vendor Landscape

• The medical biosensors market is fragmented, with the presence of various global and regional vendors.
• The market is dominated by global vendors. However, regional vendors are finding it challenging to compete with the global vendors based on factors such as quality, market reach, and financial resources.
• The competition in this market is expected to intensify further with an increase in product/service extensions, product innovations, and M&A.
• International players are expected to grow inorganically during the next four years by acquiring regional vendors.
• Abbott Laboratories, Bayer, LifeScan manufactures,  F. Hoffmann-La Roche, ACON, Biotest Medical, Biosensors International Group, CONTEC MEDICAL SYSTEMS, i-SENS, Optiscan, Nipro Diagnostics, TaiDoc, and URIT Medical are some of the key vendors in the market

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Key Market Segmentation

• Segmentation by application: 
• Based on application, the market has been segmented into blood glucose testing, cholesterol testing, biomarker, and others.
• The blood glucose testing segment accounted for the major share of the market in 2016.
• The growth of this segment will be driven by factors such as increased rate of diabetes and obesity and the increase in older adult population. People are becoming more aware and taking precautions to prevent or minimize these conditions.

• Segmentation by Distribution Channel:
• Based on end-user, the market has been segmented into POCT, home diagnostics, and research laboratories.
• In 2016, the POCT segment dominated the medical biosensors market.
• The growth of this segment is driven by factors such as the increased usage of disposable and multifunctional biosensors and the growing preference over clinics and hospital stays.

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Regional Market Outlook

• Based on geographical region, the medical biosensors market has been segmented into the Americas, APAC, and EMEA.
• The Americas was the leading market for medical biosensors in 2016. However, the region has already reached saturation in terms of technological advances.
• As leading vendors in the market are based in the Americas, the threat of rivalry is very high.
• As people in the region are aware about the products in the market, promotions or new product launches would not have a significant impact on the market.
• Hence, the market in the Americas is expected to grow at a moderate pace during the forecast period.

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Latest Trends, Driving the Global Medical Biosensors Market

• Medical Biosensors Market Driver:
• Shift toward home testing:
• People are more interested in home diagnosis rather than hospital or clinic diagnosis.
• Hence, vendors are focused on manufacturing home testing products in accordance with customer needs. 
• The growing awareness about conditions such as diabetes, obesity, cholesterol, and blood sugar has increased the demand for these kinds of products.

• Medical Biosensors Market Trend:
• Increasing awareness and demand from emerging markets:
• The rates of diabetes and obesity are increasing due to lack of check-ups and timely interventions.
• Hence, physicians are increasingly recommending medical biosensors in APAC countries such as India, South Korea, Indonesia, and the Middle East.
• Moreover, governments are encouraging the adoption of these products by organizing campaigns and highlighting the benefits of biosensors in preventing chronic health conditions.

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Related Reports:

• Biosensors in Life Sciences Market: The biosensors in life sciences market has been segmented by application (pharmacology, food and beverages, and others) and geography (North America, Europe, Asia, and ROW). Download Free Sample Report
• Medical Sensors Market: The medical sensors market has been segmented by end-user (hospitals, clinics, and home care settings) and geography (North America, Europe, Asia, and ROW). Download Free Sample Report

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