The biosensors market is valued at USD 25.5 billion in 2021 and is projected to reach USD 36.7 billion by 2026; it is expected to grow at a CAGR of 7.5% from 2021 to 2026.
Emerging markets in developing countries, high-growth opportunities in the food industry and environmental monitoring applications, and high-growth opportunities in the wearable device market are projected to offer lucrative opportunities for the players operating in the biosensors market during the forecast period.
The biosensors market includes players like Abbott (US), Roche (Switzerland), Medtronic (Ireland), Bio-Rad Laboratories, Inc. (US), and DuPont (US),. These players have a strong market presence for biosensors across various countries in North America, Europe, APAC, and RoW.
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Emerging Opportunities in the Biosensors Market
Increasing need for point-of-care testing : Biosensors offer the potential to enable rapid and precise testing for a variety of medical disorders, which is especially crucial for point-of-care testing in locations with limited access to standard laboratory facilities. This offers a big chance for biosensor producers to create tools that can provide quick findings in a range of circumstances.
Demand for wearable biosensors is rising as wearable technology becomes more popular, and these biosensors are needed to keep track of a variety of health factors in real-time. This offers a chance for biosensor makers to create small, lightweight, user-friendly devices that can wirelessly communicate data to other devices.
Biosensors are also being utilised more frequently for environmental monitoring applications, such as identifying contaminants in water and the atmosphere. This offers a chance for makers of biosensors to create tools that can monitor environmental conditions in real-time, assisting in the preservation of both the environment and public health.
Biosensors market in North America to hold the highest market share during the forecast period
North America is projected to account for the largest size of the global biosensors market from 2021 to 2026. The presence of key industrial players and the early adoption of new technological advancements such as nanotechnology are the main factors for the growth of the biosensors market in North America. The market’s growth is mostly driven by the rise in funding for the research and development of medical devices containing biosensors. Research and development of medical devices are largely dependent on funding and grants. For instance, in 2017, Senseonics Holdings (US), a medical technology company, raised USD 41 million to commercialize its Eversense continuous glucose monitoring system and to support research and development for next-generation versions of the sensor. Similarly, in 2016, Endotronix (US), a developer of wireless and implantable pressure sensors, raised USD 32 million in a series C round of financing. These investments resulted in the development of biosensors for a range of medical equipment and this drove the market during the historic period.
Abbott (US), Roche (Switzerland), Medtronic (Ireland), Bio-Rad Laboratories, Inc. (US), DuPont (US), Biosensors International Group, Ltd. (Singapore), Cytiva (UK), Dexcom, Inc. (US), Lifescan IP Holdings, LLC (US), Masimo (US), Nova Biomedical (US), Universal Biosensors (Australia), ACON Laboratories, Inc. (US), CARDEA BIO INC., (US), Conductive Technologies (US), EarlySense (Israel), Innovative Sensor Technology IST AG (Switzerland), LifeSignals (US), NeuroSky (US), Pinnacle Technology Inc. (US), SD Biosensor, INC. (South Korea), VitalConnect (US), and Xsensio (Switzerland) are a few of the key players in the biosensors market.
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