LOS ANGELES, June 06, 2019 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Biosensors Market (By Type: Non-wearable, Wearable; By Technology: Optical, Thermal, Electrochemical, Piezoelectric; By Medical Application: Blood Glucose Testing, Infectious Disease Testing, Drug Discovery, Blood Gas Analysis, Pregnancy Testing, Cholesterol Testing; By End-use: Home Healthcare Diagnostics, Point of Care Testing, Research Laboratories) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
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One of the major factors that will positively stimulate biosensor adoption in the healthcare sector are technological innovations in biosensor technology. The growth of biosensor industries is boosting applications in diagnosing different diseases. In the pulse speed and body temperature, detection of blood glucose, new biosensors offer high precision. Increasing prevalence of the geriatric population of chronic diseases and increasing preference for biosensor treatment testing will promote the biosensor industry's growth in the upcoming period.
The increasing preference for thumbnails will increase the demand for biosensors for portable biosensor devices. The elderly patients who are more likely to suffer from chronic diseases and need continuous critical monitoring are preferred to such portable devices. Portability together with easy use, small size and multi-analytic customer preference aids, thus enhancing business biosensors growth. However, during the forecast period high costs associated with the development of biosensors can limit the growth of biosensors.
During the projected period, the market for non-wearable biosensors will progress to 6.8 percent CAGR. Non-wearable biosensors help monitor and measure critical parameters, which are essential for important medical decisions. There is therefore a lucrative segment growth potential for an increasing incidence of chronic diseasing conditions including diabetes, cardiovascular disorders, cholesterol, and other lifestyle disorders.
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In 2018, the market in thermal biosensors was 9.6 percent and will grow significantly during the period under the forecast. These biosensor instruments provide a high level of precision and efficiency that will lead to thermal biosensor adoption rates. The thermal biosensors like glucose meters have numerous clinical uses and improve clinical results. In the future, increased use and prevalence of thermal bio-sensors to discover drugs will boost segmentary growth.
Blood glucose testing represented the highest share of revenues in 2018 of more than 71 %. In the coming years, this market will continue to dominate. The booming incidence of diabetes and pre-diabetes can be attributed to high growth. According to the WHO, the world diabetes prevalence for adults over 18 years of age in 2014 was 8.5%, up from 4.7% in 1980. In addition, the WHO estimated that the 7th largest cause of mortality will be diabetes by 2030. In the next period, the increasing disease epidemiology will increase the demand for blood glucose test biosensors.
Regional Stance
In 2018, the U.S. biosensors market represented a major share of the entire North American biosensors industry, accounting for over 80 percent and will see significant growth over the projected period. Growth in the field of environmental testing, drug discovery, agriculture and other fields can be due to increased use of biosensors in solid growth. Growing research and development in combination with the rapid adoption of new technological products will have a high impact on US biosensor market growth. In addition, a rapidly rising population of baby boomers and prevalence of chronic diseases will in the foreseeable future increase US biosensor sector growth.
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The China biosensor market in the forecast period is estimated to advance at a considerable rate of CAGR exceeding 9.5 per cent. Many companies in the country are increasingly focused on developing new biosensors. Moreover, increasing burden on the elderly who are susceptible to different chronic diseases will contribute substantially in the foreseeable future to increasing demand for biosensors.
Key Players & Strategies
DowDuPont, Johnson & Johnson, Roche Diagnostics, Siemens Healthcare, Abbott Laboratories, and Thermo-Fisher Scientific among others are few major players operating in the world market. By introducing new biosensor devices integrated with advanced technology, major players in the sector are increasing their market presence. In February 2016, for example, Johnson & Johnson launched the ColorSure technology Onetouch Verio Flet, which delivers accurate and quicker results named Blood glucose monitoring system.
Continuous innovations are currently seen on the biosensor market, and simple products are delivered through accurate diagnosis and monitoring. Further developments in biosensor technology, the growth of emerging markets, as well as the continuous need for advanced monitoring equipment, offer the biosensors industry profitable growth potential in the foreseeable future.
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