DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Biosensors Market by Application (POC, Home Diagnostics, Research Labs, Biodefense, Environmental Monitoring, Food & Beverages Industry), Technology, Product (Wearable and Non-Wearable), and Geography - Global Forecast to 2022" report to their offering.
The biosensors market is expected to grow at a CAGR of 8.84% between 2017 and 2022 to reach USD 27.06 billion by 2022 from USD 15.96 billion in 2016.
Glucose monitoring devices are gaining traction due to increasing incidences and prevalence of lifestyle diseases, such as diabetes, that require regular monitoring. Moreover, the proven efficacy of such testing kits has resulted in their growing adoption by doctors. According to International Diabetes Federation, the number of people suffering from diabetes is expected to grow from 415 million in 2015 to almost 642 million by 2040 worldwide.
The increasing demand for biosensors is attributed to the availability of point-of-care testing methods. As most POC tests are in the vicinity of patient care sites, the requirement for complex infrastructure and training is low. The growth in the POC market is attributed to the advancements in biosensors technology and increasing demand for quick test results. Also, growing prevalence of infectious and lifestyle diseases, such as cardiac complications and diabetes, is increasing the demand for POC diagnostics.
Awareness among people for easy and convenient ways to get faster test results is also contributing to the growing demand. Also, physicians prefer POC for quick decision-making to prescribe disease-specific drugs. On the contrary, doctors previously had to wait before starting with symptomatic treatment, as test procedures used to take a considerably longer amount of time to yield results.
- Emergence of Nanotechnology-Based Biosensors
- Significant Technological Advancements in the Past Few Years
- Increasing Use of Biosensors to Monitor Glucose Levels in Individuals with Diabetes
- Increased Demand for Home-Based Poc Devices
- Slow Rate of Commercialization
- High Costs Involved in Research and Development
- Reluctance Toward the Adoption of New Treatment Practices
- Emerging Market in Developing Countries
- High-Growth Opportunities in Environmental Monitoring, Biodefense, and the Food Industry
- Government Regulations - Long Certification and Approval Cycles
- Pricing Pressure in the Poc Market
- Abbott Point of Care, Inc.
- Acon Laboratories, Inc.
- Bayer Healthcare AG
- Bio-Rad Laboratories, Inc.
- Biosensors International Pte. Ltd.
- Ercon, Inc.
- F. Hoffman-La Roche Ltd.
- Graphene Frontiers
- Hmicro Inc.
- Lifescan, Inc.
- Lifesensors, Inc.
- Medtronic Inc.
- Neurosky, Inc.
- Nova Biomedical
- Pharmaco-Kinesis Corporation
- Siemens AG
- Sysmex Corporation
- Universal Biosensors, Inc.
For more information about this report visit http://www.researchandmarkets.com/research/3fr2n9/biosensors_market