NEW YORK--(BUSINESS WIRE)--Persistence Market Research (www.persistencemarketresearch.com) has published a new market report titled “Global Market Study on Biosensors: Asia Pacific to Witness Highest Growth by 2020,” which states that the biosensor market is estimated at USD 12.9 billion in 2014 and is expected to reach USD 22.5 billion by 2020, growing at a CAGR of 9.7% from 2014 to 2020.
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The study identifies key growth factors as: Increasing demand for point-of-care testing, rising prevalence of chronic and lifestyle-induced diseases, growing geriatric population, increasing uses of biosensors in various industries, and growing application of nanotechnology in healthcare. Miniaturization of sensors and product innovation are some of the key market trends. Geographically, North America has the largest market for biosensors, followed by Europe. Asia Pacific is the fastest-growing market for biosensors. Some of the other fast growing markets for biosensors are China, France and the U.S.
Hoffmann-La Roche, Ltd. is one of the leading players in the biosensor market. Other major players in the biosensor market include: Abbott Laboratories, Inc, Siemens Healthcare, Nova Biomedical Corporation, Bayer AG, Johnson and Johnson, Medtronic, Inc. and LifeSensors, Inc.
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The study analyzes the global biosensor market by technology, application, end users and geography. By technology, the study covers: Electrochemical biosensors, optical biosensors, piezoelectric biosensors and thermistor biosensors. Growing at a 10.7% CAGR, optical biosensors will likely emerge as the fastest growing segment in the biosensor market by 2020.
By application, the study covers: Medical diagnostics, food toxicity detection, industrial process control, agricultural testing and environmental. By end users, the study covers: Point-of-care testing, home healthcare diagnostics, research laboratories, and security and bio-defense.
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