LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global medical biosensors market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Krishna Venkataramani, a lead analyst from Technavio, specializing in research on lab equipment sector, says, “The global medical biosensors market is expected to grow at a CAGR of more than 8% through 2021. The main factors that are driving the market are increased rate of diabetes and obesity not only in the older population but also among the younger population. The usage of multifunctional biosensors has also increased because they are safe to use and cost-effective.”
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The top three emerging market trends driving the global medical biosensors market according to Technavio research analysts are:
- Increased awareness and demand from emerging markets
- Increased availability of disposable biosensors
- Increase in online marketing
Increased awareness and demand from emerging markets
In 2016, the Americas was the highest revenue generator in the global medical biosensor market because of increasing older population and rising awareness among people. But, now, APAC and EMEA have become emerging markets for these products. Physicians are increasingly recommending these products in APAC countries like India, South Korea, Indonesia, and the Middle East as the rate of diabetes and obesity is increasing, and people are succumbing to these conditions due to lack of check-ups and timely interventions.
“Governments are also encouraging the adoption of these products by organizing campaigns highlighting the benefits of biosensors in preventing chronic health conditions. Also, both online and offline platforms are promoting these products, due to which, APAC is one of the emerging markets where vendors are expected to gain significant profit margins in the future,” says Krishna.
Increased availability of disposable biosensors
The demand for disposable medical biosensors is increasing as they are cost-effective, provide accurate results, and reduce the scope of contamination. An increasing number of vendors are now focusing on the development disposable biosensors. APAC is one of the emerging markets for medical biosensors, and vendors are focusing on the region by offering disposable biosensors as people in APAC are more price conscious. Since disposable biosensors are inexpensive compared with fixed medical biosensors, APAC can be a profitable market for the vendors in the future.
Increase in online marketing
Vendors are now focusing more on online platforms to promote and commercialize their products. This provides better accessibility and a better understanding of the products to consumers. People prefer buying online as they get better offers and promotional discounts compared with the offline platform.
Moreover, they can purchase the product from the comfort of their homes without having to visit medical stores. The online platform will enhance sales and popularize the products. Therefore, an increasing number of vendors are promoting their products on the online platform to increase their market presence and revenue.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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