$31.5 Bn Biosensors (Sensor Patch and Embedded Device) Market - Global Forecast to 2024 - ResearchAndMarkets.com

DUBLIN--()--The "Biosensors Market by Type (Sensor patch and embedded device), Product (Wearable and nonwearable), Technology (Electrochemical and optical), Application (POC, Home Diagnostics, Research Lab, Food & Beverages), and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The Biosensors Market is Estimated to Grow From USD 21.2 Billion in 2019 to USD 31.5 Billion by 2024, at a CAGR of 8.3%.

The biosensors market for PoC diagnostics applications is growing at a significant rate due to increasing incidences and prevalence of lifestyle diseases, such as diabetes. However, the slow rate of commercialization act as a major restraint for the growth of the market.

Sensor patch segment to witness highest CAGR during the forecast period

The market for sensor patches is estimated to grow at a higher CAGR during the forecast period. Sensor patches offer unique opportunities for condition/activity monitoring, feedback and actuation/delivery services, such as drug delivery or stimulation, localization, identification, personal contextual notifications, information display, and virtual assistance. In simpler terms, these devices can monitor, document, and augment lives, and they can be used to assist people in specialized professional and personal activities.

Nonwearable biosensor segment to witness higher CAGR from 2019 to 2024

Nonwearable biosensor segment to witness a higher CAGR from 2019 to 2024. Nonwearable biosensors offer real-time on-site monitoring of production processes. Apart from on-site monitoring, these biosensors help the food industry in addressing challenges, such as meeting food quality guidelines, by providing analytical accuracy within complex food matrices.

APAC to witness the highest CAGR of biosensors market from 2019 to 2024

The market in APAC is expected to witness the highest CAGR of the biosensors market during the forecast period. Major factors contributing to the growth of the biosensors market in APAC include the development of healthcare systems and the increasing number of lifestyle diseases in the region. The biosensor market in APAC is the amalgamation of a few leading markets, such as China, Japan, and India.

Moreover, the adoption of POC devices in a view to address lifestyle diseases and enhance the general health of people has led to the increased use of biosensors. Also, rising glucose levels in individuals with diabetes and increasing demand for disposable, as well as the growing demand for cost-effective user-friendly devices, are the factors driving the growth of the global biosensors market.

Furthermore, there are various initiatives taken for food safety in APAC. Food and waterborne pathogens are among the leading causes of illnesses and death in developing economies. In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews have been conducted with key industry people.

Market Dynamics

Drivers

  • Emergence of Nanotechnology-Based Biosensors
  • Significant Technological Advancements in Last Few Years
  • Increasing Use of Biosensors to Monitor Glucose Levels in Individuals With Diabetes
  • Increased Demand for Home-Based POC Devices
  • Government Initiatives Toward Diagnostics

Restraints

  • Slow Rate of Commercialization
  • High Cost Involved in R&D
  • Reluctance Toward Adoption of New Treatment Practices

Opportunities

  • Emerging Market in Developing Countries
  • High-Growth Opportunities in Food Industry, Environmental Monitoring, and Biodefense

Challenges

  • Government Regulations - Long Certification and Approval Cycles
  • Pricing Pressure in POC Market

Companies Mentioned

  • Abbott Laboratories Inc.
  • ACON Laboratories, Inc.
  • Bayer Healthcare AG
  • Biacore
  • Bio-Rad Laboratories, Inc.
  • Biosensors International PTE. Ltd.
  • Dowdupont Inc.
  • Eastprint Incorporated
  • Ercon Inc.
  • F. Hoffman-La Roche
  • Graphene Frontiers
  • Hmicro Inc.
  • Innovative Sensor Technology - IST AG
  • Lifescan
  • Lifesensors
  • Medtronic
  • Neurosky, Inc
  • Nova Biomedical
  • Oxirate
  • Pharmaco-Kinesis Corporation
  • Pinnacle Technology
  • Siemens AG
  • Sysmex Corporation
  • Universal Biosensors
  • Xsensio SA

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T. Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Biotechnology