Biosensors are medical equipment that recognizes biological analytes such as bacteria, biological structures, or biomolecules. The growing demand for these sensors in the therapeutic and diagnostic categories is driving the medical sensor market. The advent of cheap and easy-to-use monitoring equipment capable of producing exact data in less time is projected to increase the industry. Furthermore, the rising frequency of chronic diseases and the growing elderly population are also expected to drive market expansion.
The rising incidence of diabetes worldwide is expected to drive the global biosensors market expansion. Antimicrobial resistance, the prevalence of unhealthy and unproductive lifestyles, and the consumption of alcohol and cigarettes are all critical contributors to the growth in diabetes prevalence. According to the Centers for Disease Control and Prevention's (CDC) National Diabetes Statistic Report 2017, more than 100 million persons in the United States have diabetes or prediabetes. Furthermore, the World Health Organization claimed that diabetes was directly responsible for nearly 1.6 million deaths worldwide in 2016. These statistics indicate how growing instances of diabetes fuel the demand for biosensors.
Technological advances in products by players operating in the global biosensors market may provide relevant opportunities for segment growth. For instance, in November 2017, lino Biotech AG closed the seed financing round and showcased an innovative label-free biosensor platform to innovate and enhance modern drug screening. This patented technology was expected to offer label-free detection assays by utilizing the power of molecular diffraction while excluding instabilities from environmental factors, such as non-specific binding or temperature changes. This new technology was expected to offer researchers and industry customers a distinctive way to analyze molecular interactions in crude biosystems and living cells. Such technologies will create new market opportunities for biosensors.
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The COVID-19 pandemic has substantially influenced the global biosensors market. This pandemic, induced by the virus SARS-CoV-2, has significantly spurred scientific research of biosensors for COVID-19 detection by several institutes and prominent corporations. According to the American Association for the Advancement of Science (AAAS), Jing Wang and his colleagues at the Swiss Federal Laboratories for Materials Science and Technology and ETH Zurich have produced a point-of-care biosensor capable of detecting SARS-CoV-2. This sensor can be deployed as a substitute for clinical diagnosis and assessing virus content in the air in real-time. Such variables are expected to drive market expansion throughout the forecast period.
The global biosensors market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
North America and Asia-Pacific were the most critical biosensors market in 2021. North America held the largest market share in 2021, owing to the increasing prevalence of diabetes and the presence of key market players in this region. It is expected to grow at a CAGR of 7.63% during the forecast period. Moreover, rapid technological advancements, such as the introduction of miniaturized diagnostic equipment providing prompt and accurate results and growing market penetration of Electronic Medical Records (EMR), are expected to drive the market growth over the forecast period.
The biosensors market in Asia-Pacific is the second-largest. It is expected to grow at a CAGR of 8.7% during the forecast period. Asia-Pacific is expected to witness the fastest growth, owing to the increasing geriatric population and growing prevalence of diabetes.
The companies that commanded the most significant market shares (in 2019) in the global biosensor market include Sensirion AG Switzerland, Bayer AG, Abbott, Biosensor International Group, Ltd, Xsensio, Lucentix SA, Ascensia Diabetes Care Holdings AG, and Medtronic.
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