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Biosensors Market to Reach $27B by 2022
April 17, 2017 | MarketsandMarketsEstimated reading time: 2 minutes
According to the new market research report "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", the market is expected to be valued at USD 27.06 Billion by 2022, growing at a CAGR of 8.84% between 2017 and 2022. The market growth is driven by the continuous technological advancements in the biosensors ecosystem, increase in the use of biosensors for nonmedical applications, lucrative growth in POC diagnostics, and rise in the demand for glucose monitoring systems.
Point-of-care applications held the largest size of the biosensors market in 2016
POC applications can be segmented into glucose monitoring, cardiac markers, infectious diseases, coagulation monitoring, pregnancy and fertility testing, blood gas and electrolytes, tumor or cancers markers, urinalysis testing, and cholesterol tests, and others. Cardiac markers are the most dynamic POC applications and are expected to witness several innovations and investments over the next five years, owing to the increasing number of people suffering from cardiovascular diseases (CVDs) and rising demand for instant diagnosis of these diseases.
Glucose monitoring to hold the largest share of the biosensors market for point-of-care applications by 2022
Blood glucose monitoring plays a crucial role in the management of diabetes. Glucose biosensors provide real-time information on the changes in glucose concentration. The glucose biosensors technology helps individuals maintain normal blood glucose levels. The rising prevalence of diabetes worldwide, technological advancements in self-monitoring of blood glucose, and growing awareness about POC testing are the key factors boosting the demand for glucose monitoring biosensors. Among all the applications, glucose monitoring held the largest size of the biosensors in 2016. The increasing number of people suffering from diabetes among the urban population is boosting the demand for glucose monitoring biosensors.
The market in APAC expected to grow at a high rate between 2017 and 2022
The market in APAC is expected to grow at a high rate between 2017 and 2022. The increasing number of people suffering from diabetes and government initiatives toward the improvement of the healthcare sector in the region are boosting the demand for glucose monitors, in which biosensors are used, in APAC.
Some of the major players operating in the biosensors market include Abbott Point of Care Inc. (US), Medtronic, Inc. (US), F. Hoffman-La Roche Ltd. (Switzerland), Siemens AG (Germany), LifeScan, Inc. (US), LifeSensors Inc. (US), Nova Biomedical Corp. (US), Acon Laboratories Inc. (US), Universal Biosensors (Australia), Pharmaco-Kinesis Corporation (PKC) (US), Bayer Healthcare AG (Germany), Biacore (UK), Bio-Rad Laboratories Inc. (US), Biosensors International Ltd. (Singapore), Ercon, Inc. (US), DuPont (US), and Sysmex Corporation (Japan).
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