LONDON, Sept. 8, 2016 /PRNewswire/ -- The global biosensors market accounted for revenues of $14,169.5 million in 2015, and it is expected to grow at a CAGR of 9.8% during the forecast period. Based on technology, the electrochemical segment dominates the biosensors market and is expected grow at a CAGR of 9.8% globally, during the forecast period. Based on application, the medical testing segment dominates the global biosensors market.
Biosensors are devices that use biological components to detect, analyses, and transmit information observing a physiological process or change. A variety of substances such as nucleic acid, protein including enzymes and antibodies, and complex materials are used as a bio-element in a biosensor. These bio-elements interact with analyte and further convert biological response into an electrical response. Electrochemical biosensors are analytical devices used to provide analytical information by biological sample, such as tissues, enzymes and whole cell, to an electrical signal. It is cost effective, user friendly, simple, disposable and convenient to use.
The global biosensors market is growing at a significant rate, due to growing geriatric population, increasing prevalence of diabetes and increasing prevalence of chronic and lifestyle associated diseases. In addition, the increasing demand for point-of-care testing and increasing demand of biosensors in various industries are also driving the growth of the global market. The restraints associated with the growth of the global biosensors market include strict regulatory requirements and reimbursement policy issues in healthcare system.
Geographically, North America is expected to maintain its dominance in the global market of biosensors during 2016-2022. This is due to increasing prevalence of diabetes, growing geriatric population, and increasing demand of point of care testing in the region. In addition, the technological advancements in biosensors and broader application areas in different industries are also driving the growth of the North American biosensors market.
The European biosensors market is growing, mainly due to growing aging population, increasing prevalence of diabetes, and increasing prevalence of chronic and lifestyle associated diseases. However, the Asia-Pacific market of biosensors is expected to witness the highest growth globally, during the forecast period. This is due to the growing geriatric population and surge in diabetes and obesity. Additionally, the large population pool and increasing demand for point of care testing are driving the growth of the market in the region.
Some of the key companies operating in the global biosensors market include Siemens AG, LifeSensors, Inc., Nova Biomedical Corporation, Abbott Laboratories, Inc., Johnson and Johnson, Medtronic, PLC, I-SENS, Inc., F. Hoffmann La Roche, TaiDoc Technology Corporation, and ACON Laboratories.
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