NEW YORK, May 2, 2017 /PRNewswire/ -- Highlights
· "Increasing requirement for glucose monitoring for diabetic individuals worldwide is fuelling the growth of the biosensors market"
· The biosensors market is expected to grow at a CAGR of 8.84% between 2017 and 2022 to reach USD 27.06 billion by 2022 from USD 15.96 billion in 2016.
· " Increasing demand for point-of-care applications is driving the growth of the biosensors market."
· The increasing demand for biosensors is attributed to the availability of point-of-care testing methods
· "North America is the major market for biosensors."
"Increasing requirement for glucose monitoring for diabetic individuals worldwide is fueling the growth of the biosensors market"
The biosensors market is expected to grow at a CAGR of 8.84% between 2017 and 2022 to reach USD 27.06 billion by 2022 from USD 15.96 billion in 2016. Glucose monitoring devices are gaining traction due to increasing incidences and prevalence of lifestyle diseases, such as diabetes, that require regular monitoring. Moreover, the proven efficacy of such testing kits has resulted in their growing adoption by doctors. According to International Diabetes Federation, the number of people suffering from diabetes is expected to grow from 415 million in 2015 to almost 642 million by 2040 worldwide.
"Increasing demand for point-of-care applications is driving the growth of the biosensors market."
The increasing demand for biosensors is attributed to the availability of point-of-care testing methods. As most POC tests are in the vicinity of patient care sites, the requirement for complex infrastructure and training is low. The growth in the POC market is attributed to the advancements in biosensors technology and increasing demand for quick test results. Also, growing prevalence of infectious and lifestyle diseases, such as cardiac complications and diabetes, is increasing the demand for POC diagnostics. Awareness among people for easy and convenient ways to get faster test results is also contributing to the growing demand.
Also, physicians prefer POC for quick decision-making to prescribe disease-specific drugs. On the contrary, doctors previously had to wait before starting with symptomatic treatment, as test procedures used to take a considerably longer amount of time to yield results.
"North America is the major market for biosensors."
North America is likely to hold the largest share of the overall biosensors market in 2017. POC diagnostics is the fastest-growing applications for biosensors in North America. The main reason behind the growth of the POC segment is the increase in addressable patient population base. According to the American Medical Association and American Medical Group Association, more than 50% Americans were living with one or more chronic disease(s) till 2012. The number of Americans suffering from chronic diseases was around 125 billion in 2000, which is expected to reach around 157 billion by 2022. The baby boomer population is witnessing a growth in incidences of chronic and infectious diseases, According to the US Census Bureau, the number of individuals over the age of 65 was 39.6 billion in 2009, which is expected to increase to 72.1 billion by 2030.
The biosensors market APAC is expected grow at a high rate between 2017 and 2022. The other major factors contributing to the growth of the biosensorsmarket in APAC include the development of healthcare systems and increasing number of lifestyle diseases in the region. APAC is the amalgamation of some of the leading markets such as China, Japan, and India. The growth of the biosensors market in APAC for POC applications can be attributed to the huge population base, increasing investments in the healthcare sector, growing focus of key industry players on technological advancements, and significant R&D pertaining to biosensors. In September 2017, PatientSafe Solutions (US) garnered strategic investments of around USD 27 billion from EDBI. This fund was used to augment the expansion of PatientSafe's PatientTouch System, a POC mobile solution, in APAC.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the biosensors industry. The break-up of the primary participants has been shown below.
- By Company Type: Tier 1 = 35 %, Tier 2 = 45%, and Tier 3 = 20%
- By Designation: C-Level Executives = 35%, Directors = 25%, and Others = 40%
- By Region: North America = 45%, Europe = 20%, APAC = 30%, and RoW = 5%
The report also profiles the key players in the biosensors market and analyzes their market ranking. The prominent players profiled in this report are 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).
This research report categorizes the biosensors market on the basis of application, technology, product, and geography. The report also provides the Porter's five forces analysis, along with a description of each of its forces and their respective impact on the biosensors market; description of major drivers, restraints, challenges, and opportunities pertaining to the market; value chain analysis; and market ranking analysis.
Reasons to Buy the Report
The report will help leaders/new entrants in this market in the following ways:
1. This report segments the biosensors market comprehensively and provides the closest market size estimation for all subsegments across different regions.
2. The report will help stakeholders understand the pulse of the market and provide them with the information on key drivers, restraints, challenges, and opportunities for the biosensors market.
3. This report will help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section describes competitor ecosystem and various strategies implemented by the companies such as new product developments, partnerships, and mergers and acquisitions.
Read the full report: http://www.reportlinker.com/p04838915/Biosensors-Market-by-Application-Technology-Product-and-Geography-Global-Forecast-to.html
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