A recent report by Transparency Market Research pertaining to global biosensors market states that innovative products penetrating to major verticals of several end-user industry has stimulated the demand of various industrial sensors. These advanced sensors can detect minute details and/or anomaly in any business setup enhancing the productivity of the business. These technological masterpieces have also found their application in healthcare industry in the form of biosensors. These sensors can provide real-time analytics of any biological analytes present in the blood sample. As a result, the diagnosis can be made easily and swiftly. Based on the convenience of the diagnosis these sensors are considered as an important aspect to technology in the healthcare domain. According to the report by Transparency Market Research, this is the major factor fueling the growth of global biosensors market in the forecast period of 2014 to 2024.
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Growing Competition to Witness a Bullish Market
Presence of several players in the global biosensors market makes it highly competitive and fragmented. These players collectively dominate the dynamic of the market influencing the rate of growth substantially. However, tough competition also results in bullish growth in global biosensors market.
In order to maintain their dominance in the market, players are investing a handsome amount of their budget in research and development. These developments are helping the market to witness innovative products and new solutions which in turn is fueling the growth of the global biosensors market.
As a result of new product launch, the global biosensors market is projected to witness a revenue generation of US$ 9.2 bn in the forecast period of 2014 to 2024. This revenue generation is the result of opportunities such as incorporation of IoT in disease diagnosis, dependency on data, and deployment of AI models to analyze the reaction between sample and anlytes, captured by the players of global biosensors market.
Since the competition is tough, the players using new technologies to strengthen their grip on the global biosensors market. For instance, OnetouchVerio flex blood glucose monitoring system by Johnson & Johnson helped the company to redefine the conventional methods of blood sugar monitoring in 2016. This allowed the company to acquire top position in the global biosensors market in the coming year between 2014 and 2024.
Dominance of Electrochemical Biosensors Remain Unmatched
The electrochemical biosensors segment under the technologies category is expected to remain dominant in the forecast period of 2014 to 2024. The segment covered 70% of the total share of the global biosensors market in 2013. The segment is projected to follow same trend in present forecast period. The factors responsible this high magnitude growth are adoption of new biosensors for early and fast diagnosis of the diseases such as diabetes and tuberculosis. Moreover, the dominance of the segment is also attributed to the growing adoption of electrochemical biosensors by the researchers to identify the presence of organic organisms in the substrates.
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North America Holds the Top-Spot in Regional Domain
North America is expected to remain dominant in regional front of global biosensors market. This is because of the presence of several pharmaceutical work units coupled with favorable reimbursement policies in the U.S. and Canada. Moreover, presence of several technology giants in the region also fuels the dominance of North America in global biosensors market in the forecast period of 2014 to 2024.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Biosensors Market (Technologies: Electrochemical, Optical, Thermal, Piezoelectric; Applications: Medical, Food Toxicity Detection, Industrial Process Control, Agriculture, Environment and Others; and End Users: Point of Care Testing, Home Healthcare Diagnostics, Research Laboratories, Security and Bio-defense, and Food Industry) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2024.”
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