Want to know the obstructions to your company’s growth in future? Request a brochure @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1272
Based on technology, the biosensors market has been segmented into electrochemical, optical, thermal and piezoelectric biosensors. Electrochemical biosensors accounted for the largest share of over 70% of the global biosensors market in 2013. The segment is expected to maintain its leading position during the forecast period from 2014 to 2022. Factors that have contributed toward the high market share of the electrochemical biosensors segment are the increasing applications for the detection and early diagnosis of several diseases such as diabetes and tuberculosis. Additionally, electrochemical biosensors have emerged enormously among the researchers due to high demand from the global market for the analysis of contents of a biological sample. The optical biosensors segment is estimated to grow at a CAGR of over 8%. The major driving factors for such impressive growth are increasing research in biomedical applications and pharmaceuticals; and high sensitivity, small size and cost-effectiveness of the optical biosensors. Based on applications, the biosensors market has been segmented into medical devices and diagnostics, pharmaceuticals, food and beverage, and environment. The medical application segment held the largest share of over 65% in the global biosensors market in 2013. The factors fueling the growth of the segment are high prevalence of chronic diseases across the globe and growing preference of the population for self-monitoring. Furthermore, biosensor-based diagnostic devices are a powerful alternative to conventional analytical techniques due to rapid measurement and response time. This factor further propels the growth of the medical devices and diagnostics segment. Based on end users, the point of care testing segment accounted for the largest market share owing to various factors such as better quality service, reduction patient waiting time and greater patient satisfaction.
Looking for exclusive market insights from business experts? Request a Custom Report
Currently, the global biosensors market is consolidated due to the involvement of few top organizations. Several emerging biopharmaceutical companies are expected to foresee great development in the field of biosensors monitoring devices. Major players operating in the biosensors market are Abbott Point of Care, Inc., Medtronic, Inc., LifeScan, Inc., F. Hoffmann-La Roche Ltd., AgaMatrix, Inc., Animas Corporation, LifeSensors, Inc., Siemens Healthcare and Nova Biomedical Corporation.