Biosensors Market Size, Share & Trends Analysis Report By Application (Medical, Agriculture, Environment) By Technology (Thermal, Electrochemical, Optical), By End-use, By Region, And Segment Forecasts, 2021 - 2028
New York, May 05, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Biosensors Market Size, Share & Trends Analysis Report By Application By Technology, By End-use, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p05879567/?utm_source=GNW
Biosensors Market Growth & Trends
The global biosensors market size is anticipated to reach USD 41.8 billion by 2028. The market is expected to expand at a CAGR of 7.9% from 2021 to 2028. The rising prevalence of chronic conditions such as diabetes and obesity and the growing demand for early and accurate detection of any associated condition are the key driving factors for the market.
As per the WHO report, in 2016 over 1.9 billion individuals were overweight, out of which nearly 650.0 million were obese. This has increased the sales of testing and monitoring kits used as medical sensors in the home as well as healthcare settings, thus, boosting the market growth.
Furthermore, the outbreak of COVID-19 has drastically spurred the demand for point-of-care testing devices.FDA is giving fast-track approvals to the companies owing to the shortage of these devices globally.
For instance, in May 2020, Philips secured 510k FDA clearance for its wearable biosensor, which helps in managing confirmed and suspected cases of COVID-19 in hospitals, promoting biosensors technology and product development.
Moreover, rapid technological advancements are expected to be a significant factor for market growth over the forecast period. For instance, in June 2020, Abbott received the U.S. FDA clearance for its next-generation, integrated glucose monitor system- FreeStyle Libre 2 intended to measure diabetes in individuals aged 4 years and above and has an optional real-time alarm.
Biosensors Market Report Highlights
• On the basis of application, the medical segment dominated the market in 2020 with a revenue share of 66.6%. The device is considered an essential tool in the detection and monitoring of a wide range of medical conditions, such as diabetes and cancer
• Based on technology, the electrochemical segment dominated the market in 2020 with a revenue share of 70.9% owing to its widespread applications for analysis in biochemical and biological processes
• The home healthcare diagnostics segment is expected to witness the fastest growth rate over the forecast period owing to the high prevalence of chronic disease globally
• North America dominated the market in 2020 with a revenue share of 39.9% owing to the presence of a highly developed healthcare infrastructure and favorable reimbursement policies in this region
Read the full report: https://www.reportlinker.com/p05879567/?utm_source=GNW
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