Biosensors Market size set to exceed $29bn by 2024

Biosensors Market size is estimated to reach USD 29.6 billion by 2024; as per a new research report by Global Market Insights, Inc.Increasing worldwide prevalence of chronic conditions such as diabetes and growing need for fast and accurate detection of any associated conditions is expected to boost biosensors market size.

Favorable government initiatives along with technological advancements in various medical and non-medical based application will contribute to industry expansion. The rising patient awareness and extended biosensors usage in application areas such as medical, environment, and agriculture should further accelerate industry demand.

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The extensive usage of biosensors in medical field justifies the largest revenue share of medical applications in the industry. The segment growth is fueled by novel advancements in optical quantum dots having its application in biopharmaceutical, proteomic analysis, and vaccine development. Point of Care (PoC) testing remains the most lucrative end user segment contributing to over 47% of biosensors industry share, attributed to advancements in the field of microelectronics and biotechnology and rising demand for rapid and portable PoC diagnostic devices.

U.S. leads the industry owing to its increased adoption in expanded indications, rising government support for R&D and growing prevalence of associated chronic ailments. Asia Pacific is anticipated to expand its revenue share by virtue of its rapid economic growth, growing patient awareness and improving healthcare infrastructure.

Browse key industry insights spread across 85 pages with 106 market data tables & 16 figures & charts from the report, “Biosensors Market Size by Technology (Thermal, Electrochemical, Piezoelectric, Optical), by Application [Medical (Cholesterol, Blood Glucose, Blood Gas Analyzer, Pregnancy Testing, Drug Discovery, Infectious Diseases), Food Toxicity, Bioreactor, Agriculture, Environment], by End-User (Home Healthcare, PoC Testing, Food Industry, Research Labs, Security and Biodefense), Industry Analysis Report, Regional Outlook (U.S., Canada, U.K, Germany, China, Japan, Mexico, Brazil, South Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:

Key insights from the report include:

•Global biosensors market size was valued at an estimated USD 14.8 billion in 2015, and slated to reach USD 29.6 billion by 2024, at an estimated 8% CAGR from 2016 to 2024.

•The biosensors market share, by application was driven by medical segment during the forecast period valued at USD 9.8 billion in 2015.

•Blood glucose monitoring held the largest share in medical application segment, with target market size exceeding USD 15 billion by 2024, owing to the rising prevalence of diabetes worldwide. The rapidly advancing biosensor technology allows better estimation of the metabolic state of a patient.

•U.S. biosensors market leads the industry owing to large number of clinical trials coupled with sophisticated healthcare infrastructure, followed by Germany and UK.

•The industry experiences a medium level entry threat, due to relatively less complexities of piezoelectric and thermal biosensors making it easy for new players to gain entry. However, in case of electrochemical biosensors, the R&D activities are more capital intensive.

•APAC growth will be driven by China, Japan and India, on their way of becoming pharmaceutical R&D hubs. Usage is expected to surge in these countries owing to developments in their economic and healthcare system. Brazil and Mexico will drive LATAM industry growth.