Published on : Jun 07, 2017
Albany, New York, June 07, 2017: The report provides a 360-degree view of the market by extensively covering all the important aspects. The report indicates that the global medical biosensors market is poised to expand at a CAGR over 8% between 2017 and 2021.
The emergence of multifunctional biosensors has helped the global medical biosensors market in gaining significant momentum. Multifunctional biosensors are widely acknowledged for their compact, user-friendly, and cost-effective nature. The growing investments in medical research and development activities are augmenting the demand for multifunctional biosensors, thereby stoking the growth of the market. The growing popularity of home diagnostics is also triggering the adoption of medical biosensors.
Government intervention is playing a vital role in the development of the market. Several governments worldwide are promoting the adoption of these devices by organizing campaigns to spread awareness regarding the merits of biosensors in preventing chronic health conditions. However, the high cost of devices is acting as a major impediment to the global medical biosensors market.
Based on end users, the global medical biosensors market is classified into point-of-care testing (POCT), research laboratories, and home diagnostics. The POCT segment accounted for the leading share in 2016. The spiraling use of multifunctional and disposable sensors is fuelling the growth of the segment. The home diagnostics segment will register noteworthy growth during the forecast period, owing to the growing preference for point of care diagnostics to hospitals and clinics.
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On the basis of application, the market is divided into cholesterol testing, biomarker, and blood glucose testing. The blood glucose testing segment was at the forefront of growth in 2016. The dominance of the segment can be attributed to rapidly growing global geriatric population and rising occurrence of obesity and diabetes. By geography, the global biosensors market is fragmented into Americas, Asia Pacific (APAC), and Europe, Middle East, and Africa (EMEA). Americas will be a prominent region, owing to the early introduction of biosensors coupled with rapid technological advancements in countries such as the U.S. and Canada.
The global medical biosensors market features a highly fragmented vendor landscape. However, the market is primarily dominated by a handful of global players. Large players are acquiring regional players to expand and diversify their product portfolio. Apart from this, players are paying high attention to product innovation and technological advancements to ensure inorganic growth in this highly lucrative market. The global medical biosensors market exhibits a high degree of competition, wherein players are competing fiercely in terms of financial resources, market reach, and quality.
The torch bearers in the market are Bayer, LifeScan, Abbott Laboratories, and F.Hoffmann – La Roche. Other key participants in the global medical biosensors market are Biotest Medical, ACON, Contec Medical Systems, Medical Biosensors International Group, Optiscan, i-SENS, TaiDoc, Nipro Diagnostics, and URIT Medical.
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