The medical biosensors market is expected to increase at a CAGR of 14% over the forecast period. In terms of geographic distribution, the United States is the largest market, followed by Europe. However, the fastest growth will be witnessed in the Asia-Pacific region, where the increasing cost of healthcare and growing health consciousness are driving the market. Some of the leading players in the medical biosensor market include Abbott Point of Care Inc., Siemens Healthcare Diagnostics Inc., and LifeScan Inc.
In 2011, the global medical biosensors market was valued at $12,963.6 million. From 2014 to 2020, it is projected to grow at a CAGR of 9.7%. During this period, the market is expected to reach $22,551.2 million. However, the global biosensors market may face some challenges owing to reimbursement policies and regulatory process that is not keeping up with the rapid development of new medical technologies.
The biosensors market has largely been driven by the growing prevalence of chronic diseases such as diabetes.
The growing number of diabetics worldwide, along with other factors, is propelling the global biosensors market. These sensors also assist in the discovery of new drugs and their use in drug therapy. Furthermore, biosensors are widely used in home healthcare diagnostics and are being increasingly adopted in the genomics and pain management industry.
The growth of the medical biosensors market is expected to accelerate in the coming years, despite challenges related to manufacturing and distribution. The technological innovations in medical biosensors are constantly advancing, and this will only continue to increase the demand for them. The growth of these devices is projected to be strong during the forecast period, as these technologies are highly advanced and dependable. For further analysis, it is recommended to refer to the report’s global market research.
Wearable devices have gained significant momentum in the medical biosensors market. These devices can measure multiple human performance-based metrics, whether they are built-in or external. These sensors can be integrated with various technologies, allowing them to monitor a patient continuously. In addition, they allow the doctors to focus on large-scale initiatives at the National Institutes of Health. This will enable them to identify hospital-acquired infections earlier, and prevent them from requiring a 24 hour delay before treating the infection.
The global medical biosensors market is divided into regions, each with a specific growth trajectory. North America is the leading contributor and can expect the highest growth rate during the forecast period. Europe, on the other hand, is in second place, thanks to improved economic conditions and government initiatives like the eGovernment Action Plan 2011-2015. Meanwhile, Asia-Pacific includes countries such as China, India, and South Korea.
The technological advancements in this field are driving the market growth.
These products are becoming more affordable, and point-of-care testing is a crucial part of patient care. These devices are accurate, quick, and save precious time for doctors and nurses. Thus, the global medical biosensors market is expected to expand over the forecast period. If you are planning a medical biosensors project, this report will provide you with an in-depth analysis of the market.