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Global Market Analysis on Biosensors: Asia-Pacific to Witness Surging Demand
for Bio-analytical Devices; Rampant Growth for Optical Biosensors Market
According to a new market report published by Persistence Market Research “Global
Market Study on Biosensor: Asia-Pacific to Witness Highest Growth by 2020,” the
global biosensor market was valued at USD 12,963.6 million in 2014 and is expected
to grow at a CAGR of 9.7% from 2014 to 2020, to reach an estimated value of USD
22,551.2 million in 2020. Globally, the biosensors market is witnessing significant
growth due to increasing demand of point of care testing. In addition, rising
prevalence of chronic and lifestyle associated diseases, growing geriatric population,
increasing application of biosensors in various industries and growing application of
nanotechnology in healthcare are also driving the growth of the market.
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In addition, emergence and demand of personalized medicine and non-invasive
biosensors would also drive the growth for the market. However, strict regulatory
requirements and reimbursement policy issues in healthcare system hamper growth of
the global biosensors market. In addition, the regulatory process is not keeping pace
with the rapid development of new medical technologies.The global biosensors
market is anticipated to grow from an estimated USD 12,963.6 million in 2014 to
USD 22,551.2 million in 2020 at a CAGR of 9.7% during the forecast period. In
North America, growing aging population, increasing health awareness, rising
chronic and lifestyle diseases, technological developments for various home use
applications.
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In Europe, the biosensors device market is driven by rising diagnostic requirements
due to increasing lifestyle associated diseases, aging population and improving
healthcare infrastructure. On the other hand, increasing healthcare costs has shifted
the focus of healthcare from hospitals to home, which would increase the use of
biosensors devices in the region.
Abbott Laboratories, Inc, Siemens Healthcare, Nova Biomedical Corporation, Bayer
AG, Johnson and Johnson, Medtronic, Inc. and Hoffmann-La Roche, Ltd. are some of
the major players of biosensors market.
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