The biosensors market is valued at USD 25.5 billion in 2021 and is projected to reach USD 36.7 billion by 2026; it is expected to grow at a CAGR of 7.5% from 2021 to 2026.
In the fields of medicine, food safety, and environmental monitoring, biosensors are now indispensable tools. They are a category of analytical tool that changes a biological reaction into an electrical or optical signal. Glucose, enzymes, antibodies, and nucleic acids are just a few of the many biomolecules that can be detected and measured by biosensors. In the upcoming years, the market for biosensors is anticipated to expand quickly due to technical improvements and rising need for point-of-care testing.
The increasing prevalence of chronic diseases including diabetes, cancer, and cardiovascular diseases is one of the major factors driving the global market for biosensors. These disorders are diagnosed and monitored using biosensors, enabling early detection and individualised care. The market is also being driven by the growing use of biosensors in drug research and development. Drug targets are identified and measured using biosensors, which can result in the creation of safer and more effective medications.
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The expanding demand for point-of-care testing is another factor influencing the biosensors market. Point-of-care testing, as opposed to being completed in a centralised laboratory, describes medical diagnostic testing that is completed close to the patient. Point-of-care testing is a good fit for biosensors since they are portable, simple to use, and yield quick results. By enabling quicker and more precise diagnoses, the use of biosensors in point-of-care testing can assist to improve patient outcomes.
Despite the many benefits of biosensors, there are several issues that must be resolved in order to propel the market's expansion. The expensive price of biosensors, which can restrict their adoption in specific situations, is one of the key obstacles. Also, the quality and accuracy of biosensors may vary due to a lack of regulation and standardisation in the market.
Abbott (US), Roche (Switzerland), Medtronic (Ireland), Bio-Rad Laboratories, Inc. (US), DuPont (US), Biosensors International Group, Ltd. (Singapore), Cytiva (UK), Dexcom, Inc. (US), Lifescan IP Holdings, LLC (US), Masimo (US), Nova Biomedical (US), Universal Biosensors (Australia), ACON Laboratories, Inc. (US), CARDEA BIO INC., (US), Conductive Technologies (US), EarlySense (Israel), Innovative Sensor Technology IST AG (Switzerland), LifeSignals (US), NeuroSky (US), Pinnacle Technology Inc. (US), SD Biosensor, INC. (South Korea), VitalConnect (US), and Xsensio (Switzerland) are a few of the key players in the biosensors market.
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