Showing posts with label Biosensors Market forecast. Show all posts
Showing posts with label Biosensors Market forecast. Show all posts
Biosensors Market - Global Industry Analysis,Trends and Forecast 2014 – 2020
Biosensors
refer to analytical devices used to detect the presence of an
analyte. Biosensors are most commonly used in the medical field and
growing applications have fueled the global market. The market has
been witnessing impressive expansion in recent years as a result of
the growth of the worldwide diabetic population. Increase in
diabetics means increased demand for diagnostic devices that use
biosensor technology. Moreover, there has been a rise in demand for
miniature diagnostic devices, which aids the novel biosensors market.
In contrast, unfavorable reimbursement policies and increased cost of
R&D are likely to challenge the growth of the biosensors market.
Integral
components of global biosensors market
The
biosensors market is highly fragmented and can be segmented on the
basis of applications, technologies, end users, and geography. The
key end users include home healthcare diagnostics, security and
bio-defense, point of care testing, research laboratories, and food
industry. The major application areas of biosensors include
environment, medical, food toxicity detection, agriculture,
industrial process control, and others such as drug abuse prevention
and bio-defense. By technology, the biosensors market can be
segmented into piezoelectric, electrochemical, thermal, and optical.
Region-wise, the global market is categorized into Europe, North
America, Asia-Pacific, and Rest of the World.
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Biosensors Market Report:
http://www.transparencymarketresearch.com/biosensors-market.html
North
America surges ahead in terms of demand
Based
on data published by a leading market intelligence firm, the global
biosensors market was worth US$12.46 billion in 2013 and is projected
to be worth US$21.64 billion by 2020, registering a CAGR of 8.1%
during the forecast period of 2014-2020.
In
terms of geography, North America ruled the global biosensors market,
accounting for more than 35% of the overall market share in 2013.
This impressive growth of the North American market is attributed to
technological advancements in medical diagnostics, presence of
pharmaceutical R&D facilities, better healthcare infrastructure,
growing awareness regarding biosensors among the population, and
increasing incidences of chronic diseases. On the other hand,
Asia-Pacific is expected to witness considerable growth, expanding at
an over 9.5% CAGR from 2014 to 2020. Countries such as India,
Australia, China, South Korea, Japan, and Malaysia are largely
responsible for this growth owing to easy availability of skilled
labor and larger population base. In addition to this, improved
healthcare infrastructure, increasing support from governments, and
easy penetration of the biosensors market in emerging economies are
projected to support the Asia-Pacific market.
Segment
analysis of the global biosensors market
Application-wise,
the medical segment accounted for the maximum share of the overall
biosensors market in 2013. This is mainly due to the fact that people
across the globe have been demanding more accurate, reliable, and
speedy results. In addition, the use of portable and user-friendly
diagnostic devices to measure life-threatening diseases has grown in
recent years, thereby fueling the biosensors market.
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In
terms of end users, point of care testing was the largest segment of
the biosensors market, accounting for over 40% of the total share in
2013. Better patient outcome as well as optimization of care process
is credited for this growth. However, owing to the rise in drug
screening procedures and drug discovery, the research laboratories
segment of the biosensors market is anticipated to register an 8.5%
CAGR during the forecast period.
Browse
Biosensors Market Article :
http://www.transparencymarketresearch.com/article/biosensors-market.htm
Within
the technology segment of the biosensors market, electrochemical
biosensors enjoyed more than 70% of the global share in 2013 due to
increasing demand for reliable and speedier analytical procedures,
and growing prevalence of chronic diseases in the world. However,
owing to urgent need to screen and monitor environmental pollutants,
optical biosensors are expected to register the highest growth rate
of more than 8% during the forecast period.
The
biosensors market is predominantly consolidated with a handful of
prominent participants such as AgaMatrix, Inc., LifeScan, Inc., F.
Hoffmann-La Roche Ltd., LifeSensors, Inc., Siemens Healthcare, Nova
Biomedical Corporation, Animas Corporation, Abbott Point of Care,
Inc., and Medtronic, Inc.
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