Major biosensor market players include Johnson & Johnson, DowDuPont, Roche Diagnostics, Abbott Laboratories, and Thermo Fisher Scientific Inc.
Selbyville, Delaware, Feb. 07, 2021 (GLOBE NEWSWIRE) —
According to latest report “Biosensor Market by Type (Wearable, Non-wearable), Technology (Electrochemical, Optical, Thermal, Piezoelectric), Medical Application (Blood Glucose Testing, Cholesterol Testing, Blood Gas Analysis, Pregnancy Testing, Drug Discovery, Infectious Disease Testing), End-use (Point of Care Testing, Homecare Diagnostic, Research Laboratories), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights, Inc., the market valuation of biosensors will cross $42 billion by 2027. Rising number of cost-effective novel product introductions with enhanced detection and portability features will foster the market growth.
Adoption of sedentary lifestyle and unhealthy habits such as smoking, excess consumption of sugar-rich diet and alcoholism are the major factors leading to diabetes and several other chronic diseases. As conventional methods of detecting blood sugar levels are time consuming, inconvenient and less reliable, preference towards the use of biosensors is robustly increasing. Furthermore, early and precise disease diagnosis is essential for the timely prognosis and the survival of the patient. In recent years, the demand for disposable, cost-efficient, and user-friendly devices with fast response time has extensively increased. Thus, with growing target population pool, the market will foresee significant growth potential during the forecast timeframe.
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Innovations in biosensors, leading to introduction of novel, convenient and wearable devices will pave the way for the market expansion. Existing and new players are focusing on developing small, lightweight and patient-friendly devices that facilitate in superior patient diagnosis. Advantages associated with biosensors and rising need for continuous, real-time and non-invasive monitoring of health indicators will boost product acceptance. Such innovations will increase customer preference, further impacting the market value.
Wearable biosensor market is estimated to witness 9.3% growth rate till 2027 led by rapidly increasing investment in wearable biosensor devices, offering superior features compared to traditional monitoring devices. Wearable biosensors enable continuous monitoring of various parameters with greater convenience and without hampering daily activities, thereby propelling its usage. Moreover, growing awareness amongst the population to maintain a healthy lifestyle coupled with launch of innovative and novel wearables products will fuel the segment growth.
Thermal segment held around 9% of the biosensor market share in 2020. Thermal biosensors or calorimetric biosensors are developed by assimilating…
Go to the news source: Biosensor Market revenue to cross USD 42 Bn by 2027: Global Market Insights, Inc…