The global medical biosensors market is expected to grow at a CAGR of more than 8% during the forecast period, 2017-2021.
Technavio has announced its latest market research report on the global medical biosensors market, under its lab equipment portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Bayer, Abbott Laboratories, LifeScan, and F.Hoffmann – La Roche.
According to Amber Chourasia, a lead analyst for lab equipment research at Technavio, “Investments in R&D are resulting in the development of technologically advanced products. For instance, the miniaturization of biosensors has made the device compact, user-friendly, and also trendy. Moreover, these biosensors can perform multiple functions, such as check for both high cholesterol and diabetes.”
Multifunctional biosensors are cost-effective solutions apart from being highly efficient in testing. The increasing availability and adoption of multifunctional biosensors is expected to propel the growth of the market in the future and increase the market share of vendors who offer such products.
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Increased awareness and demand from emerging markets
Physicians are increasingly recommending the use of biosensors in APAC countries such as India, South Korea, Indonesia, and the Middle East as owing to a surge in the prevlance of diabetes and obesity. Governments are also encouraging the adoption of these products by organizing campaigns and highlighting the benefits of biosensors in preventing chronic health conditions. Furthermore, the rate of urbanization is also increasing in APAC, which is increasing both awareness and access to these products. The availabilty of biosensors on both, online and offline platforms is also an incentive for market growth during the forecast period.
Increased availability of disposable biosensors
A substantial number of vendors in the market space are currently focusing on the development of disposable biosensors. APAC is one of the emerging markets for medical biosensors, and vendors are focusing on the region by offering disposable biosensors as people in APAC are more price conscious. Since disposable biosensors are inexpensive as compared to fixed medical biosensors, APAC can be a profitable market for the vendors in the future.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Biosensors Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Liquid Handling Market 2017-2021
- Global Biochemistry Analyzer Market 2017-2021
- Global Single-use Bioprocessing System Market 2017-2021
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