The latest market report published by Credence Research, Inc. “Medical biosensors Market By Technology Type (Optical Medical Biosensors, Electrochemical Medical Biosensors, Piezoelectric Medical Biosensors, Thermal Medical Biosensors, Nanomechanical Medical Biosensors), By Application (Cardiac Care, Home Diagnostics, Pain Management, Drug Discovery, Genomics, Others) – Growth, Future Prospects, and Competitive Analysis, 2018 – 2026” the medical biosensors market was valued at US$ 9.2 Bn in 2017 and expected to reach US$ XX Bn by 2026 at a CAGR of 7.2% during the forecast period from 2018 to 2026.
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The global medical biosensors market shows productive growth during the forecast period from 2018 to 2026 majorly attributed to an increase in the prevalence of diabetes globally. Novel technology development in wearable & non-wearable devices, the rise in manufacturing and demand for glucose monitor biosensors, high demand for home-based POC (point-of-care) devices and nanotechnology-based biosensors are enhancing the growth of the global market. The major factors driving the overall growth are increasing applications in medical diagnostics; drug development, genomics, biotechnology and home care are further generating the demand for medical biosensors globally.
Medical diagnostics segment dominate the global market, as the consumption of blood glucose biosensors is generating maximum revenue share. In addition, various application of medical biosensors in bimolecular, microarray, genome testing and other toxicity detections is mapping the global trend. Moreover, medical biosensors are being utilized in the early diagnosis of diseases such as cancer and HIV. Advancements consolidated in new medical biosensors empowers accurate diagnostic choices and enhancing surgical performance will drive industry development during the forecast period. For example, new technology assessment in electrochemical medical biosensors that identify the levels of anti-oxidants has turned out to be useful in supporting the strength of the individual. The new launch of such new medical biosensors will impel the overall growth of the market. For instance, in January 2018, scientists developed a flexible and ultra-thin biosensor for glucose monitoring, which can be incorporated into a contact lens and a watch.
In addition, rising advancements in R&D for medical biosensors technology, implementation of point of care diagnostics, availability of medical biosensors in home care, government and organizational support for various biomarker testing, molecular diagnostic and genomic testing applications are further going to spur revenue growth during the forecast period.
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However, manufacturers are facing numerous challenges such as many of the existing medical biosensors lack long-term constancy, miniaturization in medical biosensors carriages huge technical challenge, some medical biosensors are excessively expensive for commercial production, and short lifespan of a biomolecule are few factors limiting the growth of the medical biosensors market globally. Other external factors include increased regulations by governing bodies mainly in the U.S, Germany, India, China, and Japan, and less availability of advanced products in home care and other healthcare settings.
Key Market Movements:
- Globally, the medical biosensors market remains to exhibit a profitable growth with a CAGR of 7.2% for the period from 2018 to 2026
- Higher technology assessment in the microstream equipment segment is gaining traction in the market
- Latin America, Eastern Europe, and the Asia Pacific to show promising opportunities during the forecast period due to rising awareness, adoption of new medical technology in the home care and point of care segment
- Growing number of advanced healthcare settings, easy accessibility of branded equipment, and increasing healthcare spending in developing nations along with rising cases for asthma will contribute to the growth of the market. Major players in this vertical are Pinnacle Technology, Inc., Polestar Technologies Inc., Eastprint Incorporated, DuPont Biosensor Materials, Biosensors International Group, Ltd., Surfix BV, World Precision Instruments, Inc., Ercon, Inc., ACON Laboratories, Inc., Siemens Healthcare Diagnostics Inc., Innovative Biosensors, Inc., EG & IC Sensors, Inc., Molecular Devices, LLC., Abbott Laboratories, Inc., Nova Biomedical Corporation, ACCESS BIO, INC., Silicon Kinetics, Bio-Rad Laboratories, Inc. and others.
By Technology Type (2016–2026; US$ Bn)
- Optical Medical biosensors
- Electrochemical Medical biosensors
- Piezoelectric Medical biosensors
- Thermal Medical biosensors
- Nanomechanical Medical biosensors
By Application Segment (2016–2026; US$ Bn)
- Cardiac Care
- Home Diagnostics
- Pain Management
- Drug Discovery
- Others (Infectious Disease Testing, Biomarkers, Microfluids)
By Geography Segment (2016–2026; US$ Bn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America