Biosensors Market Size Worth $33.76 Billion By 2026 | CAGR 8.1%

The global biosensors market size is anticipated to reach USD 33.76 billion by 2026 registering a CAGR of 8.1%, according to a new report by Grand View Research, Inc. Various applications in the medical field, high demand for miniature diagnostic devices, and rapid technological advancements are the key driving factors for biosensors market growth. Early and precise disease diagnosis is essential for successful prognosis of diseases and survival of patients. In recent years, the demand for simple, disposable, user-friendly, and cost-efficient devices with fast response time has increased extensively leading to increase in the sales of these products, thereby driving the market.

Continuous technological developments are also expected to boost the market. For instance, in October 2015, Abbott Laboratories launched FreeStyle Libre Glucose Monitoring System in Europe. It is intended to be a replacement for blood glucose meters. Moreover, rising applications of thermal biosensors in biomolecular interaction and hybridization analysis, environmental monitoring, and cosmetic analysis are expected to boost the biosensors market growth. In addition, the development of nano particle-based electrochemical biosensors is expected to create growth opportunities for the key comapnies, thereby driving the market.

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Further key findings from the study suggest:

• Medical application segment led the market in 2018. Medical wearable biosensors are considered an essential tool in the detection and monitoring of a wide range of medical conditions, such as diabetes and cancer
• Electrochemical biosensors accounted for the largest market share in 2018 and are anticipated to witness a significant growth over the forecast period
• This growth can be attributed to its widespread applications for quantification and analysis in biochemical and biological processes
• On the basis of end use, biosensors in food industry are expected to witness a rapid growth owing to rising pressure from regulatory bodies pertaining to the hygiene standards of the food items where this device plays a vital role for detecting pathogens, allergens, and pesticides
• Asia Pacific market is expected to witness the fastest growth over the forecast period owing to increasing awareness regarding wearable biosensors and constantly improving healthcare facilities in the region
• Key companies in the market includes AZUR Environmental; Abbott Laboratories; Biosensor BV; Bayer AG; Cranfield Biotechnology Centre; DuPont Biosensor Materials; Ercon, Inc.; and Johnson & Johnson

Access press release of this research report by Grand View Research:  http://www.grandviewresearch.com/press-release/global-biosensors-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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