According to a new market report published by Persistence Market Research “Global Market Study on Biosensor: Asia-Pacific to Witness Highest Growth by 2020,” the global biosensor market was valued at $12,963.6 million in 2014 and is expected to grow at a CAGR of 9.7% from 2014 to 2020, to reach an estimated value of $22,551.2 million in 2020.
Globally, the biosensors market is witnessing significant growth due to increasing demand of point of care testing. In addition, rising prevalence of chronic and lifestyle associated diseases, growing geriatric population, increasing application of biosensors in various industries and growing application of nanotechnology in healthcare are also driving the growth of the market. In addition, emergence and demand of personalized medicine and non-invasive biosensors would also drive the growth for the market. However, strict regulatory requirements and reimbursement policy issues in healthcare system hamper growth of the global biosensors market. In addition, the regulatory process is not keeping pace with the rapid development of new medical technologies. The global biosensors market is anticipated to grow from an estimated $12,963.6 million in 2014 to $22,551.2 million in 2020 at a CAGR of 9.7% during the forecast period.
In North America, growing aging population, increasing health awareness, rising chronic and lifestyle diseases, technological developments for various home use applications, and appropriate insurance coverage are driving the use of biosensor devices in the market.
In Europe, the biosensors device market is driven by rising diagnostic requirements due to increasing lifestyle associated diseases, aging population and improving healthcare infrastructure. On the other hand, increasing healthcare costs has shifted the focus of healthcare from hospitals to home, which would increase the use of biosensors devices in the region.
However, Asia is becoming one of the most attractive markets for medical device companies. The growth for biosensor devices in Asia is much higher than developed countries due to widening health insurance penetration, large population base and up-gradation of health care systems.
Abbott Laboratories Inc, Siemens Healthcare, Nova Biomedical Corp., Bayer AG, Johnson and Johnson, Medtronic Inc., and Hoffmann-La Roche, Ltd. are some of the major players of biosensors market.