November 20, 2019 by Johnson Paul
The latest market report published by Credence Research, Inc., 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.
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.
Browse Full Report Originally Published by Credence Research at https://www.credenceresearch.com/report/medical-biosensors-market
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.
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.
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