"New technology assessment in the medical biosensors market to exhibit significant growth during the forecast period"

The global Medical biosensors market is growing productively, was valued at US$ 9.2 Bn in 2017 and expected to reach US$ XX Bn by 2026. New technology assessment in the biological and electronic component of a biosensor in the portable devices is enhancing the overall growth significantly. Advancement in point-of-care testing, environmental monitoring and nanotechnology shows promising growth in near future. High prevalence of chronic diseases along with diabetes, cardiovascular and cancer provides major opportunity in the global market. Blood glucose monitoring medical biosensors play a vital role in the global market, growing diabetic population in the urban areas is enhancing the demand for blood glucose monitoring biosensors. Biosensor applications are boosting the demand in medical diagnostic field mainly, cholesterol monitoring, pregnancy testing, and drug discovery. For instance, as indicated by International Diabetes Federation statistics, the diabetic population is projected to influence more than 550 million people in 2030.

Moreover, the demand for portable and user friendly devices is gaining traction in the home healthcare diagnostics segment.  Major factors driving the global demand of medical biosensors include, increasing popularity in the personalized medicine segment, higher inclination towards non-invasive medical biosensors, new product launches in the wearable medical biosensors industry, and wide usage of applications in the home diagnostics (blood glucose monitor, blood pressure, cholesterol, lead), genomics industry (clinical microsensor arrays), research laboratories, pain management and imaging operations. Factors restraining the market growth include stringent regulatory environment in the developed nations, safety & security concerns in home care and point of care. Moreover, low awareness, less or no investment in R&D, and unmet need in the developing countries is restraining the overall growth of the market.

"Electrochemical technology type segment is expected to register higher growth by the end of 2026"

In 2017, electrochemical biosensors holds maximum market share, have greater advantages over thermal or optical detection. The penetration is high in the applications segment due to its higher stability, low limits of detection and wide response range.

Wearable biosensors show promising growth during the forecast period. Rising prevalence for diabetes and cardiovascular diseases along with demand for instant diagnostics globally is generating maximum revenue share. Other major factors driving the growth include development of nanotechnology-based medical biosensors, high demand for point-of-care devices, and public funding for development of genomics and proteomics. Additionally, increasing population with chronic diseases and launch of new medical biosensors in the optical and electrochemical technology segment is driving the growth of the market.

"Medical diagnostics segment dominated the market with a significant CAGR"

Growth & development of the medical biosensors in the medical field is gaining traction during the forecast period. The medical diagnostics application section includes high usage of medical biosensors in the field of blood glucose monitoring, cholesterol testing, blood gas analyzer, drug discovery, pregnancy testing, and various infectious diseases. Medical biosensors are now considered as an important tool in the monitoring and detection of a wide range of medical or therapeutic conditions, majorly diabetes and cancer.

The rise in usage of biosensor technology in cardiac care and homecare testing is generating significant revenue share. A noteworthy development in the drug delivery applications (transdermal/iontophoresis), administrations of medical biosensors in lab on chip, biochip, clinical proteomics and advanced usage of medical biosensors for pain free diagnostics show significant growth in the market. Other major applications include high usage of blood glucose monitoring in the home care settings is also generating maximum revenue share in the global, market.

"Increasing applications along with new technology launch, presence of top players holds North America in dominant position"

In 2017, North America contributed maximum revenue share in the global medical biosensors market attributed to the rising technology advancement in the field of microelectronics and biotechnology. Increasing market penetration of electronic medical records, growing patient awareness levels, enhanced applications in the cardiac care and point of care segment is further going to spur revenue growth in the North America region.

Major external factors contributing to the growth include increasing R&D in the genomics segment, nanotechnology, increasing adoption of personalized technologically advanced products and expansion of miniaturized diagnostic equipment in developing economies is increasing significantly. Nevertheless, in low economic countries such as South Africa, China, India, Brazil, and others, the accessibility of advanced equipment and facilities is inadequate. Less investment in R&D, unwillingness toward the implementation of latest treatment models, slow rate of exploitation and low awareness are few factors restraining the growth of the market. Increasing development of disposable biosensors by small or medium sized manufacturers in the Asia Pacific region and shifting interest towards home care is gaining traction in the global market.

"Presence of multinational manufacturers with strong technology type portfolio in the developed regions"

Top manufacturers in the medical biosensors market are Pinnacle Technology, Inc., Polestar Technologies Inc., Eastprint Incorporated, DuPont Biosensor Materials, Medical biosensors International Group, Ltd., Surfix BV, World Precision Instruments, Inc., Ercon, Inc., ACON Laboratories, Inc., Siemens Healthcare Diagnostics Inc., Innovative Medical 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. Small companies are implementing progressive approaches along with new technology expansion in new medical biosensors models in medical diagnostics, drug discovery and research laboratories. For example, in July 2018, Nanomedical Diagnostics launched new graphene biosensor named Super Amine-Immobilization Biosensor – SCOOH to further accelerate the drug discovery development. Also in Dec 2017, MediaTek launched the new Sensio MT6381 biosensor. For instance, in Nov 2016 Dreamtech and Hmicro (now LifeSignals) came into a partnership agreement to develop and manufacture biosensor patches and related wireless receivers.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Medical Biosensors market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Medical Biosensors market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Medical Biosensors market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Medical Biosensors market?
• Which is the largest regional market for Medical Biosensors market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Medical Biosensors market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Medical Biosensors market worldwide?