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 USD 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 USD 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 USD
12,963.6 million in 2014 to USD 22,551.2 million in 2020 at a CAGR of
9.7% during the forecast period.
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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
Corporation, Bayer AG, Johnson and Johnson, Medtronic, Inc. and
Hoffmann-La Roche, Ltd. are some of the major players of biosensors
market.
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