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Biosensor Market Registering a CAGR of 10.4% | Industry Insights, Growth Analysis, and Competitive Scenario

Biosensors Market

Technological advancements in biosensors making them portable and easy to handle are expected to create lucrative opportunities in the near future.

PORTLAND, OREGON, US, August 24, 2022 / — According to a new report published by Allied Market Research titled “Biosensor Market by Product and Technology: Opportunity Analysis and Industry Forecast, 2018-2026”, the global biosensor market size is expected to reach $38.6 billion by 2026, registering a CAGR of 10.4%. From 2019 to 2026 in terms of value.

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Major factors driving the biosensor market include rise in chronic diseases such as diabetes, rise in biotechnology R&D, and growing demand for home care medical devices. Further, significant increase in the use of biosensors in glucose monitoring devices is driving the market growth. High costs associated with these devices and inclination to adopt new treatment devices are the major factors hindering the growth of the market. Furthermore, technological advancements in biosensors making them portable and easy to handle are expected to create lucrative opportunities in the near future.

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By product, the non-wearable biosensor segment accounted for the majority of the market share in 2018 and is expected to exhibit a high growth rate in the future as the use of these sensors increases in non-clinical applications for real-time on-site an monitoring of various manufacturing processes.
By technology, the electrochemical biosensor segment is expected to maintain its dominance in the coming years due to its precise sensitivity and rapid response. Furthermore, electrochemical biosensors can be easily integrated into lab-on-chips (LOCs) to achieve better point-of-care (POC) analytical platforms.

Key factors driving the growth of the biosensor market in Asia-Pacific include rising per capita income in several countries, increasing government initiatives to improve the healthcare sector, and the focus of leading manufacturers on expanding their geographic presence among emerging manufacturers. Asia-Pacific countries to tap into high growth opportunities in the market.

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• By technology, the electrochemical biosensors segment accounted for the highest market share of 28% in 2018 and is anticipated to grow at the fastest rate during the forecast period.
• By product, the non-wearable segment dominated the market in 2018 and is anticipated to maintain its dominance during the forecast period.
• By region, North America was the major shareholder and accounted for the highest share of 42% in 2018.
• Asia-Pacific is expected to grow at a CAGR of 6.1% during the forecast period.

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Some of the key players of the market include Abbott Laboratories, AgaMatrix Holdings LLC, DowDupont Inc. (DuPont de Nemours, Inc.), F. Hoffmann-La Roche Ltd., General Electric (Biacore, Inc.), LifeScan, Inc., Medtronic Plc., Nova Biomedical, PHC Holdings Co., Ltd. (Ascensia Diabetes Care Holdings AG) and Siemens Healthcare.

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• North America Biosensor Market
• Japan Biosensor Market
• South Korea Biosensor Market
• Singapore Biosensor Market
• Australia Biosensor Market
• Europe Biosensor Market
• China Biosensor Market
• Taiwan Biosensor Market
• New Zealand Biosensor Market

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

David Correa
Allied Analytics LLP
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