Biosensors Market share to hit $29bn by 2024: Global Market Insights Inc.
The commercialization scale of Biosensors Market has been commendable since the development of the first oxygen biosensor by Lel and Clark back in 1962. The remarkable penetration of this industry has been witnessed profoundly in the medical space. With the advent of tissue engineering, nanotechnology, and regenerative medicine, the application portfolio of the biosensors industry has expanded by multiple folds in the medical sector. In 2015, the medical applications contributed to approximately 66% of the overall biosensors market, holding a valuation of USD 9.8 billion. The growth is driven by the wide spectrum of biosensor applications in this sector comprising cholesterol monitoring, blood gas analyzer, blood glucose monitoring, drug discovery, and pregnancy testing. Among these, blood glucose monitoring held the largest share of the medical application landscape, driven by the increasing diabetic patient base globally. As per International Diabetes Federation statistics, the diabetic population is estimated to reach 552 million in 2030 which is a rather drastic increase from 366 million in 2011. As per the estimates, blood glucose monitoring segment of the medical biosensors industry is projected to surpass USD 15 billion by 2024.
With the growing popularity of portable, affordable, and user-friendly devices, biosensors market is witnessing a plethora of opportunities in the point of care (PoC) testing sector. As per the estimates, the PoC testing led the end-use landscape, having accounted for 47% of the overall industry share in 2015. The trend is likely to continue over the years ahead with the PoC testing segment contributing to a major chunk of the overall biosensors market space. Home healthcare segment is estimated to rank second in the end-use landscape of biosensors industry with an estimated CAGR of 8.5% over 2016-2024. Being at the forefront pertaining to technological advancements, U.S. biosensors industry is projected to lead the global landscape over 2016-2024. The region accounted for 81% of the regional share in 2015. Besides technological developments, increasing prevalence of chronic ailments coupled with the heavy R&D investments and favorable regulatory scenario are the other pivotal factors driving the regional biosensors industry share.
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