The global biosensors market is set to surpass USD 31.5 billion by 2025, according to Global Market Insights, Inc. Technological innovations in biosensor technology are some of the major factors that will positively stimulate adoption of biosensors in the healthcare sector. Increasing applications in diagnosis of various diseases will boost biosensors industry growth. Novel biosensors offer high accuracy in detection of blood glucose, pulse rate, and body temperature. Increasing prevalence of chronic diseases among geriatric population and growing preference for point-of-care testing enabled by biosensors will propel the biosensors industry growth in the coming years.
Thermal biosensors market held 9.6 percent revenue share in 2018, and will grow at a considerable rate over the next 6 years. High accuracy and efficiency possessed by these biosensor devices will drive the adoption rate of thermal biosensors. Thermal biosensors, such as glucose meters, have many clinical applications and enhance the clinical outcome. Rising use of thermal biosensors for drug discovery as well as growing prevalence of chronic diseases will boost the segmental growth in future.
US biosensors market accounted for a major share of 81 percent in 2018 of the overall North America biosensors industry and will witness significant growth during 2018–2025. Robust growth can be attributed to growing use of biosensors in the field of drug discovery, environmental testing, agriculture, and other sectors. Growing research and development, coupled with faster adoption of novel technological products, will act as a high-impacting factor for US biosensors market growth. Furthermore, rapidly rising baby boomer population base along with chronic disease prevalence will augment US biosensors industry growth over the foreseeable future.
China biosensors market is estimated to progress at a remarkable pace of more than 9.5 percent CAGR during 2018–2025. Significant growth rate is due to growing focus on development of new biosensors by many firms in the country. In addition, increasing burden of elderly population that is prone to suffer from various chronic diseases will considerably contribute to rising demand for biosensors in the foreseeable future.
Growing preference for miniature, portable biosensor devices will escalate the demand for biosensors. Such portable devices are preferred more by the elderly patient population that is susceptible to suffer from chronic diseases and require continuous critical monitoring. Portability along with ease of use, small size, and multi-analytical capacity aids in escalating customer preference, thereby augmenting biosensors business growth. However, high cost associated with the development of biosensors may restrict the biosensors industry growth during the forecast timeframe.