At 8% CAGR Biosensors Market surge to cross $29 bn by 2024

Sellbyville, DE -- (SBWire) -- 11/27/2018 --The Biosensors Market to exceed USD 29 billion by 2024 as per a new research report.
Extensive range of applications of biosensor devices in medical field is predicted to boost biosensor market. The rapid technological advancements coupled with the rising demand of point of care testing methods should fuel the market growth over the forecast timeframe.

Increasing demand for blood glucose monitoring device attributed to the increasing prevalence of type II diabetes will be a high impact rendering factor. The rising prevalence of infectious and lifestyle disorders will propel the global biosensors market. Moreover, the favorable initiatives from government and private organizations are likely to drive the biosensors market growth.

However, unfavorable reimbursement scenario, threat of product alternates and soaring cost associated with the product development is predicted to impede the growth of global biosensor market over forecast period.

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Thermal biosensor segment is predicted to witness significant growth owing to the wide range of application in clinical monitoring, enzyme activity measurements, hybrid sensing, environmental monitoring, multianalyte determination, process monitoring and non-aqueous measurements.

Medical applications accounted for largest market shares. Biosensors are extensively used in the monitoring of clinical conditions such as Parkinson's disease and cancer and rising prevalence of such disease is expected to boost the segment growth. Other applications of biosensors in the field of drug discovery, pregnancy testing and cholesterol monitoring.

Biosensors can be used to identify the presence of variety of substances like sugar, protein, hormones, and toxins in environment. The rising need for improved environmental surveillance methods will drive the environmental application segment growth over forecast timeframe.

The ease of use associated with the Point of Care testing coupled with lack of skilled staff is expected to propel the growth of Point of care testing segment. Constant research in the field of Point of Care testing leading to the more efficient and technologically advanced products is further expected to the drive the segment growth.

The U.S. accounted for largest market revenue share owing to the surging demand for Point-of-care diagnostics that has potential minimize rising healthcare cost. Increasing geriatric population prone to the infectious and other diseases requiring continuous health monitoring should further boost the market.

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High prevalence of chronic diseases such as type II diabetes in Germany will fuel the biosensors market growth. Increased R&D spending boosting technological advancements should further drive Germany biosensors market.

China, owing to developed infrastructure, is expected to witness significant growth for biosensors market. Large patient pool with chronic diseases requiring constant monitoring and point of care treatments should further boost the biosensors market growth in China.

Key player in the industry are AZUR Environmental, Abbott Laboratories, Biosensor BV, Cranfield Biotechnology Center, Pinnacle Technologies, Bayer, Ercon, DuPont Biosensor Materials, Johnson & Johnson, EG & IC Sensors, Innovative Biosensors, Strategic Diagnostics, LifeScan, Roche Diagnostics and Molecular Devices Corp.