New York, NY -- (SBWIRE) -- 04/16/2015 -- 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.

Browse the full Global Market Study on Biosensor: Asia-Pacific to Witness Highest Growth by 2020 report at http://www.persistencemarketresearch.com/market-research/biosensor-market.asp

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.

North America is the largest market for global biosensors. Electrochemical biosensors are the most used technology of biosensors, medical diagnostics are the most popular application of biosensors and biosensors are mostly used in POCT. In terms of growth, Asia Pacific is the fastest growing region; optical biosensors make for the fastest growing type of technology, while security and bio-defense make for the fastest growing type of end user.

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The North American market is anticipated to grow from an estimated USD 5,693.4 million in 2014 to USD 9,522.2 million in 2020, growing at a CAGR of 8.9% during the forecast period.

The biosensors market is segmented as follows:

1) Biosensors market, by technology

Electrochemical biosensors
Optical biosensors
Piezoelectric biosensors
Thermistor biosensors

2) Biosensors market, by application

Medical diagnostics
Food toxicity detection
Industrial process control
Environmental
Agricultural testing

3) Biosensors market, by end user

Point-of-care testing
Home healthcare diagnostics
Research laboratories
Security and bio-defense

4) Biosensors market, by geography

North America
Europe
Asia
Rest of the World (RoW)

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