According to Future Market Insights’ newly released Biosensors Market analysis report, According to a recently published Future Market Insights analysis report, the global market for biosensors was valued at US$ 24.5 billion in 2022. The anticipated market growth is anticipated to be much more than the previous trend, with a CAGR of 9.5% from 2023 to 2033. The greatest revenue-generating market sector is anticipated to be medical biosensors, which are anticipated to increase at a CAGR of over 10.5% from 2023 to 2033.
According to Future Market Insights, a supplier of market research and competitive intelligence, the market value for biosensors increased significantly between 2018 and 2022 at a CAGR of about 8.1%.
The biosensors are instruments for scientific inquiry that include organic base sensing devices. They are associated with or integrated with physiochemical transducers. With the help of electrical or digital signals that are similar to the chemical component being measured, biosensors try to give precise results.
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Crucial information and forecast statistics covered in the Biosensors market report will arm both existing and emerging market players with necessary insights to craft long-term strategies as well as maintain business continuity during a crisis such as the ongoing COVID-19 pandemic.
COVID-19 Impact Analysis on Biosensors Market
The recent outbreak of the COVID-19 has turned the spotlight on the healthcare industry, and subsequently impacted the Biosensors market. Severe shortages of critical medical supplies and a rapid rise in number of COVID-19 cases have resulted into a revolution rather than evolution in the healthcare ecosystems. Consequently, the impact is noticeable in the Biosensors market.
Following government’s measures, particularly social distancing norms and stay-at-home orders, doctors are delaying or postponing elective surgeries unless critical to prevent the spread of the virus to individuals with comorbidities or chronic conditions. Additionally, movement restrictions and supply chain disruptions have created a logistical nightmare for market players, leading to severe product shortages in the global marketplace.
The FMI’s report includes an interesting chapter on preliminary impact of the COVID-19 on the Biosensors market. This allows both leading and emerging market players to understand the market scenario during a crisis and aids them in making sound decisions to gain a distinct competitive edge.
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Biosensors Market: Segmentation
Valuable information covered in the FMI’s Biosensors market report has been segregated into key segments and sub-segments.
By Product Type:
- Medical
- Cholesterol
- Blood Glucose
- Blood Gas Analyzer
- Pregnancy Testing
- Drug Discovery
- Infectious Disease
- Food Toxicity
- Bioreactor
- Agriculture
- Environment
- Others
By Technology:
- Thermal
- Electrochemical
- Piezoelectric
- Optical
By End-Use:
- Home Healthcare Diagnostics
- PoC Testing
- Food Industry
- Research Laboratories
- Security & Biodefense
Biosensors Market: Competition Analysis
The FMI’s study presents a comprehensive analysis of global, regional, and country-level players active in the Biosensors market. Competitive information detailed in the Biosensors market report has been based on innovative product launches, distribution channels, local networks, industrial penetration, production methods, and revenue generation of each market player. Furthermore, growth strategies and mergers & acquisitions (M&A) activities associated with the players are enclosed in the Biosensors market report.
Key players covered in the report include:
Bio-Rad Laboratories Inc., Medtronic, Abbott Laboratories, Biosensors International Group, Ltd., Pinnacle Technologies Inc., Ercon, Inc., DuPont Biosensor Materials, Johnson & Johnson, Koninklijke Philips N.V., LifeScan, Inc., QTL Biodetection LLC, Molecular Devices Corp., Nova Biomedical, Molex LLC, TDK Corporation, Zimmer & Peacock AS, and Siemens Healthcare
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Important Questions Answered in the Biosensors Market Report
- Which end user remains the top revenue contributor in different regional markets?
- At what rate has the global Biosensors market been expanding during the forecast period?
- How will the global Biosensors market look like by the end of the forecast period?
- What innovative strategies are adopted by Biosensors market players to stay ahead of the pack?
- What are the restraints affecting the growth of the global Biosensors market?
Key Offerings of the Report
- Growth Drivers and Opportunities: Comprehensive analysis on growth-driving factors and opportunities for market players in different regional markets
- Recent Trends and Forecasts: Detailed assessment on the latest trends, technological developments, and forecasts for a 5-year or 10-year period.
- Segmental Analysis: Extensive analysis on each segment and factors differentiating the role of these segments in market revenue forecasts and growth rate analysis
- Regional Market Forecast: Thorough analysis of each regional market to arm stakeholders with necessary information to take critical decisions
- Competitive Landscape: All-inclusive insights on both leading and emerging players vying for a slice of the Biosensors market
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