New technology assessment in the medical biosensors market to exhibit significant growth during the forecast period
The global Medical biosensors market is growing productively, was valued at US$ 9.9 Bn in 2020 and expected to reach US$ XX Bn by 2029. New technology assessment in the biological and electronic component of a biosensor in the portable devices is enhancing the overall growth significantly. Advancement in point-of-care testing, environmental monitoring and nanotechnology shows promising growth in near future. High prevalence of chronic diseases along with diabetes, cardiovascular and cancer provides major opportunity in the global market. Blood glucose monitoring medical biosensors play a vital role in the global market, growing diabetic population in the urban areas is enhancing the demand for blood glucose monitoring biosensors. Biosensor applications are boosting the demand in medical diagnostic field mainly, cholesterol monitoring, pregnancy testing, and drug discovery. For instance, as indicated by International Diabetes Federation statistics, the diabetic population is projected to influence more than 550 million people in 2030.
Moreover, the demand for portable and user friendly devices is gaining traction in the home healthcare diagnostics segment. Major factors driving the global demand of medical biosensors include, increasing popularity in the personalized medicine segment, higher inclination towards non-invasive medical biosensors, new product launches in the wearable medical biosensors industry, and wide usage of applications in the home diagnostics (blood glucose monitor, blood pressure, cholesterol, lead), genomics industry (clinical microsensor arrays), research laboratories, pain management and imaging operations. Factors restraining the market growth include stringent regulatory environment in the developed nations, safety & security concerns in home care and point of care. Moreover, low awareness, less or no investment in R&D, and unmet need in the developing countries is restraining the overall growth of the market.
Electrochemical technology type segment is expected to register higher growth by the end of 2029
In 2020, electrochemical biosensors holds maximum market share, have greater advantages over thermal or optical detection. The penetration is high in the applications segment due to its higher stability, low limits of detection and wide response range.
Wearable biosensors show promising growth during the forecast period. Rising prevalence for diabetes and cardiovascular diseases along with demand for instant diagnostics globally is generating maximum revenue share. Other major factors driving the growth include development of nanotechnology-based medical biosensors, high demand for point-of-care devices, and public funding for development of genomics and proteomics. Additionally, increasing population with chronic diseases and launch of new medical biosensors in the optical and electrochemical technology segment is driving the growth of the market.
Medical diagnostics segment dominated the market with a significant CAGR
Growth & development of the medical biosensors in the medical field is gaining traction during the forecast period. The medical diagnostics application section includes high usage of medical biosensors in the field of blood glucose monitoring, cholesterol testing, blood gas analyzer, drug discovery, pregnancy testing, and various infectious diseases. Medical biosensors are now considered as an important tool in the monitoring and detection of a wide range of medical or therapeutic conditions, majorly diabetes and cancer.
The rise in usage of biosensor technology in cardiac care and homecare testing is generating significant revenue share. A noteworthy development in the drug delivery applications (transdermal/iontophoresis), administrations of medical biosensors in lab on chip, biochip, clinical proteomics and advanced usage of medical biosensors for pain free diagnostics show significant growth in the market. Other major applications include high usage of blood glucose monitoring in the home care settings is also generating maximum revenue share in the global, market.
Increasing applications along with new technology launch, presence of top players holds North America in dominant position
In 2020, North America contributed maximum revenue share in the global medical biosensors market attributed to the rising technology advancement in the field of microelectronics and biotechnology. Increasing market penetration of electronic medical records, growing patient awareness levels, enhanced applications in the cardiac care and point of care segment is further going to spur revenue growth in the North America region.
Major external factors contributing to the growth include increasing R&D in the genomics segment, nanotechnology, increasing adoption of personalized technologically advanced products and expansion of miniaturized diagnostic equipment in developing economies is increasing significantly. Nevertheless, in low economic countries such as South Africa, China, India, Brazil, and others, the accessibility of advanced equipment and facilities is inadequate. Less investment in R&D, unwillingness toward the implementation of latest treatment models, slow rate of exploitation and low awareness are few factors restraining the growth of the market. Increasing development of disposable biosensors by small or medium sized manufacturers in the Asia Pacific region and shifting interest towards home care is gaining traction in the global market.
Presence of multinational manufacturers with strong technology type portfolio in the developed regions
Top manufacturers in the medical biosensors market are Pinnacle Technology, Inc., Polestar Technologies Inc., Eastprint Incorporated, DuPont Biosensor Materials, Medical biosensors International Group, Ltd., Surfix BV, World Precision Instruments, Inc., Ercon, Inc., ACON Laboratories, Inc., Siemens Healthcare Diagnostics Inc., Innovative Medical biosensors, Inc., EG & IC Sensors, Inc., Molecular Devices, LLC., Abbott Laboratories, Inc., Nova Biomedical Corporation, ACCESS BIO, INC., Silicon Kinetics, Bio-Rad Laboratories, Inc. and others. Small companies are implementing progressive approaches along with new technology expansion in new medical biosensors models in medical diagnostics, drug discovery and research laboratories. For example, in July 2018, Nanomedical Diagnostics launched new graphene biosensor named Super Amine-Immobilization Biosensor - SCOOH to further accelerate the drug discovery development. Also in Dec 2020, MediaTek launched the new Sensio MT6381 biosensor. For instance, in Nov 2016 Dreamtech and Hmicro (now LifeSignals) came into a partnership agreement to develop and manufacture biosensor patches and related wireless receivers.
Historical & Forecast Period
This study report represents analysis for each segment from 2019 to 2029 considering 2020 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2021 to 2029.
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that gives a better market understanding of the overall medical biosensors market. Additionally, the global report also comprises graphical representation of competitive landscape based on their market initiatives and strategies, technology type portfolio and business strengths.
Key questions answered in this report
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The global Medical biosensors market is growing productively, was valued at US$ 9.9 Bn in 2020 and expected to reach US$ XX Bn by 2029. New technology assessment in the biological and electronic component of a biosensor in the portable devices is enhancing the overall growth significantly. Advancement in point-of-care testing, environmental monitoring and nanotechnology shows promising growth in near future. High prevalence of chronic diseases along with diabetes, cardiovascular and cancer provides major opportunity in the global market. Blood glucose monitoring medical biosensors play a vital role in the global market, growing diabetic population in the urban areas is enhancing the demand for blood glucose monitoring biosensors. Biosensor applications are boosting the demand in medical diagnostic field mainly, cholesterol monitoring, pregnancy testing, and drug discovery. For instance, as indicated by International Diabetes Federation statistics, the diabetic population is projected to influence more than 550 million people in 2030.
Moreover, the demand for portable and user friendly devices is gaining traction in the home healthcare diagnostics segment. Major factors driving the global demand of medical biosensors include, increasing popularity in the personalized medicine segment, higher inclination towards non-invasive medical biosensors, new product launches in the wearable medical biosensors industry, and wide usage of applications in the home diagnostics (blood glucose monitor, blood pressure, cholesterol, lead), genomics industry (clinical microsensor arrays), research laboratories, pain management and imaging operations. Factors restraining the market growth include stringent regulatory environment in the developed nations, safety & security concerns in home care and point of care. Moreover, low awareness, less or no investment in R&D, and unmet need in the developing countries is restraining the overall growth of the market.
Electrochemical technology type segment is expected to register higher growth by the end of 2029
In 2020, electrochemical biosensors holds maximum market share, have greater advantages over thermal or optical detection. The penetration is high in the applications segment due to its higher stability, low limits of detection and wide response range.
Wearable biosensors show promising growth during the forecast period. Rising prevalence for diabetes and cardiovascular diseases along with demand for instant diagnostics globally is generating maximum revenue share. Other major factors driving the growth include development of nanotechnology-based medical biosensors, high demand for point-of-care devices, and public funding for development of genomics and proteomics. Additionally, increasing population with chronic diseases and launch of new medical biosensors in the optical and electrochemical technology segment is driving the growth of the market.
Medical diagnostics segment dominated the market with a significant CAGR
Growth & development of the medical biosensors in the medical field is gaining traction during the forecast period. The medical diagnostics application section includes high usage of medical biosensors in the field of blood glucose monitoring, cholesterol testing, blood gas analyzer, drug discovery, pregnancy testing, and various infectious diseases. Medical biosensors are now considered as an important tool in the monitoring and detection of a wide range of medical or therapeutic conditions, majorly diabetes and cancer.
The rise in usage of biosensor technology in cardiac care and homecare testing is generating significant revenue share. A noteworthy development in the drug delivery applications (transdermal/iontophoresis), administrations of medical biosensors in lab on chip, biochip, clinical proteomics and advanced usage of medical biosensors for pain free diagnostics show significant growth in the market. Other major applications include high usage of blood glucose monitoring in the home care settings is also generating maximum revenue share in the global, market.
Increasing applications along with new technology launch, presence of top players holds North America in dominant position
In 2020, North America contributed maximum revenue share in the global medical biosensors market attributed to the rising technology advancement in the field of microelectronics and biotechnology. Increasing market penetration of electronic medical records, growing patient awareness levels, enhanced applications in the cardiac care and point of care segment is further going to spur revenue growth in the North America region.
Major external factors contributing to the growth include increasing R&D in the genomics segment, nanotechnology, increasing adoption of personalized technologically advanced products and expansion of miniaturized diagnostic equipment in developing economies is increasing significantly. Nevertheless, in low economic countries such as South Africa, China, India, Brazil, and others, the accessibility of advanced equipment and facilities is inadequate. Less investment in R&D, unwillingness toward the implementation of latest treatment models, slow rate of exploitation and low awareness are few factors restraining the growth of the market. Increasing development of disposable biosensors by small or medium sized manufacturers in the Asia Pacific region and shifting interest towards home care is gaining traction in the global market.
Presence of multinational manufacturers with strong technology type portfolio in the developed regions
Top manufacturers in the medical biosensors market are Pinnacle Technology, Inc., Polestar Technologies Inc., Eastprint Incorporated, DuPont Biosensor Materials, Medical biosensors International Group, Ltd., Surfix BV, World Precision Instruments, Inc., Ercon, Inc., ACON Laboratories, Inc., Siemens Healthcare Diagnostics Inc., Innovative Medical biosensors, Inc., EG & IC Sensors, Inc., Molecular Devices, LLC., Abbott Laboratories, Inc., Nova Biomedical Corporation, ACCESS BIO, INC., Silicon Kinetics, Bio-Rad Laboratories, Inc. and others. Small companies are implementing progressive approaches along with new technology expansion in new medical biosensors models in medical diagnostics, drug discovery and research laboratories. For example, in July 2018, Nanomedical Diagnostics launched new graphene biosensor named Super Amine-Immobilization Biosensor - SCOOH to further accelerate the drug discovery development. Also in Dec 2020, MediaTek launched the new Sensio MT6381 biosensor. For instance, in Nov 2016 Dreamtech and Hmicro (now LifeSignals) came into a partnership agreement to develop and manufacture biosensor patches and related wireless receivers.
Historical & Forecast Period
This study report represents analysis for each segment from 2019 to 2029 considering 2020 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2021 to 2029.
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that gives a better market understanding of the overall medical biosensors market. Additionally, the global report also comprises graphical representation of competitive landscape based on their market initiatives and strategies, technology type portfolio and business strengths.
Key questions answered in this report
- What are the current market trends and dynamics in the medical biosensors market and valuable opportunities for emerging players?
- Market positioning of major key players operating in the market?
- Which segment accounts for the fastest CAGR during the forecast period?
- Which technology type holds a larger market share and why?
- What is the impact of high cost in the medical biosensors market?
- Are low and middle-income economies investing in the Medical biosensors market?
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America and Middle East & Africa?
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Table of Contents
Chapter 1. Preface
Chapter 2. Executive Summary
Chapter 3. Global Medical Biosensors (MB) Market: Market Dynamics and Future Outlook
Chapter 4. Global Medical Biosensors (MB) Market, by Technology Type, 2019 - 2029 (US$ Mn)
Chapter 5. Global Medical Biosensors (MB) Market, By Application, 2019 - 2029 (US$)
Chapter 6. Global Medical Biosensors (MB) Market, by Geography, 2019 - 2029 (US$ Mn)
Chapter 7. Company Profiles
Companies Mentioned
- Pinnacle Technology Inc.
- Polestar Technologies Inc.
- Eastprint Incorporated
- DuPont Biosensor Materials
- Medical biosensors International Group Ltd.
- Surfix BV
- World Precision Instruments Inc.
- Ercon Inc.
- ACON Laboratories Inc.
- Siemens Healthcare Diagnostics Inc.
- Innovative Medical biosensors Inc.
- EG & IC Sensors Inc.
- Molecular Devices LLC.
- Abbott Laboratories Inc.
- Nova Biomedical Corporation
- ACCESS BIO Inc.
- Silicon Kinetics
- Bio-Rad Laboratories Inc.
