Research firm Global Market Insights sees the US market for biosensors amassing considerable gains from blood glucose testing applications from 2018 to 2024. The researchers believe the commercialization of biosensors market has been remarkable since the development of the first oxygen biosensor by Lel and Clark back in 1962. With the advent of tissue engineering, nanotechnology, and regenerative medicine, the application portfolio of the biosensors industry has expanded by multiple folds in the medical sector.
Growth of the biosensors industry is driven by the wide spectrum of biosensor applications in medical applications, essentially comprising cholesterol monitoring, blood gas analysis, blood glucose testing, drug discovery, and pregnancy testing. Blood glucose testing among these emerged as the dominant medical application segment in 2017, with a 73.4% share in biosensors market, driven by the widespread prevalence of diabetes worldwide. As per International Diabetes Federation statistics, the diabetic population is estimated to reach 552 million in 2030 which is a rather drastic increase from 366 million in 2011.
Sadly, diabetes management is becoming a potentially lucrative vertical, a fact that is certain to augment biosensors industry share from blood glucose testing applications. The urgent requirement of addressing sugar control has also been recognized by medical companies, on the grounds of which they have been attempting to manufacture highly advanced devices to combat diabetes. Recently, the U.S. Food and Drug Administration approved the Eversense Continuous Glucose Monitoring system that can be used in diabetic patients 18 years of age and older. Powered by the efforts of medical device manufacturers and the integration of advanced technology in glucose measuring systems, blood glucose testing will continue to exert its dominance in biosensors market over 2018 to 2024.
With the growing popularity of portable, affordable, and user-friendly devices, the biosensors market is witnessing a plethora of opportunities in the point of care (PoC) testing sector. As per estimates, biosensors industry size from PoC testing is forecast to register a CAGR of 8.3% from 2018 to 2024. One of the most pivotal factors responsible for the growth of this end-use segment is the technological advancements incorporated in biosensor devices used in hospitals. The efficiency of these sensors has a marked impact on surgical procedures leading to an increased demand for these devices in the PoC testing domain.
Germany Biosensors Market, By Technology, 2013 – 2024 (USD Billion)
Being at the forefront pertaining to technological advancements, U.S. led the regional biosensors industry in 2017, accounting for 80.9% of North America share. Besides technological developments, the increasing prevalence of chronic ailments coupled with the heavy R&D investments and a favorable regulatory scenario are the other pivotal factors driving the regional biosensors industry share.
For more details, checkout the “Biosensors Market Size” report.